Oilfield Chemicals Market Research Report

Waaiz05 Feb, 2021Business

The growing production of oil and natural gas driven by rising demand, particularly in emerging economies, is the major factor contributing to the growth of the global oilfield chemicals market size. Moreover, a rise in the R&D activities for new oil and natural gas reserves, followed by growth in the production of crude oil and a significant shift towards substitute operations of drilling, will further surge the growth of the oilfield chemicals market in the upcoming years. According to the oilfield chemicals market report, an increase in drilling, production activities, and completion and a rise in the improved oil recovery activities are some other factors boosting the market growth. The strong demand for crude oil products and the increasing shift of manufacturers towards introducing superior performance oilfield chemicals will enhance the demand for the market during the forecast period. On the other hand, the sharp fall in oil prices will hinder the growth of the oilfield chemica