The demand for oilfield services in the global market for oilfield surfactants has increased due to the growth of oilfield services. The North America region was the leading revenue generator in 2021.
Newark, Dec. 06, 2022 (GLOBE NEWSWIRE) -- The Oilfield surfactants market was estimated at around USD 875 million in 2021, growing at a CAGR of nearly 6.1% during 2022-2030. The market is projected to reach approximately USD 1,480 million by 2030.
Chemicals called oilfield surfactants are used to reduce surface tension and increase fluidity. Between a fluid and a solid or between different fluids, oilfield surfactants are used. Oilfield surfactants are perfect for a variety of applications since they have a variety of physical and chemical qualities. The kind of application of oilfield surfactants is determined by the structural development of molecules. The operations are made more effective and efficient with the aid of the oilfield surfactants. The primary factor driving the oilfield surfactants market growth rate is rising spending for the development and expansion of oil and gas exploration operations. Oilfield surfactants market growth will be directly and favorably impacted by rising industrialization and rising shale oil production in developing economies. Rising globalization and the government's increased focus on bolstering the oil and gas industry will both contribute to market value rise.
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Unprecedented change has started to occur in the European electricity markets. In a number of European nations, baseload week-ahead rates have soared to €200 per megawatt-hour (MWh), which is about four times the historical average. New highs have been hit in power pricing. This increase is mostly the result of rising natural gas and carbon prices, which are currently above €100 per MWh and €60 per metric ton, respectively. This change has an effect on the cost of energy produced by natural-gas power plants, which greatly influences prices in European markets. Price volatility is reaching record heights at the same time as the European power system's tight supply-and-demand balance and the erratic output of renewable assets. New programs and government initiatives are being formed to balance supply and demand. Consequently, this will affect the market for oilfield surfactants.
The output of natural gas and oil has been rising steadily over the past ten years, with daily oil production in the US reaching 92.6 million barrels (BPD), the highest level ever. According to these figures, oilfield surfactants have a great growth potential to keep up with the increase in oil production, extraction, and exploration operations. Various stages of drilling, production, and stimulation in oilfields would require a high demand for emulsifiers, demulsifiers, biocides, and other surfactants. Additionally, demand for bio-based oilfield surfactants would be high as the globe seeks to transition to a more sustainable and environmentally friendly future. As it reduces costs and increases production, enhanced oil recovery (EOR) is becoming more and more popular in the oil industry. This could undoubtedly boost the market for oil surfactants as EOR is only made feasible by the use of such surfactants.
Moreover, several firms are involved in mergers and acquisitions that should increase market share and broaden the range of products. Businesses are concentrating their efforts on investments to increase production capacity in order to gain a competitive edge.
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The market for oilfield surfactants market is segmented into the product, source, and application. The non-ionic segment is anticipated to hold major share in the oilfield surfactants market by product during the forecast period. The main driver of the non-ionic segment's growth has been the expansion of oil exploration by oil and gas firms in developing countries. These surfactants are less expensive than other types of surfactants while yet being useful in the emulsification of fluids. The non-ionic category is anticipated to increase favorably as a result of these variables, making it the industry sector with the fastest rate of growth.
According to the source, the bio-based segment is expected to increase at the quickest rate. Surfactants for oilfields made from bio-based materials are more biodegradable than conventional ones and have a longer shelf life. The market expansion for oilfield surfactants should be aided by low toxicity and high sustainability in comparison to petroleum-based replacements, as well as rigorous laws requiring the use of bio-based products. In order to reduce pollution and encourage the use of bio-based products, biosurfactants are used.
The enhanced oil recovery segment is anticipated to hold major share in the oilfield surfactants market by application during the forecast period. Surfactants are frequently employed in chemical techniques for enhanced oil recovery. As a result, there are more deep-water drilling projects being undertaken globally as a result of population growth and industrial advancements, which supports the demand for chemicals used in enhanced oil recovery processes and consequently has a direct impact on the demand for surfactants in the EOR application.
The biggest market share of the total market was held by the North America in the oilfield surfactants market. This is a result of ongoing government support for transportation in the U.S. region and ongoing growth of the industrial sector in this area. Moreover, it is the largest region in the world for the production of crude oil is North America. For the past six years, the United States has been the top oil producer in the world, producing more than 19% of the world's total crude oil in 2020. (as of 2021). In the top five countries worldwide for crude oil production is Canada. One of the main factors in the domination of this market is the substantial presence of the oil and gas industry in the area.
The European region is likely to experience considerable growth throughout the anticipated period and is expected to surpass USD $250 million in 2020. Because there are so many projects in various stages of construction across the continent of Europe, it is due to the expanding European oil and gas industry. For instance, the Johan Sverdrup field is one of the biggest oil fields on the Norwegian Continental Shelf, with estimated resources of 2.1–3.1 billion barrels of oil equivalent.
Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Oilfield surfactants Market CAGR
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List of the prominent players in the Global Oilfield surfactants market:
CP Kelco Oil Field Group
Croda International PLC
Evonik Industries AG
The global Oilfield Surfactants Market is segmented as follows:
Stimulation Flowback/ Fluid Recovery
Enhanced Oil Recovery
Rig Wash Solutions/Cleaners
Surface Active Materials
Rest of Europe
Rest of Asia Pacific
The Middle East & Africa
Rest of the Middle East & Africa
Rest of Latin America
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