Market Research Industry Future Updates Oilfield Chemicals Market | Page 2

Increasing concerns for pollution of groundwater and the environment are some of the major concerns
for the industry participants. Companies have been investing significantly in R&D operations to
constantly upgrade their products and offer novel chemicals to the upstream sector that satisfy every
aspect of environmental regulations thus enhancing the required parameters of operations.
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North America is expected to be the largest market by the end of the forecast period. The U.S. market
is anticipated to grow at a CAGR of around 4% from 2018 to 2026. After a short term decline in demand
for these products in the country, the growing exploration and production from unconventional wells
have played a major role boosting its demand again.Hydraulic fracturing is anticipated to be one of the
major application segments globally. Despite the low crude prices, increase in average volume of
chemicals used per well during 2017 was a primary factor driving the market.
Some of the leading industry participants currently operating in the industry include Clariant, Solvay,
NALCO, Croda International Plc, Baker Hughes, Kemira, Halliburton, Schlumberger Limited, Stepan
Company, Akzo Nobel N.V., The Lubrizol Corporation, BASF SE and Dow Chemical Company.
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