The oilfield chemicals are substances that are utilized at various stages of extraction of oil & gas products and by-products. For instance, in the production division, they allow a continuous flow of oil from well, enhance oil production and enables the separation of oil from gas & water.

The Europe oilfield chemicals market is expected to proliferate at a CAGR of 2.68% during the forecasting years of 2019-2027. The base year for the market analysis is considered to be 2018. The market is anticipated to grow to $XX million by 2027. In recent years, producers of oilfield chemicals are looking for more eco-friendly chemicals in oilfield applications due to regulatory pressure associated with the use of these chemicals.

The economies of Norway, Russia, United Kingdom, Denmark, Italy and the Rest of Europe are the major influencers to the market trend in Europe. The Russia oilfield chemicals market is mainly driven by the intensifying exports of crude oil along with petroleum-based products from the country to the foreign countries, which mainly includes Asia-Oceania countries. The imports of Russian crude oil & petroleum based products have also increased significantly, thus raising the demand growth of crude oil market, which will be increasing the demand for oilfields chemicals market as well from Russia.

The swift growth of unconventional hydrocarbon activity in the past few years has driven the demand for specialty oilfield chemicals. Since the already established fields are corroded and have developed scales and newly discovered fields are in locations with corrosive conditions, high-pressure and high-temperature, they require a higher grade of chemicals for extracting the petroleum based products. Thus, unconventional means of hydrocarbon exploration are likely to witness growth in future. On the other hand, innovation in hydraulic fracturing has increased the shale formations to extract oil & gas from shale drilling. However, this expansion of shale development has led to increased water and air pollution. Thus, the increase in environmental concerns associated with the use of oilfield chemicals hampers the market growth.

The eminent companies functioning in the market are Croda International PLC, Lubrizol Corporation, Halliburton Company, Solvay S.A., Albemarle Corp., Dow Chemical Company, Clariant, Baker Hughes, Nalco Company LLC, Ecolab Inc., AkzoNobel N.V., BASF SE, Schlumberger Limited, Stepan Company, and Newpark Resources, Inc.

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