Chemical Industry Updates

The oilfield stimulation chemicals are essential components used in hydraulic fracturing and matrix acidizing processes to increase or restore oil and gas production wells. The chemicals enhance the permeability of oil and gas wells by creating micro-fractures in the rocks and dissolving carbonate formations. They include gelling agents, breakers, surfactants, biocides, and acids. The global Oilfield Stimulation Chemicals Market is estimated to be valued at US$ 4.27 Bn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: The increasing offshore exploration activities are expected to drive the growth of the oilfield stimulation chemicals market over the forecast period. Offshore oilfield operations require advanced stimulation chemicals that can withstand high pressure and temperature. Moreover, deeper offshore reservoirs have low permeability requiring enhanc

  Market Overview: Oilfield stimulation chemicals are used to enhance oil recovery from reservoirs during drilling and completion operations. These chemicals help in the cleaning and acidizing of oil wells. Market Dynamics: Rising exploration and production activities globally are expected to drive the growth of the  oilfield stimulation chemicals market  during the forecast period. Development of unconventional oil and gas reserves require stimulating reservoirs using chemicals in order to enhance oil and gas recovery. Furthermore, aging oilfields require re-stimulation and enhancement techniques using stimulation chemicals to boost production. According to the IEA, global oil demand is estimated to reach pre-pandemic levels by 2023 with projections of continued growth through 2030, further propelling the demand for oilfield stimulation chemicals. In addition, the increasing complexity of oil reservoirs has led E&P companies to use advanced stimulation techniques and customized ch