The Canadian Oilfield Chemicals Market size is projected to reach USD 1.79 billion by 2025, registering a CAGR of 3.9% over the forecast period, as per a new report by Grand View Research, Inc. Growing exploration in the states such as Alberta, Newfoundland, British Columbia, and Manitoba is expected to promote the demand for chemicals used in the aforementioned processes.
The industry is characterized by the production of bio-based products which is expected to limit the demand for the oilfield chemicals. However, increasing complexity of the exploration processes coupled with the rise in the demand for oil in Mexico is expected to result in an increased demand for such chemicals over the forecast period.
The crude oil prices have been witnessing a steady decline due to overproduction and oversupply from OPEC members and North America, making the market less lucrative for E&P activities. As a result, the key players in the industry have adopted sustainable resolutions keeping in mind the long-term aids and the dominant regulatory situation
Large reserves of unconventional hydrocarbon reserves in the form of shale gas, tight oil and oil sands is likely to drive the industry growth. In addition, high investments from multinational oil and gas majors such as Imperial Oil, ExxonMobil, and Suncor is expected to steer drilling activities over the forecast period which is further expected to drive growth.
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Further key findings from the report suggest:
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Grand View Research has segmented the Canadian oilfield chemicals market on the basis of product, application, and location:
Canadian Oilfield Chemicals Product Outlook (Revenue, USD Million, 2014 – 2025)
Canadian Oilfield Chemicals Application Outlook (Revenue, USD Million, 2014 – 2025)
Canadian Oilfield Chemicals Location Outlook (Revenue, USD Million, 2014 – 2025)
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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