Oilfield Chemical Market – Growth, Trends, Industry Analysis and Forecasts (2023 to 2029)

Oilfield Chemical Market was valued at US$ 11.62 Bn. in 2022. Global Oilfield Chemical Market size is estimated to grow at a CAGR of 4.7 % over the forecast period.
Oilfield Chemical Market Overview:
The report explores the Oilfield Chemical market's segments (Type and Application,). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2022. The report investigates the Oilfield Chemical market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Oilfield Chemical market's contemporary competitive scenario.To know about the Research Methodology:-Request Free Sample Report
Oilfield Chemical Market Dynamics:
Various applications of the Oilfield Chemicals are driving the growth of the market:

Oilfield chemicals are chemical components used in oil & gas extraction operations to improve the output and effectiveness of the oil drilling process to decrease the formation of metal scales and weakening in water quantity in oil wells during exploration and drilling activities. The increase in the applications of inhibitors and de-emulsifiers for operations such as removal of residues, mitigation of micro-organisms growth, and separation of water & oil in the oil refineries are further favoring the growth in the market.

The rising crude oil production, shift towards unconventional drilling operations, and increasing complexity in operations is expected to drive the oilfield chemicals to demand over the forecast period. These are also some of the major factors that are leading to the growth of the market through the forecast period.

The workover & completion is one of the leading application sectors for the specialty oilfield chemicals. The requirement for exploiting the efficiency of the already existing reservoirs by creating favorable flow paths through hydraulic fracturing and matrix stimulation. The point at which the completion course initiates be contingent on the design and type of the well.

Though, there are many actions performed or alternatives used during the various stages of a well that has a significant impact on the productivity of the well. The completion quality can have a very significant effect on the production from the reservoir this also helps to save time and expenses considerably.

In many countries, the governments are promoting the growth of the market:

Governments in several countries are progressively investing in oil & gas exploration activities to increase crude oil production and address the demand for fuels such as petroleum and diesel. For example, according to the India Brand Equity Foundation, the Indian Government announced investing US$ 2.96 billion to double the production of oil & gas by drilling more than 130 exploration wells in 2022. As specialty oilfield chemicals are extensively used in exploration and drilling activities, a multiplicity of such initiatives is estimated to create high revenue generative opportunities in the market.

Also, the discovery of new oil & natural gas reserves across the globe is driving the market. For instance, the U.S. Government announced the discovery of new oil reserves in Texas, North Dakota, and New Mexico with barrels volume of 3.5 billion, 0.7 billion, and 1.1 billion respectively, in 2019, as per the U.S.
Oilfield Chemical Market Trends:
The oil chemicals are used in the exploration and drilling of oil & gas to improve the productivity and proficiency of the oil drilling process. Increasing product demand in various petroleum operations such as well stimulation, drilling, cementing, production, hydraulic fracturing, and enhanced oil recovery is likely to boost the oilfield chemicals market growth. The rapid rise in oil production and exploration activities increases the demand for various drilling projects.

Drilling fluids are another important class of chemicals employed largely in the exploration phase. Drilling fluids perform various tasks, including applying hydrostatic pressure to prevent the formation of fluids from incoming wells and maintaining the temperature and cleanliness of the drill bit to exploit penetration level.

Chemicals with lower exposure toxicity, reduced flammability or flashpoint, greater biodegradability, lower bioaccumulation, and sustainability in both application and production are examples of green solutions in the oil fields. Amid rising environmental concerns, manufacturers are accepting and evolving new products that are cleaner and less damaging to the environment. For instance, Nouryon, one of the key players, launched a new product category of demulsifiers that offers oil producers a more suitable option to discrete crude oil from the combination of natural gas and water.

The detection of new oil and gas resources in various locations, as well as the upsurge in shale gas and improved oil recovery (EOR) activities, are likely to expand growth prospects. Rapid growth and investment by global and regional oilfield service companies will fuel an upsurge in oilfield service activities and capacity demand for these chemicals as exploration and production participants expand their operations in high-growth economies such as China, India, Brazil, Mexico, and Southeast Asia. More chemical producers are anticipated to grow oilfield chemicals that are sustainable and environmentally friendly as governments' increased focus on clean energy results in tougher legislation.
Oilfield Chemical Market Segment Analysis:
By Type, the Oilfield Chemical Market is segmented into demulsifies, inhibitors & scavengers, rheology modifiers, friction reducers, specialty biocides, specialty surfactants, pour point depressants, and others. The Demulsifies segment is expected to lead the global specialty oilfield chemicals market during the forecast period, followed by inhibitors & scavengers.

Demulsifies find extensive applications in the separation of water and oil from the crude water-oil emulsions, thereby reducing the possibility of adulteration in the produced oil. Demulsify contributes immensely to increasing the export value of crude oil. These factors are expected to drive the specialty oilfield chemicals market in the demulsified segment. These are the factors that are leading to the growth of the Demulsifies segment through the forecast period.



By application, the Oilfield Chemical Market is segmented into drilling, cement, stimulation, and production. The drilling application segment dominated the market share in 2022 and may continue its dominance during the forecast period. The increase in oil gas operations through the growth of hydraulic fracturing and drilling processes shall drive the industry’s growth. In the drilling segment, these chemicals steady temperatures and prevent polluted products from entering the drilling fluid system. They are also additives to the drilling fluid used to maintain hydrostatic pressure and to clear the wellbore from cutting. In addition, technological advances and the rise in drilling activities are expected to increase the product demand. These factors are leading to the growth of the Oilfield Chemical market through the forecast period.
Oilfield Chemical Market Regional Insights:
The North American region is also expected to grow at the highest CAGR during the forecast period. This is because of the increase in oil gas operations through the development of hydraulic fracturing and drilling processes. Also, technological advances and a rise in drilling activities are expected to increase regional growth during the forecast period. The growing exploration and production of shale gas in the U.S. is expected to increase oil-based chemicals.

The Asia Pacific is expected to be the second dominant region in this market. As the Asia Pacific is expected to emerge as the fastest-growing regional sector over the next eight years. The market value in the region is estimated to reach approximately USD 5 billion by 2025. The growth of the market is specifically credited to the increasing number of exploration activities in this region, especially in the South China Sea, mainland China, and India.

Also, rapid growth and investment by global and regional oilfield service companies will fuel an increase in oilfield service activities and volume demand for these chemicals as exploration and production participants expand their operations in high-growth economies such as China, India, and il, Mexico, and Southeast Asia. More chemical producers are expected to develop oilfield chemicals that are sustainable and environmentally friendly as governments' augmented focus on clean energy results in harder legislation.

The objective of the report is to present a comprehensive analysis of the global Oilfield Chemical Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear, futuristic view of the industry to the decision-makers.

The reports also help in understanding the Oilfield Chemical Market dynamic and structure by analyzing the market segments and projecting the Oilfield Chemical Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Oilfield Chemical Market make the report investor’s guide.
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Global Oilfield Chemical Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 11.62 Bn.


Forecast Period 2023 to 2029 CAGR:
4.7%
Market Size in 2029:
US $ 16.02 Bn.


 Segments Covered:
by Type
Demulsifiers
Inhibitors & Scavengers
Rheology Modifiers
Friction Reducers
Specialty Biocides
Specialty Surfactants
Pour Point Depressants
Others


by Application
Drilling
Cement
Stimulation
Production


by Product
Corrosion & Scale Inhibitors
Demulsifier
Surfactants
Others



Oilfield Chemical Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Oilfield Chemical Market, Key Players are
1. BASF
2. Dow Chemical Co.
3. Solvay
4. Halliburton
5. Baker Hughes
6. Schlumberger
7. Lubrizol Corporation
8. Stepan Company
9. Clariant
10. Ecolab
11. Newpark Resources Inc.
12. Akzonobel NV
13. Albemarle Corp
14. Ashland Inc
15. E.I. Du Pont De Nemours & Company
16. Kemira OYJ
17. Newpark Resources Inc.
18. Nalco Champion
19. Croda International PLC
20. Huntsman International LLC
21. Royal Dutch Shell PLC

Frequently Asked Questions:

1] What segments are covered in the Oilfield Chemical Market report?
Ans. The segments covered in the Oilfield Chemical Market report are based on Type and Application.

2] Which region is expected to hold the highest share in the Oilfield Chemical Market?
Ans. The North America region is expected to hold the highest share in the Oilfield Chemical Market.

3] What is the market size of the Oilfield Chemical Market by 2029?
Ans. The market size of the Oilfield Chemical Market by 2029 is US$ 16.02 Bn.

4] What is the forecast period for the Oilfield Chemical Market?
Ans. The Forecast period for the Oilfield Chemical Market is 2023-2029.

5] What was the market size of the Oilfield Chemical Market in 2022?
Ans. The market size of the Oilfield Chemical Market in 2022 was US$ 11.62 Bn