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The oilfield chemicals market growth is growing continuously over the past few years. The rising demand for this high-value, well-stimulated chemicals for oil and gas exploration and energy production (E&P) activities drive the growth of the market. These chemicals separate the waste and water produced during the hydraulic fracturing process and improve the recovery and the quality of the O&G products. Increasing oil & gas exploration initiatives across the globe is a key driving force behind the market growth.
Besides, the increasing crude oil production and deep drilling activities in both offshore and onshore oilfields foster the oilfield chemicals market, hugely. Furthermore, the growing expenditure in advancing oilfield chemicals to enhance properties such as thickening, emulsification, stabilization, and conditioning boost the growth of the market. The global oilfield chemicals market is likely to create substantial growth opportunities for market players during the forecast period.
The oilfield chemicals market encompasses a wide range of chemicals used in drilling, production, stimulation, and maintenance activities in oil and gas fields. These chemicals are designed to address specific challenges faced during the extraction and processing of crude oil and natural gas. The market offers a diverse portfolio of products, including drilling fluids, corrosion inhibitors, demulsifiers, scale inhibitors, biocides, and surfactants, among others.
The Oilfield Chemicals Market Size was valued at USD 17.02 Billion in 2022 and is projected to grow from USD 17.89 Billion in 2023 to USD 29.10 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.64% during the forecast period (2023 – 2030).
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Additionally, factors such as upsurge in the O&G economy increased drilling projects that have been triggered with the new O&G reserves discoveries in some regions, and the rising trend of Deepwater production is substantiating the growth of the market. Additionally, the renewed interest in shale gas extraction worldwide is anticipated to provide a considerable impetus to the growth of the oilfield chemicals market.
On the other hand, stringent environmental regulations imposed on the production of oilfield chemicals are projected to inhibit the growth of the market. Also, the shift toward renewable energy sources such as solar, wind, biomass, geothermal, and hydropower energy as an alternative to fossil fuels is acting as a major headwind for market growth. Nevertheless, evolving shale gas exploration technologies would support the growth of the market throughout the review period.
Global Oilfield Chemicals Market – Segments
MRFR’s segmentation of the report reveals three main dynamics to widen the scope of understanding,
By Type: Inhibitors & Scavengers (Corrosion Inhibitors, Paraffin Inhibitors, Asphaltene Inhibitors, Scale Inhibitors, H2S Scavengers, Oxygen Scavengers, others), Demulsifiers (Friction Reducers, Rheology Modifiers, Biocides, Surfactants, Pour-Point Depressants), and others.
By Application : Upstream (Drilling, Well Stimulation, Production Chemicals, Workover & Completion, Cementing), Midstream, and Downstream (Water Injection, Alkali Surfactant Water Flooding, others)
By Regions : Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World
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Global Oilfield Chemicals Market – Regional Analysis
North America leads the global oilfield chemicals market. The largest share of the market attributed to the augmented exploration activities in the USA and Canada. Besides, the rising demand for energy worldwide prompts a massive consumption of oilfield chemicals in the region. Furthermore, increasing crude oil production and investments in shale gas exploration activities in the US drive the growth of the regional market. In 2018, the North American oilfield chemicals market accounted for over 44.3% of the market share, reaching a valuation of USD 14.1 BN, which is expected to rise further at 5.07% CAGR during the forecast period.
The Asia Pacific oilfield chemicals market accounts for another lucratively growing market. Rising government support and the recent decision to auction government-owned sixty-nine inactive O&G fields to private companies on a new revenue-sharing contract is projected to fuel the growth of the APAC oilfield chemicals market, reinforcing the increase in O&G exploration activities. Driven by the increasing investment in the O&G industry, the APAC oilfield chemicals market is estimated to witness the fastest growth during the assessment period.
The oilfield chemicals market in Europe is expected to witness moderate growth led by Germany, France, and the UK. Increasing offshore extraction activities alongside the new oilfield discoveries propel the growth of the regional market. Besides, improving economic outlook and rising oil prices are the significant factors projected to foster the European oilfield chemicals market.
The oilfield chemicals market in the Middle Eastern region is estimated to perceive a substantial growth rate despite the ongoing political instability in the GCC countries. Besides, factors such as unfavorable geological conditions (extreme heat/cold) that demand more advanced & expensive oilfield chemicals in the O&G extraction process drive the regional market growth.
Global Oilfield Chemicals Market – Competitive Landscape
Highly competitive, the oilfield chemicals market appears to be fragmented due to the presence of many notable players. The market competition is anticipated to intensify further with several new players entering the market with their advanced technologies. This, as a result, will replace the stability in the market, encouraging the players to take up strategic initiatives such as mergers & collaborations and acquisitions & partnerships to expand their production capabilities and thus to churn the market competition.
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Major Players:
Players leading the global oilfield chemicals market include Baker Hughes, Schlumberger Limited (US), GE Company LLC (UK), Royal Dutch Shell PLC (The Netherlands), Ideal Energy Solutions, LLC (US), BASF SE (Germany), Halliburton (US), Solvay (Belgium), Clariant (US), Albemarle Corporation (US), Kemira (Finland), Stepan Company (US), Croda International PLC (UK), Nalco Champion (US), Huntsman International LLC (US), The Lubrizol Corporation (US), and Ashland (US), among others.
Industry/ Innovation/ Related News:
December 14, 2019 —- Asian Oilfield Services Limited (India), a leading global oilfield services company, announced receiving the Letter of Award (LOA) for the acquisition of 20 and 30 seismic data of oil blocks located in Rajasthan and Gujarat State in India. The total value of the LOA received worth over Rs. 640 crores (USD 9,01,30,688). Asian Oilfield specializes in a geophysical range of onshore seismic & drilling services, including acquisition, imaging, and field evaluation.
The LOA marks an important step in the Company’s journey to the growth, unlocking the inherent strength of its specialized skills & technical competencies in a niche area of providing all oilfield related services to exploration & production (E&P) companies.
