The global Oilfield Chemicals Market is expected to be valued at USD 30.77 Billion in 2027 from USD 0.96 Billion in 2019, registering a CAGR of 4.51% through the forecast period. Oilfield chemicals are chemicals extensively used in oil & gas extraction and production operations. These chemicals are utilized in well drilling and oil production facilities, as they enhance the efficiency of the drilling and extraction processes, improve petroleum refining, and optimize oil recovery operations. The use of these chemicals maintains oilfields’ smooth operation, eliminating any stoppages or delays in the drilling process. Moreover, oilfield chemicals prevent metal scale formation, reducing water deposition in oil wells during the exploration and drilling activities.
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The global oilfield chemicals market is projected to accrue substantially high revenue over the forecast timeframe, primarily due to the increasing oil exploration & production operations worldwide, rising demand for specialty oilfield chemicals, segmenting need for advanced drilling fluids, and a rise in shale gas exploration activities. The increasing deep-water and ultra-deep-water oil drilling projects, the growing emphasis on crude oil production, the surging adoption of environmentally sustainable oilfield chemicals, and the rising cementing, stimulation, and drilling activities further bolster the global oilfield chemicals market growth. The significantly rising demand for petroleum and crude oil, the expanding automotive industry, and mounting investments in the oil & gas and energy industries create higher prospects for market growth in the upcoming years. On the other hand, several unfavorable factors, such as fluctuations in crude oil prices and rising concerns regarding the environmental hazards associated with oilfield chemicals, are predicted to impede the global market growth to a significant extent.
Key findings of the report:
- Based on product type, the rheology modifiers sub-segment is poised to emerge as the most dominant product segment over the forecast period in terms of revenue. Rheology modifiers find numerous applications as synthetic mud with a high viscosity level for drilling horizontal wells at high angles. These chemicals minimize the risk of splashing during the brushing process. However, the biocides segment is expected to record the fastest growth rate in the coming years. This segment’s growth is attributed to the growing usage of biocides in offshore drilling operations. These chemicals protect the water muds and help prevent microbial attacks during the operations.
- The drilling & cementing sub-segment is expected to dominate the market in terms of application, with the highest revenue share. Oilfield chemicals are extensively used in drilling & cementing activities to stabilize temperature and block the entry of contaminated products into the drilling fluid systems. Therefore, the increasing deep-water drilling activities across the world are a pivotal factor propelling this segment’s growth.
- The North American oilfield chemicals market dominates the global market, retaining the largest market share in 2019. A significant surge in shale gas production & exploration activities, the rapidly rising demand for petroleum, major advancements in oil exploration technologies, and a boom in oil imports & exports are the indispensable factors leading to the North American market growth.
- Prominent companies operating in the global oilfield chemicals market include Lubrizol Corporation (U.S.), Halliburton (U.S.), BASF SE (Germany), The Dow Chemical Company (U.S.), AkzoNobel N.V. (Netherlands), Baker Hughes Incorporated (U.S.), Schlumberger (U.S.), Clariant (Switzerland), Kemira Oyj (Finland), and Nalco (U.S.).
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For the purpose of this report, the global oilfield chemicals market has been segmented on the basis of product type, location, application, and region:
By Product Type (Revenue, USD Million; 2017-2027)
- Rheology Modifiers
- Friction Reducers
By Location (Revenue, USD Million; 2017-2027)
By Application (Revenue, USD Million; 2017-2027)
- Drilling & Cementing
- Well Stimulation
- Enhanced Oil Recovery
- Workover & Completion
By Region (Revenue, USD Million; 2017-2027)
- North America
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of Latin America
- Saudi Arabia
- Rest of Middle East & Africa
- Asia Pacific
- Latin America
- Middle East & Africa
Table Of Content
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018 – 2027
Chapter 3. Indicative Metrics
Chapter 4. Oilfield Chemicals Segmentation & Impact Analysis
4.1. Oilfield Chemicals Segmentation Analysis
4.2. Oilfield Chemicals Market Value Chain Analysis, 2016-2027
4.3. Regulatory framework
4.4. Oilfield Chemicals Market Impact Analysis
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