The oilfield chemicals market is expected to grow from US$ 33.05 billion in 2022 to US$ 47.92 billion by 2028. It is expected to grow at a CAGR of 4.8% from 2022 to 2028.
The chemical compounds used for enhancing the efficiency of operations associated with oilfield sites for applications such as drilling, production, completion, and other operations are termed as oilfield chemicals. Oilfield chemicals are utilized during exploration, drilling, production, transportation, and distillation processes. The surge in gas drilling, deep water and ultra-deep water drilling projects is projected to propel the demand for oilfield chemicals. Moreover, the rising government investments from several countries to improve the oil & gas infrastructure is anticipated to boost the oilfield chemicals market.
The oilfield chemicals market in North America is segmented into the US, Canada and Mexico. According to the Council on Foreign Relations report, the US is the world’s largest producer of oil and gas. Moreover, the popular “shale revolution” increased the oil and gas production in the US. The adoption of novel technologies has led to fueling of offshore oil and gas extraction. According to the report by US Energy Information Administration (EIA) published in 2021, a majority of offshore drilling in the US occurs in the Gulf of Mexico. The US is a hub to a few major oil and gas market players such as Chevron Corporation, ExxonMobil Corporation, ConocoPhillips Company, and Occidental Petroleum Corporation. According to the report by Environmental and Energy Study Institute (EESI), the US government provides direct and indirect subsidies to the oil & gas industry. The direct subsidies include intangible drilling costs deduction, which allows companies to deduct a significant amount of costs incurred from domestic drilling new wells. Moreover, according to the Canadian Association of Petroleum Producers (CAPP), the global oil demand is expected to rise by 5% by 2030, whereas the demand for natural gas is anticipated to rise by 15% by 2030. Therefore, the aforementioned factors are responsible for accelerating the oil & gas industry in North America. The growth of the oil & gas industry, along with related operations, is projected to boost the oilfield chemicals market in the region.
Strategic Insights
Lucrative Regional Oilfield Chemicals Markets(image)
Market Insights
Growing Demand for Petroleum-Based Fuel from Transportation Industry to Drive Oilfield Chemicals Market
According to the International Energy Agency report, the global oil consumption is anticipated to reach 104.1 million barrels/day by 2026, which is a rise of 4.4 million barrels/day from 2019 global oil consumption trend. The rise in oil drilling, production and exploration operations is expected to increase during the forecast period. In 2019, a report by India Brand Equity Foundation revealed that Oil and Natural Gas Corporation (ONGC) supposedly invested US$ 2.73 billion for petroleum operations such as drilling oil and gas wells. Moreover, foreign investors are expected to have opportunities to engage in petroleum and natural gas projects. By 2022, the project worth was estimated to be a sum of US$ 300 billion in India owing to the rising independency towards oil, reducing imports by 10%. Moreover, the rise in the demand for petrochemical products is expected to contribute to the rising demand for oil during the forecast period. Therefore, many oil producing countries are establishing petrochemical infrastructure to meet the rising demand. Thus, the demand for oilfield chemicals is anticipated to catalyze with the increasing oil and gas exploration projects during the forecast period.
Product Type-Based Insights
Based on type, the oilfield chemicals market is segmented into polymers, corrosion and scale inhibitors, demulsifiers, surfactants, gallants and viscosifiers, and others. In 2021, the polymers segment held the largest market share.
Oilfield Chemicals Market Share, by Type, 2021 Vs. 2028(image)
SMC Oilfield Chemicals, Clariant AG, Solvay SA, Kraton Corporation, BASF SE, Albemarle Corporation, DowDuPont Inc., Kemira Oyj, Chevron Phillips Chemical Company LLC, and Nouryon Chemicals Holding BV are among the key players in the oilfield chemicals market. The leading players adopt strategies such as mergers & acquisitions and product launches to expand their geographic presence and clientele.
Report Spotlights
- Progressive trends in the oilfield chemicals industry to help players develop effective long-term strategies
- Business growth strategies adopted by companies to secure growth in developed and developing markets
- Quantitative analysis of the oilfield chemicals market from 2020 to 2028
- Estimation of the demand for oilfield chemicals
- Porter’s Five Forces Analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Market trends and outlook, as well as factors driving and restraining the oilfield chemicals market growth
- Understanding strategies that underpin commercial interest with regard to the global market growth, aiding in the decision-making process
- Oilfield chemicals market size at various nodes of market
- Detailed overview and segmentation of the oilfield chemicals market, and its industry dynamics
- Oilfield chemicals market size in various regions with promising growth opportunities
The "Global Oilfield Chemicals Market Analysis to 2028" is a specialized and in-depth study of the chemicals and materials industry, focusing on the oilfield chemicals market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The global market is segmented on the basis of type, and application. Based on type, the market is divided into polymers, corrosion and scale inhibitors, demulsifiers, surfactants, gallants and viscosifiers, and others. By application, the market is divided into drilling, cementing, enhanced oil recovery, production chemicals, well stimulation, and workover and completion.
Company Profiles
- SMC Oilfield Chemicals
- Clariant AG
- Solvay SA
- Kraton Corporation
- BASF SE
- Albemarle Corporation
- DowDuPont Inc.
- Kemira Oyj
- Chevron Phillips Chemical Company LLC.
- Nouryon Chemicals Holding BV