The global oilfield chemicals market revenue was around US$ 24.9 billion in 2022 and is estimated to reach US$ 33.06 billion by 2031, growing at a compound annual growth rate (CAGR) of 3.2% during the forecast period from 2023 to 2031.
Oilfield chemicals are chemical compounds utilized to enhance the efficiency and efficacy of activities at an oilfield site. Chemicals utilized in the oilfield are used in drilling, production, completion, and a variety of other operations. Oilfield chemicals are also utilized to purify machinery, equipment, the oil itself, and oil sites. These chemicals assist in the maintenance of a smooth-running oilfield, resulting in lower costs due to uncertainties and stoppages during the drilling process.
Market Driving Factors
The surge in deepwater and offshore exploration drives the market growth. This is because oilfield chemicals can address issues such as hydrate formation, wellbore stability, corrosion, and flow assurance in these challenging offshore environments increasing the demand for specialized chemicals. In addition, the surge production of oil and gas from new offshore projects across globally is expected to raise the requirement for oilfield chemicals, which will further fuel the market.
The surge in technological advancements and the focus on production optimization drive the market. Advances in oilfield technologies, such as hydraulic fracturing, horizontal drilling, and improved oil recovery techniques, have surged the efficiency and complexity of oil and gas operations. These advanced techniques often depend on specific chemical formulations and additives to optimize performance. Thus, these factors drive the market growth.
Making the switch to renewable energy will limit market growth.
Regional Analysis
North America is estimated to dominate the market during the forecast period. This is due to the surge in oil gas operations through the development of hydraulic fracturing and drilling processes. Additionally, technological advances and an increase in drilling activities are expected to drive the market growth.
Asia Pacific dominates the market. This is due to the surge in consumption and need for shale gas from different industries, rapid urbanization, and population growth in the region. Furthermore, increasing exploration activities in Mainland China, India, the South China Sea, and Southeast Asian countries. In addition, the surge in demand for crude oil and petroleum and huge investments in the energy sector drive the market in the region.
Segmentation Insights
Product Insight
The demulsifiers segment is estimated to dominate the market. Demulsifiers are utilized to separate water and oil from the oil field. They make differences in oil density and make separation easier by lowering the corrosion of the pipelines. As a result, it lowers the overall equipment maintenance price. Furthermore, elements that may be incorporated in the expansive application of water separation and oil from the crude water-oil emulsions, thus lowering the chances of adultery in the oil produced.
Application Insight
The drilling application segment dominated the market. This can be attributed to the surge in oil gas operations through the development of hydraulic drilling and fracturing processes shall drive industry growth. In this segment, these chemicals stabilize temperatures and control contaminated products from entering the drilling fluid system. They are also additives to the drilling fluid utilized to hold hydrostatic pressure and to remove the wellbore from cutting.
Prominent Companies
Segmentation Outline
The global oilfield chemicals market segmentation focuses on Product, Application, and Region.
By Product
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL OILFIELD CHEMICALS MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: OILFIELD CHEMICALS MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL OILFIELD CHEMICALS MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL OILFIELD CHEMICALS MARKET, BY APPLICATION
5.1 OVERVIEW
5.2 CORROSION & SCALE INHIBITORS
5.3 DEMULSIFIER
5.4 SURFACTANTS
5.5 OTHERS
6 GLOBAL OILFIELD CHEMICALS MARKET, BY END-USER
6.1 OVERVIEW
6.2 DRILLING
6.3 CEMENT
6.4 STIMULATION
6.5 PRODUCTION
7 GLOBAL OILFIELD CHEMICALS MARKET, BY GEOGRAPHY
7.1 OVERVIEW
7.2 NORTH AMERICA
7.2.1 NORTH AMERICA MARKET SNAPSHOT
7.2.2 U.S.
7.2.3 CANADA
7.2.4 MEXICO
7.3 EUROPE
7.3.1 EUROPE MARKET SNAPSHOT
7.3.2 WESTERN EUROPE
7.3.2.1 THE UK
7.3.2.2 GERMANY
7.3.2.3 FRANCE
7.3.2.4 ITALY
7.3.2.5 SPAIN
7.3.2.6 REST OF WESTERN EUROPE
7.3.3 EASTERN EUROPE
7.3.3.1 POLAND
7.3.3.2 RUSSIA
7.3.3.3 REST OF EASTERN EUROPE
7.4 ASIA PACIFIC
7.4.1 ASIA PACIFIC MARKET SNAPSHOT
7.4.2 CHINA
7.4.3 JAPAN
7.4.4 INDIA
7.4.5 AUSTRALIA & NEW ZEALAND
7.4.6 ASEAN
7.4.7 REST OF ASIA PACIFIC
7.5 MIDDLE EAST & AFRICA
7.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
7.5.2 UAE
7.5.3 SAUDI ARABIA
7.5.4 SOUTH AFRICA
7.5.5 REST OF MEA
7.6 SOUTH AMERICA
7.6.1 SOUTH AMERICA MARKET SNAPSHOT
7.6.2 BRAZIL
7.6.3 ARGENTINA
7.6.4 REST OF SOUTH AMERICA
8 GLOBAL OILFIELD CHEMICALS MARKET COMPETITIVE LANDSCAPE
8.1 OVERVIEW
8.2 COMPANY MARKET RANKING
8.3 KEY DEVELOPMENT STRATEGIES
8.4 COMPETITIVE DASHBOARD
8.5 PRODUCT MAPPING
8.6 TOP PLAYER POSITIONING, 2022
8.7 COMPETITIVE HEATMAP
8.8 TOP WINNING STRATEGIES
9 COMPANY PROFILES
9.1 ALBEMARLE CORPORATION
9.1.1 OVERVIEW
9.1.2 FINANCIAL PERFORMANCE
9.1.3 PRODUCT OUTLOOK
9.1.4 KEY DEVELOPMENTS
9.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.2 BAKER HUGHES COMPANY
9.2.1 OVERVIEW
9.2.2 FINANCIAL PERFORMANCE
9.2.3 PRODUCT OUTLOOK
9.2.4 KEY DEVELOPMENTS
9.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.3 CRODA INTERNATIONAL PLC
9.3.1 OVERVIEW
9.3.2 FINANCIAL PERFORMANCE
9.3.3 PRODUCT OUTLOOK
9.3.4 KEY DEVELOPMENTS
9.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.4 ECOLAB INC
9.4.1 OVERVIEW
9.4.2 FINANCIAL PERFORMANCE
9.4.3 PRODUCT OUTLOOK
9.4.4 KEY DEVELOPMENTS
9.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.5 HALLIBURTON
9.5.1 OVERVIEW
9.5.2 FINANCIAL PERFORMANCE
9.5.3 PRODUCT OUTLOOK
9.5.4 KEY DEVELOPMENTS
9.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.6 KEMIRA
9.6.1 OVERVIEW
9.6.2 FINANCIAL PERFORMANCE
9.6.3 PRODUCT OUTLOOK
9.6.4 KEY DEVELOPMENTS
9.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.7 SCHLUMBERGER
9.7.1 OVERVIEW
9.7.2 FINANCIAL PERFORMANCE
9.7.3 PRODUCT OUTLOOK
9.7.4 KEY DEVELOPMENTS
9.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.8 SOLVAY
9.8.1 OVERVIEW
9.8.2 FINANCIAL PERFORMANCE
9.8.3 PRODUCT OUTLOOK
9.8.4 KEY DEVELOPMENTS
9.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.9 STEPAN
9.9.1 OVERVIEW
9.9.2 FINANCIAL PERFORMANCE
9.9.3 PRODUCT OUTLOOK
9.9.4 KEY DEVELOPMENTS
9.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.10 THE LUBRIZOL CORPORATION
9.10.1 OVERVIEW
9.10.2 FINANCIAL PERFORMANCE
9.10.3 PRODUCT OUTLOOK
9.10.4 KEY DEVELOPMENTS
9.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.11 NEWPARK RESOURCES INC.
9.11.1 OVERVIEW
9.11.2 FINANCIAL PERFORMANCE
9.11.3 PRODUCT OUTLOOK
9.11.4 KEY DEVELOPMENTS
9.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.12 AKZO NOBEL N.V.
9.12.1 OVERVIEW
9.12.2 FINANCIAL PERFORMANCE
9.12.3 PRODUCT OUTLOOK
9.12.4 KEY DEVELOPMENTS
9.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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