By the end of 2022, the market for oilfield chemicals is anticipated to reach US$ 27,383 Million. The market demand for oilfield chemicals is being driven by growing applications across numerous oilfield operations, including production, drilling, well stimulation, enhanced oil recovery, cementing, and hydraulic fracturing.
Oilfield chemicals are specialized chemicals used in the exploration, production, and processing of oil and gas. These chemicals play an essential role in the oil and gas industry, as they improve the efficiency and safety of drilling and production operations.
In addition to drilling fluids, oilfield chemicals are also used in the production and processing of oil and gas. These chemicals can be used to reduce corrosion, prevent scaling, and control the emulsions and foaming of oil and gas.
Oilfield chemicals are typically divided into several categories, including drilling fluids, production chemicals, stimulation chemicals, and enhanced oil recovery chemicals. Each category includes a range of chemicals that are designed to meet specific requirements and challenges of the oil and gas industry.
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Crude Oil Production and Processing Consumes Voluminous Oilfield Chemicals
The increasing number of exploration projects in the countries of Europe and MEA, such as Russia, Kazakhstan, Saudi Arabia, and several others, is estimated to support the demand for oilfield chemicals. These countries have oil reserves, which, in turn, support the demand for oilfield chemicals. Furthermore, APAC is a major market owing to the establishment of new refineries to cater to the growing demand for new units in the country. In addition, the increasing demand for refinery and petrochemical products across various end-use industries is an indication for the future demand for efficient crude oil.
To fulfil the demand for crude oil products, vendors have increased their refinery capacities. Attributing to this, manufacturers of crude oil are focusing on expansions as well as on increasing investments on clean fuel. Moreover, a significant volume of oilfield chemicals is utilised in the production and processing of crude oil.
Oilfield chemical act as the backbone of the refinery sector and oil & gas exploration sector across the globe. To meet this cumulative demand, key players of the oilfield chemicals market are expanding their manufacturing and production facilities to emerging regions, such as India & China, with an aim to reduce the operational cost owing to the abundance of economical raw materials and the availability of low-cost labour and in these regions.
‘Inhibitors’ to Remain Preferred Type of Oilfield Chemicals
- Segmentation on the basis of product type of oilfield chemicals: The inhibitors segment is projected to lead the global oilfield chemicals market in terms of value, followed by the gas well foamers segment. In terms of growth rate, the H2S scavengers equipment segment is expected to lead the market with an approximate CAGR of 5% over the forecast period
- Segmentation on the basis of application of oilfield chemicals: The drilling & completion oilfield chemicals segment is projected to lead the oilfield chemicals market by application, and accounts for high demand across the world
- Segmentation on the basis of terrain type: The onshore segment is estimated to capture a higher market share over the forecast period
Profitability of Asian Markets for Oilfield Chemicals Continues to Rise
North America is a mature and prominent region with significant demand for oilfield chemicals. Asia Pacific is estimated to emerge as a profitable and high-growth region in the oilfield chemicals market. The demand for oilfield chemicals in these regions is also mainly driven by the rising oil & gas exploration activities in the region. MEA, Eastern Europe, and Latin America are also projected to be above-average growth regions in terms of volume and value, owing to the presence of already established markets in these regions. The market in the Middle East & Africa (MEA) is expected to experience moderate growth over the forecast period as it is an already established market.
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Oilfield Chemical Market Taxonomy
The global oilfield chemicals market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
By Product Type
- Inhibitors
- Lubricants
- De-Emulsifiers
- Viscosfiers
- Gas Well Foamers
- Biocides
- H2S Scavengers
- Others
By Application
- Drilling & Completion
- Cementing Chemicals
- Stimulation Chemicals
- Oil Production Chemicals
- Enhanced Oil recovery Chemicals
Region
- North America
- Latin America
- Europe
- South Asia
- South Pacefic
- Middle East & Africa
Global Oilfield Chemicals Market: Vendors Landscape
The oilfield chemicals market is moderately fragmented owing to the presence of a large number of local and established players. The report provides details of some of the key players in the global oilfield chemicals market, such as Albemarle Corporation, Akzo Nobel N.V., DowDuPont Inc., Baker Hughes, a GE Company LLC, Halliburton Co., BASF SE, Flotek Industries, Inc., Ashland Inc., Schlumberger Limited, Solvay SA, Clariant AG, GEO Drilling Fluids, Inc. Innospec Incorporated, and Chevron Phillips Chemical Company LLC.
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