Global Oilfield Chemicals Market to Reach US$ 32.6 Billion by 2032, Impelled by Rising Demand for Petroleum and Petroleum-Based Fuels

April 28, 2023 | Chemical & Materials

According to the latest report by IMARC Group, titled “­­Oilfield Chemicals Market Report by Product (Inhibitors, Demulsifiers, Rheology Modifiers, Friction Reducers, Biocides, Surfactants, Foamers, and Others), Location (Onshore, Offshore), Application (Drilling Fluid, Production Chemicals, Cementing, Workover and Completion), and Region 2024-2032,” the global oilfield chemicals market size reached US$ 23.9 Billion in 2023. Oilfield chemicals refer to a broad range of specialty chemicals constituting petroleum sulfonate, Fe-Cr lignosulfonate, anionic polyacrylamide, and xanthan gum. They are mainly used in the oil and gas industry to enhance the production and processing of crude oil and natural gas. Oilfield chemicals include surfactants, biocides, corrosion inhibitors, demulsifiers, scale inhibitors, and viscosity modifiers. These products are extensively used in drilling fluids, chemicals production and stimulation, and enhanced oil recovery (EOR) chemicals, which can improve wellbore stability, reduce friction during drilling, prevent corrosion, control scale formation, and increase oil and gas recovery rates. As a result, they are widely adopted across the oil and gas industry to enhance operational efficiency, reduce costs, and minimize environmental impact while maximizing the production and processing of valuable energy resources.

Global Oilfield Chemicals Market Trends:

The exponentially rising demand for petroleum and petroleum-based fuels, especially from the bolstering automotive industry, represents one of the key factors driving the global oilfield market growth. Besides this, the widespread adoption of shale gas across various industrial verticals is presenting remunerative growth opportunities for the market. Moreover, the increasing demand for energy due to the expanding population and rapid urbanization and industrialization is acting as another growth-inducing factor. In line with this, the inflating need for refined products, such as motor fuel, heating oil, propane, and others, is fueling the market growth. In addition to this, the considerable increase in crude oil production and the significant rise in oil production and exploration in deep-water drilling operations are creating a favorable outlook for the market. Concurrent with this, the escalating demand for EOR and the increasing use of bio-based chemicals that are less toxic and more cost-effective than conventional chemicals in oilfield operations are aiding in market expansion. Furthermore, extensive funding in research and development (R&D) activities by leading market players and increased government investments in improving oil and gas infrastructure are contributing to the market growth. Looking forward, the market value is projected to reach US$ 32.6 Billion by 2032, expanding at a CAGR of 3.4% during 2024-2032.

Market Summary:

  • On the basis of the product, the market has been segregated into inhibitors, demulsifiers, rheology modifiers, friction reducers, biocides, surfactants, foamers, and others.
  • Based on the location, the market is bifurcated into onshore and offshore. Between these, onshore holds the largest market share.
  • On the basis of the application, the market has been classified into drilling fluid, production chemicals, cementing, and workover and completion. Amongst these, drilling fluid represent the biggest market segment.
  • Based on the region, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. Presently, North America enjoys the leading position in the market.
  • The competitive landscape of the market has also been examined, with some of the key players being Albemarle Corporation, Ashland, Baker Hughes Company, BASF SE, CES Energy Solutions Corp., ChampionX Corporation, Chevron Phillips Chemical Company, Clariant AG, Halliburton, Huntsman International LLC, Kemira Oyj, Stepan Company, The Dow Chemical Company and The Lubrizol Corporation.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product, Location, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Albemarle Corporation, Ashland, Baker Hughes Company, BASF SE, CES Energy Solutions Corp., ChampionX Corporation, Chevron Phillips Chemical Company, Clariant AG, Halliburton, Huntsman International LLC, Kemira Oyj, Stepan Company, The Dow Chemical Company and The Lubrizol Corporation.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

134 N 4th St.
Brooklyn, NY 11249, USA
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global Oilfield Chemicals Market to Reach US$ 32.6 Billion by 2032, Impelled by Rising Demand for Petroleum and Petroleum-Based Fuels
Purchase options

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-714-6104


Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More