According to the latest report by IMARC Group, titled “Oilfield Chemicals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global oilfield chemicals market size reached US$ 23.0 Billion in 2022. 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$ 30.0 Billion by 2028, expanding at a CAGR of 3.9% during 2023-2028.
- 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.
|Base Year of the Analysis
||Product, Location, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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.
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