Market Overview:

The global oilfield chemicals market reached a value of US$ 21.91 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 29.39 Billion by 2027, exhibiting a growth rate (CAGR) of 4.80% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

Oilfield chemicals refer to chemical compounds that are a sub-category of specialty chemicals constituting petroleum sulfonate, Fe-Cr lignosulfonate, anionic polyacrylamide, and xanthan gum. Designed to improve the efficiency and efficacy of various on-site oilfield activities, they are extensively used in production, drilling, completion, extraction, and refining applications. These chemicals minimize the amount of water injected into oil wells during exploration and drilling to prevent the production of metal scales. Thus, they help maintain a smooth-running oilfield at lower costs due to minimal stoppages or delays during the drilling process. Some of the different types of oilfield chemicals include biocides, demulsifiers, polymers, corrosion and scale inhibitors, and surfactants. As a result, these chemicals are extensively used in drilling and cementing, well stimulation, and enhanced oil recovery.

Oilfield Chemicals Market Trends: 

The market is primarily driven by the rising demand for petroleum and petroleum-based fuels in the automotive industry. This demand is further supported by the widespread adoption of shale gas in numerous industry verticals, thereby providing an overall boost to the market. In line with this, a considerable rise in oil production and exploration operations in deep-water drilling operations is providing an impetus to the market growth. Apart from this, the growing demand for energy across the world, coupled with the significant increase in crude oil production, is propelling the growth of the specialty oilfield chemical market. Other factors, such as the rising global population, extensive research and development (R&D) activities conducted by numerous key players and the increasing investments by the governments of several countries to improve the overall oil and gas infrastructure, are also contributing to the market growth across the globe.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global oilfield chemicals market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on product, location and application.

Breakup by Product:

• Inhibitors
• Demulsifiers
• Rheology Modifiers
• Friction Reducers
• Biocides
• Surfactants
• Foamers
• Others
   

Breakup by Location:

• Onshore
• Offshore
   

Breakup by Application:

• Drilling Fluid
• Production Chemicals
• Cementing
• Workover and Completion
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles 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 Coverage: