Oilfield Chemicals Market

Oilfield Chemicals Market size reached USD 23.0 billion in 2021 and is forecast to touch USD 30.6 billion in 2029, and the market is expected to grow at a CAGR 3.6% attributed to increasing oil production and exploration activities worldwide.

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Major Oilfield Chemicals Market Drivers

Oilfield Chemicals Market is majorly driven by surge in the demand for petroleum-based products from transportation industry, rise in the number of shale gas exploration activities around the world and technological advancements in deep drilling operations. Over the years, transportation industry worldwide has grown exponentially. This growth is primarily fueled by improvements in the logistics infrastructure, increasing economic activities and shift in travelling trends and behaviours of consumers. According to the per the report published by U.S Energy Information Administration (EIA), in 2021, almost 28% of the energy was consumed in the transportation sector in the country for transporting goods and people from one place to other. Some of the energy sources used in transportation industry includes petroleum derived fuels such as crude oil, and other energy sources including biofuels and natural gas. As reliance on different modes of transportation is increasing, demand for these energy sources is expected to increase in the coming few years, which will create more growth opportunities for Oilfield Chemicals Market.

Increasing application of oilfield chemicals in different operations such as production, drilling and well stimulation, is contributing towards the market growth. Moreover, on-going Russia Ukraine has severely impacted supply of global energy industry. Due to shortage in the oil supply, crude oil prices have significantly increased in the international markets, which is negatively impacting the growth of Oilfield Chemicals Market. Steps taken by regional governments to promote the use of renewable sources of energy over conventional sources to reduce emissions, is further restricting the demand for oilfield chemicals. However, a substantial consumer base still relies on conventional sources of energy for their daily requirements and the need for exploring new fields is increasing. Thus, demand for oilfield is expected to increase in coming few years.

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Based on Product, Corrosion and Scale Inhibitors segment is projected to hold the largest market share.

Inhibitors are gaining traction in the market as it helps in preventing accumulation of insoluble crystals and metal scale build-up during oil processing operations. While demulsifiers are increasingly used in onshore and offshore oil production activities for separating oil emulsions and water, which is pushing its adoption in the Oilfield Chemicals Market. On-going innovations in the demulsifiers, is creating lucrative opportunities for oil field chemical companies to expand their business. For instance, in 2019, Nouryon, a leading speciality chemicals company launched a wide range of demulsifiers. These products are designed to provide oil producers more sustainable options for separating crude oil from natural gas and water.

Based on Application, Drilling and Cementing segment is expected to dominate the market owing to increasing demand for oilfield surfactant chemicals.

Oilfield chemicals are increasingly used during drilling activities to stabilize temperature and prevent impure substance from entering drilling fluid systems. Additionally, growing demand for oil derived products such as petroleum and diesel has increased the number of drilling activities for exploring new oil and gas worldwide. As the drilling activities are increasing, enterprises are using more oilfield surfactant chemicals to reduce surface tensions between fluid and solids.

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Based on Region, North American region is expected to hold the largest market share.

North American Oilfield Chemicals Market is driven by increasing shale gas production and exploration activities and rising use of hydraulic fracturing for oil and gas exploration. Furthermore, United States is expected to dominate the North American Oilfield Chemicals Market. Surge in the demand for energy sources such as petroleum and diesel, is one of the major factors, pushing the demand for oilfield chemicals in the U.S. As per the data released by EIA, on an average, consumption of petroleum across United States reached 19.9 million barrels per day, indicating an increase of 1.6 million barrels per day as compared to 2020.

Oilfield production Chemicals Market in India is driven by increasing use of oilfield chemicals for refining crude oil to produce its derivate such as Kerosene and Petroleum. In addition, Indian government is taking initiatives to expand oil and gas refining infrastructure in the country, which is expected to increase the demand for oilfield chemicals in the country.

Top Market Players

Leading players operating in the oilfield chemicals market, include, Baker Hughes Company, Schlumberger Limited, Halliburton, Clariant AG, Chevron Corporation, BASF SE, KRATON CORPORATION, Solvay, Kemira., The Dow Chemical Company, among others.

Key Developments:

• • In December 2022, Champion X announced that it has opened a new oilfield services chemical lab and distribution facility in Chaguaramas, Trinidad. This facility is designed to perform analysis tests such as corrosion coupon analysis, chemical compatibility testing and bacteria level determination in produced water.
  • In March 2022, Haliburton announced that it has opened chemical reaction plant in Saudi Arabia. This plant will be used for manufacturing a wide range of chemicals for its entire oil and gas value chain.
  • In December 2021, Clariant AG introduced innovative oil production solutions in the SPE International Conference on Oilfield Chemistry across the Texas, Woodlands, United States. The presentations highlighted the recent research and developments in the fields of anti-agglomerants, corrosion inhibition, demulsifier formulations, among others.
  • In May 2021, Schlumberger collaborated with NOV to accelerate the adoption of automated drilling solutions by oil and gas operators. This partnership focuses on improving safety and drilling operations efficiency.
  • In November 2020, Industrialization and Energy Services Company (TAQA) acquired 25% stake in OPT petroleum Technologies Company. This acquisition helped the company to expand its oilfield chemical capabilities.
  • In October 2020, Chevron announced the launch of its Tribex ERD, which is an exclusive dry lubricant designed for the oil and gas operating companies. TribexTM ERD can be used in oil- or water-based fluid systems. The multifunctional additive decreases steady and dynamic friction and high temperature/high pressure fluid loss.

Segments covered in the Report:

The global oilfield chemicals market has been segmented based on Product, Application, and Regions. Based on products, the market is segmented into Biocides, Corrosion and Scale Inhibitors, Demulsifiers, Polymers, Surfactants and Other Chemical Types. Based on Application, the market is segmented into Drilling and Cementing, Enhanced Oil Recovery, Production, Well Stimulation, and Workover and Completion.

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Market Segmentation:

Global Oilfield Chemicals Market by Product

• • Biocides
  • Corrosion and Scale Inhibitors
  • Demulsifiers
  • Polymers
  • Surfactants
  • Other Chemical Types

Global Oilfield Chemicals Market by Application

• • Drilling and Cementing
  • Enhanced Oil Recovery
  • Production
  • Well Stimulation
  • Workover and Completion

Global Oilfield Chemicals Market by Region

• • North America Oilfield Chemicals Market (Option 1: As a part of the free 25% customization)

• • • By Product
    • By Application
    • United States of America (US) Market All-Up
    • Canada Market All-Up

• • Europe Oilfield Chemicals Market (Option 2: As a part of the free 25% Customization)

• • • By Product
    • By Application
    • United Kingdom (UK) All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Oilfield Chemicals Market (Option 3: As a part of the free 25% Customization)

• • • By Product
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • ROW Oilfield Chemicals Market (Option 4: As a part of the free 25% Customization)
    • By Product
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Leading market players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Schlumberger Limited
  • Halliburton
  • Baker Hughes Company
  • Clariant AG
  • Chevron Corporation
  • BASF SE
  • KRATON CORPORATION
  • The Dow Chemical Company
  • Solvay
  • Kemira