Oilfield Chemicals Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

The oilfield chemicals market is expected to grow from US$ 33.05 billion in 2022 to US$ 47.92 billion by 2031. It is expected to grow at a CAGR of 4.8% from 2022 to 2031.

The chemical compounds used for enhancing the efficiency of operations associated with oilfield sites for applications such as drilling, production, completion, and other operations are termed as oilfield chemicals. Oilfield chemicals are utilized during exploration, drilling, production, transportation, and distillation processes. The surge in gas drilling, deep water and ultra-deep water drilling projects is projected to propel the demand for oilfield chemicals. Moreover, the rising government investments from several countries to improve the oil & gas infrastructure is anticipated to boost the oilfield chemicals market.

The oilfield chemicals market in North America is segmented into the US, Canada and Mexico. According to the Council on Foreign Relations report, the US is the world’s largest producer of oil and gas. Moreover, the popular “shale revolution” increased the oil and gas production in the US. The adoption of novel technologies has led to fueling of offshore oil and gas extraction. According to the report by US Energy Information Administration (EIA) published in 2021, a majority of offshore drilling in the US occurs in the Gulf of Mexico. The US is a hub to a few major oil and gas market players such as Chevron Corporation, ExxonMobil Corporation, ConocoPhillips Company, and Occidental Petroleum Corporation. According to the report by Environmental and Energy Study Institute (EESI), the US government provides direct and indirect subsidies to the oil & gas industry. The direct subsidies include intangible drilling costs deduction, which allows companies to deduct a significant amount of costs incurred from domestic drilling new wells. Moreover, according to the Canadian Association of Petroleum Producers (CAPP), the global oil demand is expected to rise by 5% by 2031, whereas the demand for natural gas is anticipated to rise by 15% by 2031. Therefore, the aforementioned factors are responsible for accelerating the oil & gas industry in North America. The growth of the oil & gas industry, along with related operations, is projected to boost the oilfield chemicals market in the region.

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Oilfield Chemicals Market: Strategic Insights

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Market Insights

Growing Demand for Petroleum-Based Fuel from Transportation Industry to Drive Oilfield Chemicals Market

According to the International Energy Agency report, the global oil consumption is anticipated to reach 104.1 million barrels/day by 2031, which is a rise of 4.4 million barrels/day from 2021 global oil consumption trend. The rise in oil drilling, production and exploration operations is expected to increase during the forecast period. In 2021, a report by India Brand Equity Foundation revealed that Oil and Natural Gas Corporation (ONGC) supposedly invested US$ 2.73 billion for petroleum operations such as drilling oil and gas wells. Moreover, foreign investors are expected to have opportunities to engage in petroleum and natural gas projects. By 2022, the project worth was estimated to be a sum of US$ 300 billion in India owing to the rising independency towards oil, reducing imports by 10%. Moreover, the rise in the demand for petrochemical products is expected to contribute to the rising demand for oil during the forecast period. Therefore, many oil producing countries are establishing petrochemical infrastructure to meet the rising demand. Thus, the demand for oilfield chemicals is anticipated to catalyze with the increasing oil and gas exploration projects during the forecast period.

Product Type-Based Insights

Based on type, the oilfield chemicals market is segmented into polymers, corrosion and scale inhibitors, demulsifiers, surfactants, gallants and viscosifiers, and others. In 2021, the polymers segment held the largest market share.

SMC Oilfield Chemicals, Clariant AG, Solvay SA, Kraton Corporation, BASF SE, Albemarle Corporation, DowDuPont Inc., Kemira Oyj, Chevron Phillips Chemical Company LLC, and Nouryon Chemicals Holding BV are among the key players in the oilfield chemicals market. The leading players adopt strategies such as mergers & acquisitions and product launches to expand their geographic presence and clientele. 

Report Spotlights

• Progressive trends in the oilfield chemicals industry to help players develop effective long-term strategies
• Business growth strategies adopted by companies to secure growth in developed and developing markets
• Quantitative analysis of the oilfield chemicals market from 2021 to 2031
• Estimation of the demand for oilfield chemicals
• Porter’s Five Forces Analysis to illustrate the efficacy of buyers and suppliers operating in the industry
• Recent developments to understand the competitive market scenario
• Market trends and outlook, as well as factors driving and restraining the oilfield chemicals market growth
• Understanding strategies that underpin commercial interest with regard to the global market growth, aiding in the decision-making process
• Oilfield chemicals market size at various nodes of market
• Detailed overview and segmentation of the oilfield chemicals market, and its industry dynamics
• Oilfield chemicals market size in various regions with promising growth opportunities

The "Global Oilfield Chemicals Market Analysis to 2031" is a specialized and in-depth study of the chemicals and materials industry, focusing on the oilfield chemicals market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The global market is segmented on the basis of type, and application. Based on type, the market is divided into polymers, corrosion and scale inhibitors, demulsifiers, surfactants, gallants and viscosifiers, and others. By application, the market is divided into drilling, cementing, enhanced oil recovery, production chemicals, well stimulation, and workover and completion.

Company Profiles

• SMC Oilfield Chemicals
• Clariant AG
• Solvay SA
• Kraton Corporation
• BASF SE
• Albemarle Corporation
• DowDuPont Inc.
• Kemira Oyj
• Chevron Phillips Chemical Company LLC.
• Nouryon Chemicals Holding BV

Report Scope

Oilfield Chemicals Market Regional Insights

The regional trends and factors influencing the Oilfield Chemicals Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Oilfield Chemicals Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Oilfield Chemicals Market Report Scope

Oilfield Chemicals Market Players Density: Understanding Its Impact on Business Dynamics

The Oilfield Chemicals Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Oilfield Chemicals Market are:

1. Akzo Nobel N.V.
2. Albemarle Corporation
3. Baker Hughes
4. BASF SE
5. Ecolab

Disclaimer: The companies listed above are not ranked in any particular order.