The global oilfield chemicals market is likely to attain a valuation of USD 28534.31 million in 2023 and is expected to reach USD 44580 million by 2033, trailing a CAGR of 4.5% during the forecast period.
Increasing applications across diverse oilfield operations such as production, drilling, well stimulation, enhanced oil recovery, cementing, and hydraulic fracturing is propelling the demand for oilfield chemicals in the market.
An insightful and detailed comparison and analysis of the global oilfield chemicals market has been provided by Future Market Insights in its latest half-yearly study. Further, the study presents data regarding a change in the sales growth rate of oilfield chemicals for 2023 with an actual growth rate of 2022 and a projected growth rate of 2023.
As per the analysis, the variation between the BPS values observed in the oilfield chemicals market in H1, 2022 - Outlook over H1, 2022 Projected reflects a decline of 20 units. Also, when compared to H1, 2021, the market is expected to show a downfall of 30 BPS in H1 - 2022.
The impact on the supply of crude oil owing to the ongoing Russia and Ukraine conflict has resulted in a decline in the market growth outlook. Also, this exploration of various alternatives is also a reason behind this sluggish growth of the market. Moreover, renewable sources of energy over conventional sources are trending in the market in various regions owing to the target to achieve net zero emissions is also impacting the growth outlook of the market.
Various favorable policies ruled by regional governments to promote renewable sources of energy over conventional ones played a key role in suppressing the demand for oilfield chemicals during the assessment period. Despite of significant shift of consumers toward renewable sources of energy, a huge consumer base still rely on conventional sources of energy.
To cater to the demand from such a vast consumer base, the need for exploration of oilfields is growing. With the exploration of new oilfields or an increase in the production of existing oilfields, demand for oilfield chemicals is expected to witness substantial growth over the forecast period.
| Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 28534.31 million |
| Anticipated Forecast Value (2033) | USD 44580 million |
| Projected Growth Rate (2023 to 2033) | CAGR 4.5% |
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Demand for oilfield chemicals expanded at 3.4% CAGR over the past assessment period from 2018 to 2022, as per Future Market Insights. The oilfield market is projected to expand by 1.4x through 2033.
Oilfield chemicals are chemical components used in oil & gas extraction operations to improve the productivity and efficiency of the oil drilling process to reduce the formation of metal scales and decline in water quantity into oil wells during exploration and drilling activities.
Hence, growing oil production activities across the United States, China, India, and Russia are estimated to augment the growth in the market. Driven by this, the sales of oilfield chemicals are estimated to rise at 4.5% CAGR during the forecast period from 2023 to 2033.
Increasing applications of inhibitors and de-emulsifiers for operations such as removal of residues, mitigation of micro-organisms growth, and separation of water & oil in the oil refineries are further favoring the growth in the market.
Governments in several countries are increasingly investing in oil & gas exploration activities to increase crude oil production and address the demand for fuels such as petroleum and diesel. For instance,
As specialty oilfield chemicals are extensively used in exploration and drilling activities, a multiplicity of such initiatives is estimated to create high revenue-generative opportunities in the market. The discovery of new oil & natural gas reserves across the globe is driving the market. For instance,
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Favorable Government Initiatives to Bolster the Sales of Oilfield Production Chemicals in India.
The Government in the country is undertaking numerous initiatives for expanding the oil & gas refining infrastructure to increase productivity. For instance,
As oilfield production chemicals play a vital role in refining crude oil to produce its derivatives such as petroleum, diesel, kerosene, and others, these initiatives in the country are expected to favor the growth in the market.
Increasing sales of oilfield chemicals in India is estimated to assist Asia Pacific’s market to hold around 27.5% of the overall value share by 2023. Further, the market in this region is projected to expand with a CAGR of 4.6% during the forecast period.
Discovery of New Oil Reserves in GCC Countries to Multiply Oilfield Stimulation Chemicals Sales.
GCC countries such as Saudi Arabia, the UAE, Iraq, and Kuwait account for a significant share of oil & natural gas reserves across the globe, making them highly dominant markets for oilfield chemicals. Also, the demand for oilfield chemicals in the region is expected to rise with a CAGR of 5% during the forecast period.
The discovery of new crude oil reserves in the aforementioned countries is further propelling the demand for associated chemicals. For instance, Bahrain announced the discovery of new oil deposits near its west coast with reserves of nearly 80 billion barrels of tight oil in 2018. Hence, increasing the use of oilfield stimulation chemicals to assist the free flow of hydrocarbon for the oil reserves and aid in operations such as wetting, emulsification, and compatibilization from new oil deposits is projected to favor the growth in the market.
Growing Production of Crude Oil to Fuel the Demand for Specialty Oilfield Chemicals in the United States
Future Market Insights estimates that the United States is expected to dominate the oilfield chemical market in North America.
With the increasing demand for energy sources such as petroleum, liquefied petroleum gas (LPG), and diesel, a significant rise in the production of crude oil is registered in the United States. For instance,
According to a report by the Energy Information Administration, the production of crude oil across the United States increased by 12.7% in 2019 in comparison to 2018.
The growing consumption of specialty oilfield chemicals to improve and enhance the crude oil productivity from oil wells is anticipated to propel the demand in the market. Moreover, this is projected to assist North America’s market to account for 49.4% of the total sales in 2023. The sales of oilfield chemicals in the region are anticipated to rise with a CAGR of 4.8% during the forecast period.
Increasing Emphasis on Preventing Scaling During Oilfield Operation to Augment the Sales of Scale Inhibitors
As per FMI, the inhibitors segment is expected to dominate the global oilfield chemicals market through 2033. The demand for Inhibitors is expected to rise with a CAGR of 5.5% during the forecast period.
The growing usage of scale inhibitors to retard or prevent the accumulation of insoluble crystals and metal scale build-up during the oil processing operation is propelling the demand in the segment.
The de-emulsifier segment is projected to register a steady CAGR of 4.9% in the market between 2023 and 2033, states FMI. Increasing de-emulsifier applications across onshore and offshore oil production activities for the separation of oil emulsion and water is boosting sales in the segment.
Growing Oil Well Drilling Activities Worldwide to Bolster the Sales of Oilfield Surfactant Chemicals.
With surging demand for oil derivatives such as petroleum, diesel, and others, numerous countries across the globe are increasingly undertaking oil well drilling activities for the exploration of new oil & gas deposits. The sales of oilfield chemicals for oil well drilling activities are expected to expand with a CAGR of 5.6% during the forecast period.
As oilfield surfactant chemicals are extensively used to lower the surface tension between fluids and solids during drilling & completion operations, increasing oil well drilling operations is expected to propel the demand in the segment. On account of this, the drilling & completion segment is projected to account for the largest share of the global market.
Increasing Offshore Oil & Gas Production Activities Create Growth Prospects for Specialty Oilfield Chemicals.
The global oilfield chemicals market is segmented into onshore and offshore based on the terrain type. As per FMI, the offshore segment is anticipated to exhibit significant growth in the market over the assessment period. The segment is expected to expand with a significant CAGR of 6% during the forecast period.
Rising government investment in increasing offshore oil & gas production and exploration activities across the United States, China, India, Saudi Arabia, and others is favoring the growth in the segment. Also, the increasing use of specialty oilfield chemicals such as biocides and corrosion inhibitors to ensure smooth operation in harsh environmental conditions is accelerating sales in the segment.
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Start-ups are crucial in identifying growth prospects and fostering industry growth, thanks to their ability to efficiently convert inputs into outputs and adapt to volatile market conditions. Within the oilfield chemicals market, numerous start-ups are actively involved in manufacturing and offering related services.
The market for oilfield chemicals is characterized by extreme competition, as key industry players are making significant investments to improve their manufacturing capabilities.
The key industry players working in the market are Albemarle Corporation, Akzo Nobel N.V., DowDuPont Inc., Baker Hughes, a GE Company LLC, Halliburton Co., BASF SE, Flotek Industries, Inc., Ashland Inc., Schlumberger Limited, Solvay SA, Clariant AG, GEO Drilling Fluids, Inc., Innospec Incorporated, and Chevron Phillips Chemical Company LLC.
Some Recent Developments in the Oilfield Chemicals Market
| Attribute | Details |
|---|---|
| Market Value in 2023 | USD 28534.31 million |
| Market Value in 2033 | USD 44580 million |
| Growth Rate | CAGR of 4.5% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | By product type, By application, By terrain type, By region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East and Africa |
| Key Countries Profiled | The United States of America, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, India, China, Japan, Malaysia, Singapore, Thailand, South Korea, Australia, New Zealand, South Africa, Israel |
| Key Companies Profiled | Albemarle Corporation; Akzo Nobel N.V.; DowDuPont Inc.; Baker Hughes, a GE Company LLC; Halliburton Co.; BASF SE; Flotek Industries, Inc.; Ashland Inc.; Schlumberger Limited; Solvay SA; Clariant AG; GEO Drilling Fluids, Inc.; Innospec Incorporated; Chevron Phillips Chemical Company LLC. |
| Customization | Available Upon Request |
Inhibitors holds high revenue potential.
The United States and India are estimated to dominate the global market.
The market is forecast to register a CAGR of 4.5% through 2033.
During 2018 to 2022, the market registered a CAGR of 3.4%.
The rising adoption of renewable energy sources are increasing current market trends.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Inhibitors 5.1.1. Scale Inhibitors 5.1.2. Corrosion Inhibitors 5.1.3. Paraffin Inhibitors 5.2. Lubricants 5.3. De-Emulsifiers 5.4. Viscosfiers 5.5. Gas Well Foamers 5.6. Biocides 5.7. H2S Scavengers 5.8. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Drilling & Completion 6.2. Cementing Chemicals 6.3. Stimulation Chemicals 6.4. Oil Production Chemicals 6.5. Enhanced Oil Recovery Chemicals 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Terrain Type 7.1. Onshore 7.2. Offshore 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Albemarle Corporation 18.2. Akzo Nobel N.V. 18.3. DowDuPont Inc. 18.4. Baker Hughes, a GE Company LLC 18.5. Halliburton Co. 18.6. BASF SE 18.7. Flotek Industries, Inc. 18.8. Ashland Inc. 18.9. Schlumberger Limited 18.10. Solvay SA 18.11. Clariant AG 18.12. GEO Drilling Fluids, Inc. 18.13. Innospec Incorporated 18.14. Chevron Phillips Chemical Company LLC. 19. Assumptions & Acronyms Used 20. Research Methodology
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Oilfield Chemicals Market
