Future Market Insights (FMI) has forecasted the Oilfield Production Chemicals market to grow with a year on year growth of 4.0% in 2022 reaching a value of about USD 3,021.8 Million by 2022 end. The global business is anticipated to witness a considerable CAGR of 4.0% during the period of 2022 and 2028.
| Attribute | Details |
|---|---|
| Base Year Value (2021A) | USD 2,904.7 million |
| Estimated Year Value (2022E) | USD 3,021.8 million |
| Projected Year Value (2028F) | USD 3,824.9 million |
| CAGR in Terms of Value (2022 to 2028) | 4.0% |
| Collective Value Share: Top 3 Countries (2022E) | 49.6% |
Increased consumption of Oilfield Production Chemicals in storage & transportation of crude oils, its production processes, growing drilling activities, and pursuing production from ageing fields is expected to push the sales in forecast period. Considering this, FMI has projected the global Oilfield Production Chemicals sales to reach a valuation of USD 3,824.9 Million by 2028.
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| Market Statistics | Details |
|---|---|
| H1,2021 (A) | 3.9% |
| H1,2022 Projected (P) | 4.0% |
| H1,2022 Outlook (O) | 4.1% |
| BPS Change : H1,2022 (O) - H1,2022 (P) | (+) 10 ↑ |
| BPS Change : H1,2022 (O) - H1,2021 (A) | (+) 20 ↑ |
A half-yearly comparison of the growth forecast for the market of oilfield production chemicals market has been presented by Future Market Insights. The market of oilfield chemicals is anticipated to witness considerable growth owing to the substantial production volume of crude oil, storage and transportation of the oil, growing drilling activities, and pursuit of production from aging fields.
Moreover, these chemicals are also used in enhanced oil recovery, hydraulic fracturing, and their production method and are extensively used in crude oil production.
The global demand for oilfield production chemicals is anticipated to witness a CAGR of magnitude 4.1% in the first half of 2022 as compare to the growth rate of 3.9% during the first half of 2021, which reflects an increment of 20 bps.
Increase in demand for oilfield production chemicals due to their crucial role in the crude oil processing and in certain other applications like separation of water and oil, removal of residues, and mitigation of growth of micro-organisms.
Despite the considerable growth of the market, there are certain challenges including disruption in logistics, interference in the supply chain, government laws and obligations, export bans, and border tensions which are hitting the commodity pricing and supply, all these are anticipated to impact the growth of the market in the upcoming years.
Sales of Oilfield Production Chemicals increased at a 3.6% CAGR, between 2013 and 2021. Sales prospects in 2020 and 2021 were dampened due to the outbreak of the covid-19 pandemic, which reduced the demand for Oilfield Production Chemicals, but in coming years the growth is expected to bounce back to its original pace.
Rising demand for petroleum-based fuel from the transportation industry and production opportunities provided by developing countries are expected to boost the demand for oilfield production chemicals in the forecast period.
Oilfield production chemicals are extensively used in the production processes of crude oil, enhanced oil recovery, hydraulic fracturing & other production methods owing to these, the market is anticipated to witness a positive growth outlook in the forecast period.
The market is expected to grow in forecast owing to the increased consumption of the product from end-use industries. Demulsifier type of oilfield production chemical is the widely used chemical in the production process to separate the oil emulsion & water to obtain high quality of crude oil.
Owing to the above-mentioned factors market is expected to see a positive outlook.
Principal Consultant
Various chemical components are required for the extraction, processing, and transportation of crude oil. Most of the chemicals used in petroleum exploration are complex compositions of various chemicals. Chemicals are designed according to the type of work and duration of the site.
Oilfield production chemicals are used in various stages such as drilling, cementing, and excitation of wells and can remain as residues in crude oil.
These oilfield production chemicals play a vital role in the production process such as removal of residues, separation of water & oil, mitigation of growth of the micro-organisms, and so on.
As the demand for the crude oil increases, it directly impacts the oilfield production chemical market. These factors are expected to boost the demand in the assessed time period to reach about USD 2,946.3 Million by the year 2028.
As per FMI, the USA. is projected to account for a major share in the global Oilfield Production Chemicals market. The presence of well-established production plants for chemicals & oils, key manufacturing companies along with higher investment in R & D activities are expected to drive the overall North American market, especially in the USA.
Increasing consumption of crude oil in end-use industries is expected to drive the market growth in the forecast period. Biocides type of oilfield production chemicals accounts for the major share in types of chemicals owing to its applications in production processes to mitigate the growth of the microbes. US. is expected to reach about USD 440.7 Million by the year 2028.
The market is expected to gain traction at 4.1% CAGR between 2022 and 2028. Certain domestic market participants are expanding their production capacities in Middle East & Africa for enhancing their production.
Saudi Arabia has one of the highest proven reserves for oil & natural gas. The production method segment consumes major volume of oilfield production chemicals in these countries followed by storage & transportation of crude oil.
The Middle East & Africa region is expected to witness healthy growth in the forecast period due to the large production capacities and R&D activities in GCC countries.
The demulsifier segment is expected to have a strong impact on the oilfield chemicals market in the Middle East and Africa. The growth of the chemical market for oil production in the Middle East and Africa can be attributed to the region's abundant oil reserves.
Russia is projected to account for 80.2% of the European oilfield production chemicals market share and reach an estimated value of USD 485.8 Million by the end of 2028. In the European market, Russia is anticipated to sustain its leading position as the country is amongst the top three oil-producing nations across the globe.
Also, corrosion inhibitors and demulsifiers constitute a significant portion of the chemicals manufactured in the country in order to aid crude drilling and production. Rising demand from these end use industries is anticipated to propel the growth of the market in the forecast period.
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The demulsifier segment is expected to grow at a prominent value of 4.4% CAGR, over the forecast period.
Demulsifiers are widely used in onshore & offshore oil production activities. Increasing demand from onshore & offshore oil production activities is expected to drive the demand in the forecast period. The demulsifier segment accounted for a 48.4 % value share in the global market in 2018 and it is estimated to reach 50.2% share by 2028 end.
The separation of oil emulsion & water is a major problem in oil production, especially at offshore site. To tackle this problem, demulsifiers play a major role in separation of oil emulsion & water. The demulsifier is also heavily used in onshore oilfield production activities owing to the increased exploration of new oil reservoirs.
The corrosion inhibitor segment is projected to create an absolute dollar opportunity of more than USD 177.9 Million during the period of 2022 to 2028. The demand for corrosion inhibitors is increasing as the demand for crude oil is booming. Corrosion inhibitors play a vital role in order to increase the life span of the equipment used in oil production.
To protect the equipment from corrosion, corrosion inhibitors are used in oil production activities. Calcium & magnesium salts are produced during the production which causes trouble during the transportation & affects the quality of the final products. Hence, demand is expected to surge as the production & transportation activities increases.
Over the past few years, a shift of manufacturers focus towards emerging regions has been witnessed to meet the increasing demand of Oilfield Production Chemicals.
Several key players are also focusing on expanding their production capacities to meet the demand arising from exploration of new oil reserves. Market players are also increasing the mergers & acquisition activities.
For Instance,
The latest study conducted by Future Market Insights covers all the strategies and success factors of key manufacturers of the market.
*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis is available in the report.
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2028 |
| Historical Data Available for | 2013 to 2021 |
| Market Analysis | USD Million for Value and Tons for Volume |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; India; China; Japan; Middle East & Africa |
| Key Countries Covered | USA, Canada, Germany, UK, France, Italy, Spain, Russia, Poland, BENELUX, China, Japan, India, ASEAN, Oceania, Brazil, Mexico |
| Key Segments Covered | Type, Application and Region |
| Key Companies Profiled | Arkema S.A; Clariant AG; BASF SE; Halliburton Co.; Albemarle Corporation Company; Huntsman Corporation; ECOLAB Inc.; Solvay S.A.; Hexion Inc.; Baker Hughes; Akzo Nobel N.V; Ashland Global Holdings Inc.; Dow Dupont Inc. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The Oilfield Production Chemicals market is expected to total USD 3,021.8 Million in 2022.
The Oilfield Production Chemicals market has been estimated to exhibit growth rate of 4.0% between 2022 and 2028 on value basis.
Production Method segment is expected to contribute major growth share to the overall market in 2022.
Arkema SA, Akzo Nobel, Solvay SA, Clariant AG, ECOLAB Inc, BASF SE, Huntsman Corporation, Hexion Inc, Ashland Global Holdings Inc. are the leading market players.
The demand in USA is expected to increase by 3.6% CAGR between 2022 and 2028 on value basis.
1. Executive Summary 2. Market Introduction 3. Market Viewpoint 4. Market Forecast 5. Global Oilfield Production Chemicals Market Analysis 2013 to 2021 and Forecast 2022 to 2028, By Type 5.1. Demulsifiers 5.2. Corrosion Inhibitors 5.3. Paraffin Inhibitors 5.4. Biocides 5.5. Hydrate Inhibitors 5.6. H2S Scavengers 5.7. Scale Inhibitors 5.8. Others 6. Global Oilfield Production Chemicals Market Analysis 2013 to 2021 and Forecast 2022 to 2028, By Application 6.1. Production Methods 6.2. Storage & Transportation 6.3. Safe Disposal ges 7. Global Oilfield Production Chemicals Market Analysis 2013 to 2021 and Forecast 2022 to 2028, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South East Asia & Pacific 7.6. China 7.7. India 7.8. Middle East & Africa 8. North America Oilfield Production Chemicals Market Analysis 2013 to 2021 and Forecast 2022 to 2028 9. Latin America Oilfield Production Chemicals Market Analysis 2013 to 2021 and Forecast 2022 to 2028 10. Western Europe Oilfield Production Chemicals Market Analysis 2013 to 2021 and Forecast 2022 to 2028 11. Eastern Europe Oilfield Production Chemicals Market Analysis 2013 to 2021 and Forecast 2022 to 2028 12. South East Asia & Pacific Oilfield Production Chemicals Market Analysis 2013 to 2021 and Forecast 2022 to 2028 13. China Oilfield Production Chemicals Market Analysis 2013 to 2021 and Forecast 2022 to 2028 14. India Oilfield Production Chemicals Market Analysis 2013 to 2021 and Forecast 2022 to 2028 15. Middle East and Africa (MEA) Oilfield Production Chemicals Market Analysis 2013 to 2021 and Forecast 2022 to 2028 16. Market Structure Analysis 17. Competition Landscape 17.1. Arkema SA 17.2. Clariant AG 17.3. BASF SE 17.4. Halliburton Co. 17.5. Albemarle Corporation Company 17.6. Huntsman Corporation 17.7. ECOLAB Inc. 17.8. Dow Chemical Company 17.9. Schlumberger Limited 17.10. Solvay S.A. 17.11. Hexion Inc. 17.12. Baker Hughes 17.13. Akzo Nobel N.V. 17.14. Ashland Global Holdings Inc. 18. Research Methodology 19. Assumptions & Acronyms Used
Chemicals & Materials
June 2022
REP-GB-15107
180 pages
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Oilfield Production Chemicals Market
