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According to Fortune Business Insights, The global oilfield chemicals market was valued at USD 19.25 billion in 2023 and is expected to expand from USD 20.60 billion in 2024 to USD 36.06 billion by 2032, reflecting a CAGR of 7.2% over the forecast period. North America led the market in 2023, accounting for 55.58% of the global share. In the U.S., the oilfield chemicals market is poised for substantial growth, projected to reach USD 12.52 billion by 2032, fueled by increasing oil production and ongoing exploration activities, particularly in shale gas and deep-water drilling.
Oilfield chemicals play a vital role in oil and gas exploration and drilling, enhancing productivity and operational efficiency. Their growing use in key petroleum processes—including well stimulation, drilling, cementing, production, hydraulic fracturing, and enhanced oil recovery (EOR)—is expected to drive market growth. Moreover, the rapid increase in oil production and exploration activities is fueling demand for diverse drilling projects, further supporting the expansion of the oilfield chemicals market.
The oilfield industry acquires various chemicals used in exploration and production with drilling fluids and production chemicals. These chemicals are used to separate and purify crude oil and gas, where corrosion inhibitors are considered an important element. Increasing demand for eco-friendly chemicals is expected to drive the market during the forecast period.
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Segments:
Drilling Segment Dominates Market Due to Rising Demand
By chemical type, the market is segregated into demulsifiers, corrosion inhibitors, water clarifiers, biocides, scale inhibitors, paraffin inhibitors, hydrogen sulfide scavengers, gas well foamers, and others.
Based on application, the market is segmented into drilling, cement, stimulation, and production.
By geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
List of Key Players Profiled in Oilfield Chemicals Market:
Halliburton (U.S.)
Solvay (Belgium)
NALCO (U.K.)
BASF SE (Germany)
The Lubrizol Corporation (U.S.)
Albemarle Corporation (U.S.)
Kemira (Finland)
Clariant (Switzerland)
Dow (U.S.)
Stepan Company (U.S.)
Croda International Plc (U.K.)
Pon Pure Chemicals Group (India)
Report Coverage:
The report provides factual information regarding market trends and recent advancements in the industry. Also, the report sheds light on the latest key developments in the industry and new products and strategies introduced by the key market players. Furthermore, the impact of COVID-19 pandemic on market growth is highlighted in the report. Drivers and restraints affecting the market growth are elaborated further in this report. The report delivers factual and statistical data regarding potential market growth.
Drivers & Restraints:
Rising Demand for Eco-Friendly Chemicals to Stimulate Growth
The oilfield chemicals market is expected to witness significant growth during the forecast period owing to the rising demand for eco-friendly chemicals. Also, emerging petrochemicals and rising global oil demand are expected to drive the market. These developing industries ensure acquiring high growth opportunities in segmented regions. Increasing utilization of plastic packaging in various industries is anticipated to boost product sales. These factors are likely to ensure the oilfield chemicals market growth during the forecast period.
However, transitioning to renewable energy may hinder the market growth during the projected period.
Regional Insights:
North America Dominates Global Market Due to Development in Oil & Gas Sector
North America holds the highest oilfield chemicals market share during the projected period due to rising oil and gas sector operations. Also, the development of hydraulic fracturing and drilling processes contributes to dominating the market share. The region stood at USD 9.19 billion in 2021 and dominated the global market.
Asia Pacific is expected to hold the second-largest global market share during the forecast period, owing to increasing industrialization and commercialization in the region. Demand for plastic packaging is increasing, which bolsters market growth.
Source: https://www.fortunebusinessinsights.com/oilfield-chemicals-market-105257
Competitive Landscape:
Innovative Product Development to Encourage Key Players
The key market players implement various business development and expansion strategies, including strategic alliances, mergers, partnerships, and brand acquisitions. Also, the companies focus on developing and designing innovative products to enhance their product portfolio. Also, these strategies allow companies to expand their business globally.
Industry Developments:
May 2021 – Schlumberger and NOV collaborated to increase the adoption of automated drilling solutions by drilling contractors and oil & gas operators. The strategic partnership will improve safety, enable automation of manual workflows, and improve drilling operations efficiency.
November 2020 -The Industrialization and Energy Services Company (TAQA) expanded its oilfield chemicals capabilities by acquiring 25% stake in OPT Petroleum Technologies Company Limited.
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