The global oilfield chemicals market size is projected to expand at a substantial CAGR during the forecast period. Growth of the market is attributed to rising exploration and production of shale gas.
Chemical components used in oil and gas extraction activities are known as oilfield chemicals. These are utilized in well drilling and production facilities to improve extraction operations by increasing the productivity and efficiency of the oil drilling and petroleum refining processes. During exploration and drilling, these chemicals hinder the production of metal scales and reduce the amount of water in the oil well, resulting in increased demand for oilfield chemicals. Chemicals assist in the maintenance of a smooth-running oilfield, resulting in cost savings from drilling delays and stoppages.
The report on the global oilfield chemicals market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Oilfield Chemicals Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2021 |
Historic Data |
2019–2020 |
Forecast Period |
2021–2028 |
Segmentation |
Types (Demulsifiers, Polymers, Surfactants, Corrosion & Scale Inhibitors, Biocides, and Others), Applications (Well Stimulation, Workover & Completion, Enhanced Oil Recovery, Production, and Drilling & Cementing) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
Halliburton; Schlumberger Limited; Baker Hughes Company; Ecolab; and Solvay |
Based on types, the global oilfield chemicals market is segregated into demulsifiers, polymers, surfactants, corrosion & scale inhibitors, biocides, and others. The demulsifies segment is anticipated to expand at a high CAGR during the forecast period. In the oilfield, demulsifies are used to separate water and oil. They make separation easier by reducing pipeline corrosion. As a result, the equipment's overall maintenance costs are reduced.
On the basis of applications, the oilfield chemicals market is segregated into well stimulation, workover & completion, enhanced oil recovery, production, and drilling & cementing. The drilling and cementing segment is projected to grow at a rapid pace. Oilfield chemicals are used in the drilling sector to maintain temperature and prevent contaminated goods from entering the drilling fluid system. To maintain hydrostatic pressure and clear the wellbore of cuttings, additives are added to drilling fluids. The oilfield chemicals industry is likely to see a surge in demand for technologically advanced cementing solutions like Selvol Polyvinyl Alcohol, which has non-ionic and low-viscous qualities.
In terms of regions, the global oilfield chemicals market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is estimated to dominate the market. Booming shale gas industry, technological advancements, and rising oil exports in the United States has driven the market.
The global oilfield chemicals market is segmented on the basis of
Major players competing in the oilfield chemicals market include Halliburton, Schlumberger Limited, Baker Hughes Company, Ecolab, and Solvay.
Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.
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