Oilfield Chemicals Market is Expected to reach USD 30.6 billion by 2029 from USD 23.0 billion in 2021, expanding at a CAGR of 3.6% | Size, Analysis & Forecast

The Oilfield Chemicals Market was estimated around USD 23.0 billion in 2021 and is expected to reach USD 30.6 billion by 2029, growing at a CAGR of 3.6% over the forecast period (2022-2029).

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The factors driving growth of the Oilfield Chemicals Market includes increase in the production of shale gas around the world, rising use of oil chemicals in stimulation, cementing and drilling, growing focus on developing environment friendly products around the world and improvements in the living standards. For instance, almost 37 billion cubic feet per day of shale gas were produced across United States in 2015, this figure is predicted to reach around 80 billion cubic feet per day by the end of 2040, which will accelerate the market growth in the approaching years. Moreover, increasing demand for crude oil, growing adoption of advanced technologies by manufacturers, favorable Government policies, rise in the launch of new products, rapid urbanization, and discovery of new oil reserves by gulf countries, are some of the additional factors supplementing the Oilfield Chemicals Market size. In addition, the increasing investments by major companies on research and development, strategic alliances and mergers between enterprises and growing population growth rates, are further contributing towards the market growth. 

However, growth of the Oilfield Chemicals Market is hindered attributed to rising environmental concerns.

The leading players operating in the market are Chevron Corporation, BASF SE, KRATON CORPORATION, Baker Hughes Company, Schlumberger Limited, Halliburton, Solvay, Kemira., The Dow Chemical Company, and Clariant AG, among others.

Based on Product, the Demulsifiers segment is predicted to capture the largest market share during the forecast period

Demulsifies reduces overall equipment maintenance costs and is used to segregate oil from water, thereby reducing chances of adultery in the oil produced, are propelling growth of the segment.

Based on Application, the Drilling fluids segment is projected to dominate the market over the forecast period

Rise in the number of drilling and exploration related activities and rapid industrialization, are propelling growth of the segment.  

Based on Region, the North American region is anticipated to hold the highest market share during the forecast period

Presence of the leading players such as Schlumberger Limited, KRATON CORPORATION, and Chevron Corporation, rise in the production of shale gas, growing adoption of advanced technologies by manufacturers and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.

Key Developments

In 2021, Clariant AG introduced innovative oil production solutions in the SPE International Conference on Oilfield Chemistry across the Texas, Woodlands, United States.
In 2020, Chevron developed Tribex ERD, an exxclusive dry lubricant designed for the oil and gas operating companies. TribexTM ERD can be used in oil- or water-based fluid systems. The multifunctional additive decreases steady and dynamic friction and high temperature/high pressure fluid loss.

Market Segmentation

Segmentation by Product

Biocides
Inhibitors
Demulsifiers
Water Clarifiers
Others

Segmentation by Application

Drilling fluids
Cementing
Well Stimulation
Production
Others

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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This release was published on openPR.