Oilfield Chemicals Market Size, Growth Outlook and Industry Forecast 2023-2028

How is the Oilfield Chemicals Market?

The global oilfield chemicals market size reached US$ 23.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 30.0 Billion by 2028, exhibiting a growth rate (CAGR) of 3.9% during 2023-2028.

Oilfield chemicals include fibers, suspension agents, clay control agents, biocides, polymers, rheology chemicals, surface modifiers, and fillers. They also consist of surfactants, acids, friction reducers, iron control agents, polymers, retarders, deformers, emulsifiers, and demulsifiers. These chemicals play a crucial role in preventing the undesired growth of microorganisms in oil and gas pipelines, which can lead to issues such as gas sourcing, pipeline blockages, and corrosion of equipment and transportation pipes. They effectively break emulsions and aid in the separation of crude oil, such as petroleum, from water. Additionally, these chemicals prevent the accumulation of abrasive materials that can impede pipeline operations, reduce friction in metal-to-metal contact, and provide lubrication to the drill string in deviated wells. They are also employed to counter the formation of insoluble calcium salts when the drilling fluid interacts with the formation of minerals and saline water.

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What is the growth prospects and trends in the oilfield chemicals industry?

The market is experiencing positive growth due to the escalating demand for oilfield chemicals in drilling, cementing, and well-stimulation activities. Additionally, the increasing reliance on petroleum and petroleum-based fuels for transportation and energy generation is driving market expansion. Furthermore, the growing energy needs in residential, commercial, and industrial sectors for operating electronic devices and heavy machinery are contributing to a favorable market outlook.

The utilization of shale gas for electricity generation, as well as heating and cooking purposes, is also fueling market growth. Moreover, the adoption of drilling fluids to maintain temperature and cleanliness and prevent fluid intrusion into wells is supporting market expansion.

The increasing use of eco-friendly oilfield chemicals with reduced toxicity, flammability, and environmental impact further strengthens the market. Key market players are developing innovative demulsifiers that provide oil producers with more efficient options for separating crude oil from gas-water mixtures.

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Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Product:
• Inhibitors
• Demulsifiers
• Rheology Modifiers
• Friction Reducers
• Biocides
• Surfactants
• Foamers
• Others

Breakup by Location:
• Onshore
• Offshore

Breakup by Application:
• Drilling Fluid
• Production Chemicals
• Cementing
• Workover and Completion

Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

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Some of the Top Key players in the oilfield chemicals market

Albemarle Corporation, Ashland, Baker Hughes Company, BASF SE, CES Energy Solutions Corp., ChampionX Corporation, Chevron Phillips Chemical Company, Clariant AG, Halliburton, Huntsman International LLC, Kemira Oyj, Stepan Company, The Dow Chemical Company, The Lubrizol Corporation.

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This release was published on openPR.