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Oilfield Chemicals Market Size, Regional Overview, Competitive Landscape, Business Growth, Share Analysis And Forecast To 2033
Oilfield Chemicals Market Size
As per the report, the oilfield chemicals market size has grown strongly in recent years. It will grow from $32.9 billion in 2023 to $35.18 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The oilfield chemicals market size is expected to see strong growth in the next few years. It will grow to $45.58 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
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Increase In Oil Production
An increase in oil production and exploration is expected to propel the oilfield chemicals market going forward. Oil exploration refers to the procedures and techniques used to identify possible locations for drilling and extracting oil and gas. Oilfield chemicals are extensively used as drilling fluids in various to extract oil by improving oil recovery. For instance, according to the U.S. Energy Information Administration (EIA), a US-based government agency, crude oil production will average 12.8 million barrels per day in 2023. Therefore, an increase in oil production and exploration is driving the growth of the oilfield chemicals market.
Innovation In Bio-Based Oil Field
Product innovations are the key trend in the oilfield chemicals market. Major companies operating in the market focus on developing innovative products for market growth. For instance, in April 2022, Ingevity Corporation is launching new bio-based oilfield products, EnvaWet UHS 3100 wetting agent and EnvaDry P-FL dual-functional dry additive derived from pine-based tall oil for invert emulsion drilling fluids. EnvaDry P-FL is a 100% active spray-dried technology to provide primary emulsification benefits and improve fluid loss control. EnvaWet UHS 3100 helps to maintain the rheology of fluids with the exceedingly high volume of solids.
The oilfield chemicals market covered in this report is segmented -
1) By Type: Polymers, Corrosion And Scale Inhibitors, Demulsifiers, Surfactants, Gellants And Viscosifiers, Other Types
2) By Location: Onshore, Offshore
3) By Application: Drilling, Cementing, Enhanced Oil Recovery, Production Chemicals, Well Stimulation, Workover And Completion
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Major companies operating in the oilfield chemicals market report are Johnson Controls International plc, Daikin Industries Ltd., Lucky Goldstar Electronics Inc., Samsung Electronics Co. Ltd., Nortek Global HVAC LLC, Mitsubishi Electric Corporation, United Technologies Corporation, Addison HVAC LLC, Desert Aire LLC, DRI-Steem Corporation, Carrier Global Corporation, Trane Technologies plc, Price Industries Limited, Munters Corporation, Captive-Aire Systems Inc., JMA Wireless, SOLiD Technologies Inc., Radio Frequency Systems, HUBER+SUHNER AG, Cobham Wireless, Huawei Technologies Co. Ltd., Axell Wireless Ltd., TE Connectivity Ltd., Anritsu Corporation, Rosenberger Hochfrequenztechnik GmbH & Co. KG, Ingersoll Rand, Hitachi Automotive Systems, Curtiss-Wright Corporation, Kongsberg Automotive, Ficosa International S.A.,
Contents of the report:
1. Executive Summary
2. Oilfield Chemicals Market Report Structure
3. Oilfield Chemicals Market Trends And Strategies
4. Oilfield Chemicals Market - Macro Economic Scenario
5. Oilfield Chemicals Market Size And Growth
…..
27. Oilfield Chemicals Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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