Oilfield Chemicals Market to Grow at 6.3% CAGR, Reaching $47.4 Billion by 2029

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Oilfield Chemicals Market Outlook: How is the Market Expected to Grow by 2025?
The market size for oilfield chemicals has been expanding impressively in the past few years. Its predicted growth will increase from a worth of $35.18 billion in 2024 to a value of $37.15 billion in 2025, resulting in a compound annual growth rate (CAGR) of 5.6%. The substantial growth in the historical period can be credited to aspects like market rivalry and innovation, geopolitical considerations, prevention of corrosion and scale, operational cost efficiency, and exploration of oil and petrol.

Oilfield Chemicals Market Forecast: What Size Will It Reach By 2029?
Over the coming years, the oilfield chemicals market is set to experience robust expansion. Projections show that by 2029, it will reach $47.4 billion, with a compound annual growth rate (CAGR) of 6.3%. Factors attributing to this growth during the forecast period include a focus on sustainability, competitive market dynamics, geopolitical influence, and the optimization of production and complicated reservoir extraction. Key trends expected throughout this period encompass advanced extraction methodologies, environmentally-friendly practices, shale gas, and tight oil extraction, increased oil recovery (EOR), and the incorporation of digitalization and automation.

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Which Key Market Drivers Will Shape Oilfield Chemicals Industry Trends in 2025-2029?
The oilfield chemicals market is foreseen to surge due to a projected increase in oil production and exploration. The term oil exploration entails the methods and processes used to pinpoint potential drilling sites and oil and gas extraction locations. Oilfield chemicals have a wide application as drilling liquids in a number of activities to augment oil recovery. As an illustrative example, the U.S. Energy Information Administration (EIA), a governmental agency in the US, forecasts that by 2023, crude oil production will have a daily average of 12.8 million barrels. Consequently, the expansion in oil production and exploration is a major component propelling the growth of the oilfield chemicals market.

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What Are the High-Growth Segments in the Oilfield Chemicals Market?
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

Subsegments:
1) By Polymers: Friction Reducers, Drag Reducers, Thickening Agents
2) By Corrosion And Scale Inhibitors: Corrosion Inhibitors, Scale Inhibitors
3) By Demulsifiers: Water-In-Oil Demulsifiers, Oil-In-Water Demulsifiers
4) By Surfactants: Anionic Surfactants, Cationic Surfactants, Nonionic Surfactants
5) By Gellants And Viscosifiers: Clay-Based Gellants, Synthetic Viscosifiers
6) By Other Types: Biocides, Flow Assurance Chemicals, PH Adjusters

Which Global Trends Are Driving Oilfield Chemicals Market Expansion?
The primary trend in the oilfield chemicals market is product innovation. The market's leading companies are concentrating on the development of ground-breaking products to stimulate market growth. As an illustration, Ingevity Corporation plans to release new bio-based oilfield commodities in April 2022. These include the EnvaWet UHS 3100 wetting agent and EnvaDry P-FL, a dual-functional dry additive created from pine-based tall oil, which is used for invert emulsion drilling liquids. EnvaDry P-FL utilises an entirely active spray-dried technique to deliver primary emulsification gains and enhance fluid loss control. EnvaWet UHS 3100 is designed to sustain the rheology of fluids that contain a remarkable volume of solids.

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Who Are the Fastest-Growing Companies in the Oilfield Chemicals Industry?
Major companies operating in the oilfield chemicals market are Johnson Controls International PLC, Halliburton, Schlumberger Limited, Solvay, Baker Hughes Company, Champion X, Albemarle Corporation, Ashland, BASF SE, CES Energy Solutions Corp., Clariant, Croda International PLC, Chevron Phillips Chemical Company, Dow, Elementis PLC, Flotek Industries Inc., Huntsman International LLC, Innospec Oilfield Services, Kemira, MPRC, Ecolab (NALCO Champion), Nouryon, The Lubrizol Corporation, Zirax Limited, SMC Global, Aquapharm Chemical Pvt. Ltd., Thermax Chemical Division, NexTier Oilfield Solutions, Patterson-UTI Energy Inc., Givaudan, International Flavors & Fragrances Inc., Takasago International Corporation

What Is the Regional Outlook for the Oilfield Chemicals Market by 2029?
North America was the largest region in the oilfield chemicals market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the oilfield chemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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This release was published on openPR.