Europe Oilfield Chemicals Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Europe Oilfield Chemicals Market Analysis
The Europe oilfield chemicals market is expected to record a CAGR of over 5% during the forecast period.
- COVID-19 negatively impacted the market in 2020. The nationwide lockdowns and stringent social distancing mandates led to supply chain disruptions across different market segments. However, the market is expected to grow steadily owing to increasing investments in exploration and drilling and demands for energy in the European region.
- The major factors driving the market studied are the increased shale gas exploration and production and the rising demand for petroleum-based fuel from the transportation industry. Environmental sustainability in shale gas extraction is expected to hinder the market's growth. New horizons opened up due to offshore drilling operations are likely to act as an opportunity in the future.
Europe Oilfield Chemicals Market Trends
This section covers the major market trends shaping the Europe Oilfield Chemicals Market according to our research experts:
Well Stimulation to Dominate the Market
- The well-stimulation segment holds the largest share of oilfield chemicals by application. The chemicals used in this segment include acid corrosion inhibitors, surfactants, and non-emulsifiers. These provide excellent protection to oil well equipment, pumps, and trucks from corrosion while working with acid for the well-stimulation process. Surfactants reduce the surface tension of various acids, acid additives, and water fracturing.
- The best application of these chemicals is seen in the production of unconventional resources like shale gas and tight oil, where there is a requirement for technologies such as hydraulic fracturing and acidizing.
- As per data published by British Petroleum, oil production in the European Union reached 366 thousand barrels per day in 2021. This will impact the demand for oilfield chemicals required for well stimulation.
- Europe is expected to shift its focus to shale exploration in the North Sea due to an increasing requirement for energy self-sufficiency. Hence, the well stimulation chemicals are supposed to have a very profitable market in the near future.
Russia to Dominate the Market
- Russia is the second largest producer of crude oil globally, with verified oil reserves of about 80,000 million barrels of oil. The country greatly depends on the revenues obtained from the oil & gas industry, which accounts for around 40% of the federal revenues.
- Russia's oil and gas industry is crucial in the global market, supplying about 13% of the global liquid hydrocarbon exports.
- Also, there are increasing exports of natural gas from Russia to the Asia-Pacific region, especially China, due to the competitive pricing mechanism for natural gas.
- Russia is expected to continue as one of the significant producers of oil & gas in the long run, but the recent agreement to cut the crude oil output might temporarily slow down the growth of the petroleum industry.
- As per data published by British Petroleum, oil production in the European Union reached 10,944 thousand barrels per day in 2021. This will impact the demand for oilfield chemicals.
- Hence oilfield chemicals are expected to witness moderate growth in Russia during the forecast period.
Europe Oilfield Chemicals Industry Overview
The Europe oilfield chemicals market is fragmented in nature. The major companies in the market (not in a particular order) include Nouryon, Albemarle Corporation, Huntsman International LLC, Solvay, and Chevron Phillips Chemical Company (Drilling Specialties Company), among others.
Europe Oilfield Chemicals Market Leaders
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Nouryon
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Albemarle Corporation
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Huntsman International LLC
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Solvay
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Chevron Phillips Chemical Company (Drilling Specialties Company)
*Disclaimer: Major Players sorted in no particular order
Europe Oilfield Chemicals Market News
- July 2022: Solvay partnered with Bank of America for sales operations of its oilfield chemicals. This move is expected to strengthen the company's position in the oilfield chemicals market.
- September 2021: Exxon Neftegas Limited (ENL), the operator of Russia's Sakhalin-1 oil and gas project, planned to invest USD 5 billion in the next five years to stem a decline in oil production.
Europe Oilfield Chemicals Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Increased Shale Gas Exploration and Production
- 4.1.2 Rising Demand for Petroleum-based Fuel from Transportation Industry
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4.2 Restraints
- 4.2.1 Environmental Sustainability in Shale Gas Extraction
- 4.2.2 Other Restraints
- 4.3 Industry Value-Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
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5.1 Chemical Type
- 5.1.1 Biocide
- 5.1.2 Corrosion & Scale Inhibitors
- 5.1.3 Demulsifiers
- 5.1.4 Polymers
- 5.1.5 Surfactants
- 5.1.6 Other Types
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5.2 Application
- 5.2.1 Drilling & Cementing
- 5.2.2 Work-over & Completion
- 5.2.3 Well Stimulation
- 5.2.4 Production
- 5.2.5 Enhanced Oil Recovery
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5.3 Geography
- 5.3.1 Russia
- 5.3.2 Norway
- 5.3.3 United Kingdom
- 5.3.4 Rest of Europe
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis**
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Albemarle Corporation
- 6.4.2 Ashland
- 6.4.3 Baker Hughes, a GE Company LLC
- 6.4.4 BASF SE
- 6.4.5 Chevron Phillips Chemical Company (Drilling Specialties Company)
- 6.4.6 Clariant
- 6.4.7 Croda International Plc
- 6.4.8 DowDuPont
- 6.4.9 Ecolab (Nalco Champion Technologies Inc.)
- 6.4.10 ELEMENTIS PLC
- 6.4.11 Exxon Mobil Corporation
- 6.4.12 Flotek Industries, Inc.
- 6.4.13 Halliburton
- 6.4.14 Huntsman International LLC.
- 6.4.15 Innospec
- 6.4.16 Kemira
- 6.4.17 Newpark Resources Inc.
- 6.4.18 Nouryon
- 6.4.19 Schlumberger Limited
- 6.4.20 Solvay
- 6.4.21 Zirax Limited
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 New Horizons Opened Up Due to Offshore Drilling Operations
- 7.2 Other Opportunities
Europe Oilfield Chemicals Industry Segmentation
The oilfield chemicals are used in the drilling process for different purposes such as lubrication, biocides, corrosion prevention, etc.
The Europe oilfield chemicals market is segmented by type into biocide, corrosion and scale inhibitor, demulsifier, polymer, surfactants, and other types. Based on application, the market is segmented into drilling & cementing, enhanced oil recovery, production, well stimulation, and workover and completion. The report also covers the market sizes and forecasts for Europe's oilfield chemicals market in 3 countries across major regions - Russia, Norway, the United Kingdom, and the Rest of Europe.
For each segment, the market sizing and forecasts have been done based on revenue (in USD million).
| Chemical Type | Biocide |
| Corrosion & Scale Inhibitors | |
| Demulsifiers | |
| Polymers | |
| Surfactants | |
| Other Types | |
| Application | Drilling & Cementing |
| Work-over & Completion | |
| Well Stimulation | |
| Production | |
| Enhanced Oil Recovery | |
| Geography | Russia |
| Norway | |
| United Kingdom | |
| Rest of Europe |
Europe Oilfield Chemicals Market Research FAQs
What is the current Europe Oilfield Chemicals Market size?
The Europe Oilfield Chemicals Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Europe Oilfield Chemicals Market?
Nouryon, Albemarle Corporation, Huntsman International LLC, Solvay and Chevron Phillips Chemical Company (Drilling Specialties Company) are the major companies operating in the Europe Oilfield Chemicals Market.
What years does this Europe Oilfield Chemicals Market cover?
The report covers the Europe Oilfield Chemicals Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Europe Oilfield Chemicals Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Europe Oilfield Chemicals Industry Report
Statistics for the 2024 Europe Oilfield Chemicals market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Oilfield Chemicals analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
