Europe Oilfield Chemicals Market Size (2024 - 2029)

The Europe oilfield chemicals market is anticipated to experience growth over the forecast period, driven by increased investments in exploration and drilling activities and a rising demand for petroleum-based fuels, particularly from the transportation sector. Despite the challenges posed by COVID-19, which disrupted supply chains, the market is expected to expand steadily. Factors such as enhanced shale gas exploration and production contribute to this growth, although environmental sustainability concerns in shale gas extraction may pose challenges. Additionally, opportunities are emerging from offshore drilling operations, potentially influencing the market's future trajectory.

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Market Size of Europe Oilfield Chemicals Industry

Europe Oilfield Chemicals Market Summary
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

Europe Oilfield Chemicals Market 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 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
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Europe Oilfield Chemicals Market Size Summary

The Europe oilfield chemicals market is poised for steady growth, driven by increasing investments in exploration and drilling activities, alongside a rising demand for energy. The market experienced setbacks due to the COVID-19 pandemic, which caused supply chain disruptions, but is expected to recover and expand. Key drivers include the exploration and production of shale gas and the growing need for petroleum-based fuels in the transportation sector. However, environmental sustainability concerns in shale gas extraction may pose challenges. Opportunities are emerging from offshore drilling operations, which could further stimulate market growth. The well-stimulation segment, which includes chemicals like acid corrosion inhibitors and surfactants, dominates the market due to its critical role in protecting equipment and enhancing the production of unconventional resources such as shale gas and tight oil.

Russia plays a significant role in the global oil and gas industry, being a major producer and exporter of crude oil and natural gas. The country's oil and gas sector is vital for its economy, contributing substantially to federal revenues. Despite recent agreements to cut crude oil output, Russia is expected to maintain its position as a key player in the industry. The demand for oilfield chemicals in Russia is anticipated to grow moderately, influenced by its substantial oil production levels. The market in Europe is characterized by fragmentation, with major companies like Nouryon, Albemarle Corporation, Huntsman International LLC, Solvay, and Chevron Phillips Chemical Company actively participating. Strategic partnerships, such as Solvay's collaboration with Bank of America, aim to enhance market positioning and drive growth in the oilfield chemicals sector.

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Europe Oilfield Chemicals Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increased Shale Gas Exploration and Production

      2. 1.1.2 Rising Demand for Petroleum-based Fuel from Transportation Industry

    2. 1.2 Restraints

      1. 1.2.1 Environmental Sustainability in Shale Gas Extraction

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value-Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Chemical Type

      1. 2.1.1 Biocide

      2. 2.1.2 Corrosion & Scale Inhibitors

      3. 2.1.3 Demulsifiers

      4. 2.1.4 Polymers

      5. 2.1.5 Surfactants

      6. 2.1.6 Other Types

    2. 2.2 Application

      1. 2.2.1 Drilling & Cementing

      2. 2.2.2 Work-over & Completion

      3. 2.2.3 Well Stimulation

      4. 2.2.4 Production

      5. 2.2.5 Enhanced Oil Recovery

    3. 2.3 Geography

      1. 2.3.1 Russia

      2. 2.3.2 Norway

      3. 2.3.3 United Kingdom

      4. 2.3.4 Rest of Europe

Europe Oilfield Chemicals Market Size FAQs

The Europe Oilfield Chemicals Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

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.

Europe Oilfield Chemicals Report Snapshots

Europe Oilfield Chemicals Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)