Market Size of Europe Oilfield Chemicals Industry
| 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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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 |
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.
Europe Oilfield Chemicals Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increased Shale Gas Exploration and Production
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1.1.2 Rising Demand for Petroleum-based Fuel from Transportation Industry
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1.2 Restraints
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1.2.1 Environmental Sustainability in Shale Gas Extraction
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1.2.2 Other Restraints
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1.3 Industry Value-Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Value)
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2.1 Chemical Type
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2.1.1 Biocide
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2.1.2 Corrosion & Scale Inhibitors
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2.1.3 Demulsifiers
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2.1.4 Polymers
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2.1.5 Surfactants
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2.1.6 Other Types
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2.2 Application
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2.2.1 Drilling & Cementing
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2.2.2 Work-over & Completion
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2.2.3 Well Stimulation
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2.2.4 Production
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2.2.5 Enhanced Oil Recovery
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2.3 Geography
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2.3.1 Russia
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2.3.2 Norway
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2.3.3 United Kingdom
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2.3.4 Rest of Europe
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Europe Oilfield Chemicals Market Size 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.
