Market Size of Oilfield Chemicals Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.00 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | High |
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?
Oilfield Chemicals Market Analysis
The oilfield chemicals market is expected to register a CAGR of over 4% during the forecast period.
Due to the impact of COVID-19, the energy demands worldwide required for mobility decreased significantly because of nationwide lockdowns and social distancing mandates. However, it is starting to rise again in line with the lifting of restrictions globally.
- Growing demand for petroleum-based fuel from the transportation industry and increased shale gas exploration are expected to drive the market's demand during the forecast period.
- Clean energy initiatives are likely to hinder market growth.
- Due to deepwater drilling operations, the creation of new business horizons and production opportunities provided by developing countries are expected to act as major opportunities for the oilfield chemicals market.
- North America region is expected to dominate the market.
Oilfield Chemicals Industry Segmentation
Oilfield chemicals are a sub-class of specialty chemicals used in applications based on oil extraction, production, and refining. They are composed of petroleum sulfonate, anionic polyacrylamide, Fe-Cr lignosulfonate, and xanthan gum. The oilfield chemicals market is segmented by chemical type, application, and geography. By chemical type, the market is segmented into biocides, corrosion and scale inhibitors, demulsifiers, polymers, surfactants, and other chemical types. By application, the market is segmented into drilling and cementing, enhanced oil recovery, production, well stimulation, and workover and completion. The report also covers the size and forecasts for the oilfield chemicals market in 21 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).
| Chemical Type | |
| Biocides | |
| Corrosion and Scale Inhibitors | |
| Demulsifiers | |
| Polymers | |
| Surfactants | |
| Other Chemical Types |
| Application | |
| Drilling and Cementing | |
| Enhanced Oil Recovery | |
| Production | |
| Well Stimulation | |
| Workover and Completion |
| Geography | ||||||||||
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Oilfield Chemicals Market Size Summary
The oilfield chemicals market is poised for growth, driven by the increasing demand for petroleum-based fuels in the transportation sector and the expansion of shale gas exploration. Despite the challenges posed by clean energy initiatives, the market is expected to benefit from opportunities in deepwater drilling and new production prospects in developing countries. North America is anticipated to lead the market, supported by significant shale gas production and exploration activities. The region's dominance is further bolstered by the United States' position as a major consumer and exporter of oil and gas, alongside ongoing large-scale petrochemical projects.
In the drilling segment, oilfield chemicals play a crucial role in stabilizing temperatures and preventing contamination in drilling fluids. The market is characterized by a high level of consolidation, with key players such as Halliburton, Schlumberger Limited, Solvay, Baker Hughes Company, and Champion X leading the industry. Recent developments, such as the establishment of new chemical labs and production facilities, underscore the industry's commitment to innovation and meeting the evolving demands of the oil and gas sector. As the global energy landscape continues to recover from the impacts of COVID-19, the oilfield chemicals market is well-positioned to capitalize on emerging opportunities and sustain its growth trajectory.
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 the Transportation Industry
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1.2 Restraints
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1.2.1 Clean Energy Initiatives
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1.3 Industry Value Chain Analysis
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1.4 Porter Five Forces
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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 Biocides
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2.1.2 Corrosion and 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 Chemical Types
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2.2 Application
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2.2.1 Drilling and Cementing
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2.2.2 Enhanced Oil Recovery
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2.2.3 Production
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2.2.4 Well Stimulation
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2.2.5 Workover and Completion
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Indonesia
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2.3.1.4 Malaysia
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2.3.1.5 Thailand
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2.3.1.6 Australia & New Zealand
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2.3.1.7 Vietnam
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2.3.1.8 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Russia
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2.3.3.2 Norway
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2.3.3.3 UK
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2.3.3.4 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Columbia
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2.3.4.4 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 Algeria
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2.3.5.2 Iran
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2.3.5.3 Iraq
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2.3.5.4 Nigeria
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2.3.5.5 Saudi Arabia
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2.3.5.6 Rest of Middle-East and Africa
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Oilfield Chemicals Market Size FAQs
What is the current Oilfield Chemicals Market size?
The Oilfield Chemicals Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Oilfield Chemicals Market?
Halliburton, Schlumberger Limited, Solvay, Baker Hughes Company and Champion X are the major companies operating in the Oilfield Chemicals Market.
