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

The report covers Global Specialty Oilfield Chemical Companies and is segmented by Chemical Type (Biocides, Corrosion and Scale Inhibitors, Demulsifiers, Polymers, Surfactants, and Other Chemical Types), Application (Drilling and Cementing, Enhanced Oil Recovery, Production, Well Stimulation, and Workover and Completion), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for all the above segments in revenue (USD million).

Oilfield Chemicals Market Size

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Oilfield Chemicals Market Summary
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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

Oilfield Chemicals Market Major Players

*Disclaimer: Major Players sorted in no particular order

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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 Market Trends

This section covers the major market trends shaping the Oilfield Chemicals Market according to our research experts:

Drilling and Cementing Application to Dominate the Market

  • In the drilling segment, oilfield chemicals are used to stabilize temperature and prevent contaminated products from entering the drilling fluid system.
  • According to the International Energy Agency (IEA) and BP Statistical Review of World Energy 2022, China is one of the largest importers of crude oil, importing more than 10 million barrels a day. According to the National Bureau of Statistics, the average crude oil throughput at Chinese refineries was 14.5 million in 2021, witnessing an increase of 7.3% year-on-year hike. Additionally, according to the China National Petroleum Corporation (CNPC), the average annual increase of natural gas demand in the country is expected to exceed 20 billion cubic meters during the 14th Five-Year Plan (2021-2025) and reach 430 billion cubic meters in 2025.
  • In September 2021, the Union Minister of Petroleum and Natural Gas of India stated that oil and gas projects worth USD 12 billion have been sanctioned for Northeast India and are likely to be completed by 2025. By increasing the exploration acreage in the Northeast region from 30,000 to 60,000 square kilometers, the plan is to increase oil and gas production from 9 MMTOE to 18 MMTOE by 2025.
  • Oil remains the most important energy source in Japan, accounting for roughly 40% of the total energy supply, despite the fact that Japan's oil demand has been steadily declining in line with the country's overall declining total energy use. With no significant domestic production, Japan is heavily reliant on crude oil imports, with 80% to 90% coming from the Middle East.
  • The oil and gas industry in Australia has played an important role in the development of the country's current economy. With the production and export of liquefied natural gas (LNG), crude oil, and condensate, Australia contributes a small but significant amount to the global oil and gas supply. The country produced 5,344 megaliters of LPG in 2021.
  • According to a report published by US Census Bureau, the mining and quarrying revenue increased significantly in 2021 as compared to 2017.
  • Additionally, the massive demand for technologically advanced cementing products, such as sell polyvinyl alcohol with non-ionic and low-viscous properties, is expected to create opportunities for the oilfield chemicals market.
Oilfield Chemicals Market : Mining and Quarrying Revenue, in USD Billion, United States, 2017-2021

North America to Dominate the Market

  • The North American region dominates the global oilfield chemicals market due to an increased emphasis on shale gas production and exploration.
  • Shale gas production has been increasing exceptionally over recent years. Due to increasing demand from the major developing economies of North America, the demand for natural gas is expected to grow over the forecast period.
  • As per the Canadian Association of Petroleum Producers (CAPP), the annual revenue generated from upstream oil and natural gas in Canada fro nm 2018-2020 was USD 209 billion.
  • The crude oil production in 2020 was 4,467 thousand barrels per day, while it increased to 4,677 thousand barrels per day in 2021. Production is estimated to remain at 5,855 thousand barrels per day in the forecast period till 2035.
  • The United States is one of the world's largest consumers and exporters of oil and gas. According to U.S. Energy Information Administration (EIA), Crude oil production in the United States is expected to average 11.9 million barrels per day (b/d) in 2022, up 0.7 million b/d from 2021. Also, the output will exceed 12.8 million b/d in 2023, breaking the previous annual average record of 12.3 million b/d set in 2019.
  • There are more than 10 large petrochemical projects under construction in the country, which have a combined value of over USD 207 billion. Thunder Horse South Expansion Phase 2 will further boost the market as it is one of the largest oil fields in the Gulf of Mexico. This project will add two new subsea production wells in the near term, and about eight wells will be drilled as part of the overall development. The other projects include Mad Dog Phase 2, Herschel, and Manuel.
  • According to Energy Shale Gas Production, total natural gas production is projected to contribute 30% and more than 75% in Canada and Mexico by 2040.
  • Hence, all such factors are expected to drive the growth of the oil and gas industry in North America, which is further expected to boost demand for the oilfield stimulation chemicals market.
Oilfield Chemicals Market - Growth Rate by Region, 2022-2027

Oilfield Chemicals Industry Overview

The oilfield chemicals market is highly consolidated. Key players in the oilfield chemicals market include Halliburton, Schlumberger Limited, Solvay, Baker Hughes Company, and Champion X.

Oilfield Chemicals Market Leaders

  1. Halliburton

  2. Schlumberger Limited

  3. Solvay

  4. Baker Hughes Company

  5. Champion X

*Disclaimer: Major Players sorted in no particular order

Oilfield Chemicals Market Concentration
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Oilfield Chemicals Market News

  • December 2022: Champion X announced the opening of a new oilfield services chemicals lab and distribution facility in Chaguaramas, Trinidad. This lab facility will perform various analysis tests such as corrosion coupon analysis, chemical compatibility testing, and bacteria level determination in produced water.
  • March 2022: Halliburton announced the opening of the Halliburton Chemical Reaction Plant in Saudi Arabia, which will manufacture a broad range of chemicals for the entire oil and gas value chain.

Oilfield Chemicals Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increased Shale Gas Exploration and Production

      2. 4.1.2 Rising Demand for Petroleum-based Fuel from the Transportation Industry

    2. 4.2 Restraints

      1. 4.2.1 Clean Energy Initiatives

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter Five Forces

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

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

    1. 5.1 Chemical Type

      1. 5.1.1 Biocides

      2. 5.1.2 Corrosion and Scale Inhibitors

      3. 5.1.3 Demulsifiers

      4. 5.1.4 Polymers

      5. 5.1.5 Surfactants

      6. 5.1.6 Other Chemical Types

    2. 5.2 Application

      1. 5.2.1 Drilling and Cementing

      2. 5.2.2 Enhanced Oil Recovery

      3. 5.2.3 Production

      4. 5.2.4 Well Stimulation

      5. 5.2.5 Workover and Completion

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Indonesia

        4. 5.3.1.4 Malaysia

        5. 5.3.1.5 Thailand

        6. 5.3.1.6 Australia & New Zealand

        7. 5.3.1.7 Vietnam

        8. 5.3.1.8 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Russia

        2. 5.3.3.2 Norway

        3. 5.3.3.3 UK

        4. 5.3.3.4 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Columbia

        4. 5.3.4.4 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Algeria

        2. 5.3.5.2 Iran

        3. 5.3.5.3 Iraq

        4. 5.3.5.4 Nigeria

        5. 5.3.5.5 Saudi Arabia

        6. 5.3.5.6 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Albemarle Corporation

      2. 6.4.2 Ashland

      3. 6.4.3 Baker Hughes Company

      4. 6.4.4 BASF SE

      5. 6.4.5 CES Energy Solutions Corp.

      6. 6.4.6 Clariant

      7. 6.4.7 Croda International PLC

      8. 6.4.8 Chevron Phillips Chemical Company (Drilling Specialties Company)

      9. 6.4.9 Dow

      10. 6.4.10 Elementis PLC

      11. 6.4.11 Flotek Industries Inc.

      12. 6.4.12 Halliburton

      13. 6.4.13 Huntsman International LLC

      14. 6.4.14 Innospec Oilfield Services

      15. 6.4.15 Kemira

      16. 6.4.16 MPRC

      17. 6.4.17 Ecolab (NALCO Champion)

      18. 6.4.18 Nouryon

      19. 6.4.19 Schlumberger Limited

      20. 6.4.20 Solvay

      21. 6.4.21 The Lubrizol Corporation

      22. 6.4.22 Zirax Limited

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 New Horizons Created Due to Deepwater Drilling Operations

    2. 7.2 Production Opportunities Offered by Developing Countries

**Subject to Availability
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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
Asia-Pacific
China
India
Indonesia
Malaysia
Thailand
Australia & New Zealand
Vietnam
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Russia
Norway
UK
Rest of Europe
South America
Brazil
Argentina
Columbia
Rest of South America
Middle-East and Africa
Algeria
Iran
Iraq
Nigeria
Saudi Arabia
Rest of Middle-East and Africa
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Oilfield Chemicals Market Research FAQs

The Oilfield Chemicals Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

Halliburton, Schlumberger Limited, Solvay, Baker Hughes Company and Champion X are the major companies operating in the Oilfield Chemicals Market.

North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Oilfield Chemicals Market.

The report covers the Oilfield Chemicals Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Oilfield Chemicals Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Oil Field Chemicals Industry Report

Statistics for the 2024 Oil Field Chemicals market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Oil Field 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.

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