The global oilfield chemicals market is expected to reach a valuation of US$ 28534.31 million in 2023 and is projected to accumulate US$ 44580 million by 2033, trailing a CAGR of 4.5% during the forecast period.
Increased demand for oilfield chemicals in various petroleum operations such as drilling, well stimulation, production, cementing, enhanced oil recovery, and hydraulic fracturing are expected to boost the global market. Furthermore, rising crude oil output, a shift toward unconventional drilling operations, and increasing operational complexity are likely to drive demand for oilfield chemicals throughout the projection period.
Deepwater and offshore exploration and production provide unique problems. Specialized oilfield chemicals are critical for addressing issues like as wellbore stability, hydrate development, corrosion, and flow assurance in harsh offshore conditions. Furthermore, the increased production of oil and gas from new offshore projects throughout the world is likely to stimulate demand for oilfield chemicals, resulting in market expansion.
Advances in oilfield technologies, such as horizontal drilling, hydraulic fracturing, and enhanced oil recovery, have enhanced operational efficiency and complexity. These techniques require specific chemical formulations and additives, driving the demand for oilfield chemicals.
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The companies seek to maximize production rates and recovery factors, leading to increased demand for production chemicals that address various challenges. In addition, the combination of technological advancements and production optimization presents a potential opportunity for revenue growth in the oilfield chemicals industry.
According to Westwood Global Energy Group, twenty-one offshore oil and gas projects received final investment decisions in 2021. Projects like Sangomar in Senegal and the Cyprus-Greece Gas Pipeline are set to begin production in 2023 and 2025, respectively. These new offshore projects worldwide might increase oil and gas production, driving the demand for oilfield chemicals and fostering market growth.
Key Takeaways
- The demand for oilfield chemicals in India is projected to expand with a promising CAGR of 4.6% during the forecast period.
- The market in GCC countries is expected to attain an overall CAGR of 5% during the forecast period.
- The sales of oilfield chemicals in North America are expected to rise with a CAGR of 4.8% during the forecast period.
- By product type, Inhibitors are expected to generate significant demand with a CAGR of 5.5% during the forecast period.
“Rising production of oil & gas from new offshore projects across the globe is expected to bode well for market growth,” comments an FMI Analyst
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Competitive Scenario:
The market for oilfield chemicals is characterized by extreme competition, as key industry players are making significant investments to improve their manufacturing capabilities.
Innovations in the Oilfield Chemicals Market
- In May 2021, Schlumberger and NOV joined forces to enhance the adoption of automated drilling solutions for drilling contractors and oil & gas operators.
- In December 2022, Champion X unveiled a new oilfield services chemicals lab and distribution facility in Chaguaramas, Trinidad.
- In March 2022, Halliburton inaugurated the Halliburton Chemical Reaction Plant in Saudi Arabia.
- In October 2022, Solvay Sodi declared plans for an alternative fuel thermal processing plant. The company, through its subsidiary “Devnya Energy,” submitted an investment intention letter to the Regional Inspectorate of Environment and Water in Varna.
Top Key Player in the Global Market
- Albemarle Corporation
- Akzo Nobel N.V.
- DowDuPont Inc.
- Baker Hughes, a GE Company LLC
- Halliburton Co.
- BASF SE
- Flotek Industries, Inc.
- Ashland Inc.
- Schlumberger Limited
- Solvay SA
- Clariant AG
- GEO Drilling Fluids, Inc.
- Innospec Incorporated
- Chevron Phillips Chemical Company LLC.
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Key Segmentation
By Product Type:
- Inhibitors
- Lubricants
- De-Emulsifiers
- Viscosfiers
- Gas Well Foamers
- Biocides
- H2S Scavengers
- Others
By Terrain Type:
- Onshore
- Offshore
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
About the Chemicals & Materials Division at Future Market Insights
The chemical & materials team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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