USD 16.9 billion
Report ID: SQSG10D2005 | Region: Global | Published Date: December, 2022 | Pages: 165
Global Oilfields Chemicals Market size was valued at USD 16.9 billion in 2021, and it is expected to reach a value of USD 27.67 billion by 2028, at a CAGR of 7.3% over the forecast period (2022 - 2028).
Chemicals known as oilfield chemicals are being used to enhance the capacity of tasks carried out at an oilfield plant. In these circumstances, these chemicals are used in drilling, production, completion, and a number of other procedures. These substances are employed in the cleaning of machinery, apparatus, oil, and oil locations. Several sectors, like water treatment and metallurgy, can also benefit from the use of oilfield chemicals.
The need for oilfield chemicals is driven by rising oil and gas production and exploratory activities. Owing to enhanced oil and gas exploration and improvements in in-depth drilling operations, the necessity for oilfield chemicals is expected to expand throughout the projected timeline.
Global Market Size
USD 16.9 billion
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The global oilfields chemicals market segmentation is based on type, application, terrain type, and region. Based on type, the market is segmented into corrosion & scale inhibitors, demulsifiers, surfactants, and others. Based on application, the market is segmented into drilling, cement, stimulation, and production. Based on terrain type, the market is segmented into onshore and offshore. Based on region the global oilfields chemicals market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Analysis by Type
Demulsifiers are often used to extract water and oil from the oil platform, and as of 2021, this sector has the number one position and is predicted to continue dominating the market. By lessening pipeline corrosion, they alter the density of the oil and facilitate extraction. The expense of equipment downtime will be decreased as a result. Aspects that might be included in the widespread applications of oil the crude water-oil emulsions and water separation, lowering the likelihood of adultery in the oil produced. The sector with the quickest rate of growth is corrosion inhibitors. When the metal surface is exposed to corrosive gases including atmospheric CO2, oxygen, and hydrogen sulfide, corrosion inhibitors are sprayed to stop the corrosion rate.
Analysis by Application
In terms of revenue, the drilling application segment was dominant in 2021 and is likely to remain so over the projection timeframe. The market growth will be driven by the expansion of oil and gas operations made possible by the invention of drilling and hydraulic fracturing techniques. These substances in the drilling sector maintain heat and keep toxic materials out of the drilling fluid system. In order to sustain hydrostatic pressure and prevent the wellbore from breaking, they are often added to the drilling fluid as supplements. The necessity for the product is also expected to rise sharply of technical innovations and an expansion in drilling activity.
Analysis by Terrain type
In 2021, the offshore sector is projected to expand at a robust pace. The development of the sector is being aided by significant public spending in boosting offshore oil and gas manufacturing and exploration initiatives across the US, China, India, Saudi Arabia, and other countries. The sector's sales are also being accelerated by the growing use of specialized oilfield chemicals like biocides and corrosion inhibitors to enable efficient operation in challenging weather parameters.
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In 2021, North America had the largest market share and will continue to have the leading position for oilfield chemicals over the expected timeframe, due to expanding operations in the oil and gas industry. Additionally, the advancement of drilling and hydraulic fracturing techniques helps dominate the market. With a market value of USD 9.19 billion in 2021, the region conquered the world. Due to the area's advancing technologies and urbanization, the Asia Pacific is expected to have the 2nd largest global market share during the forecast period. Plastic packaging is in greater competition, which supports market expansion.
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The major players in the market manufacture and distribute their goods directly or through contracts for the sale and distributors. Competitors in the region compete on the basis of variables like cost, content, innovation, brand perception, and supply chain. The majority of market participants are present all over the world. In order to control the domestic market, the overseas companies have agreements with regional businesses. The existence of multiple firms has led to fierce competition and market segmentation in the oil field chemicals sector. For instance, in April 2021, BasoSphere hollow glass microspheres for cementing activities in the oil and gas industry were developed and commercialized with help from BASF and Omya.
Top Players in the Global Oilfields Chemicals Market
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According to our analysis, the demulsifiers sector dominated the global oilfields chemicals market in 2021 and is expected to maintain its dominance throughout the forecast period. In terms of revenue, the drilling application segment was dominant in 2021 and is likely to remain so over the projection timeframe. In 2021, the industry's offshore sector is projected to expand at a robust pace. In 2021, North America had the largest market share and will continue to have the leading position in the global oilfields chemicals over the expected timeframe, due to expanding operations in the oil and gas industry.
|Market size value in 2021||USD 16.9 billion|
|Market size value in 2028||USD 27.67 billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Oilfields Chemicals Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Oilfields Chemicals Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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