Oilfield Chemicals Market Overview:
Global Oilfield Chemicals Market was valued at $41,667 million in 2016, and is anticipated to grow at a CAGR of 5.2% to reach $59,925 million from 2017 to 2023. Oilfield chemicals are chemical components that are applied in oil & gas extraction operations. These are used in well drilling and production facilities to enhance the extraction operations by improving productivity & efficiency of the oil drilling process & petroleum refining and to achieve optimum performance with effective oil recovery. These chemicals facilitate the maintenance of smooth operating oilfield, which result in reduction of expenses over delays and stoppages during drilling processes. These chemicals impede the formation of the metal scales and reduce the water quantity into the oil well during exploration & drilling, which results in rising demand and applications of oilfield chemicals.
The market is driven by the rise in oil exploration & production activities, which in turn increases the need for oilfield chemicals, demand for advanced drilling fluids, growth in deep-water & ultra-deep-water drilling projects, and rapid expansion of shale oil & gas drilling & production. Moreover, the ongoing activities to meet the global energy demand brought more petroleum crude oil wells to production state globally, which increases the demand for oilfield chemicals. However, crude oil price fluctuations and increase in environmental concerns are expected to hamper the market growth in the near future. The emergence of eco-friendly oilfield chemicals is expected to provide a substantial growth opportunity in the near future.
The global oilfield chemicals market is segmented into type, application, and geography. The report emphasizes on the different application of oilfield chemicals, which include drilling fluids, cementing, enhanced oil recovery, production chemicals, well stimulation, and workover & completion. Based on type, the market is classified into biocides, corrosion & scale inhibitors, demulsifiers, surfactants, polymers, gellants & viscosifiers, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In addition, the report highlights various factors that impact the growth of the global market, such as key drivers, restraints, growth opportunities, and the role of different key players. It presents the quantitative data, in terms of both value and volume, which is obtained from the secondary sources, such as company publications, Factiva, Hoovers, OneSource, and others.
Global Oilfield Chemicals Market Segmentation
In 2016, North America dominated the global oilfield chemicals market, in terms of value. Moreover, Asia-Pacific is expected to witness the highest growth rate from 2017 to 2023, owing to the increase in cementing, drilling, and stimulation activities. In addition, large investment in the energy sector by China and India, owing to the rise in demand for petroleum & crude oil is expected to increase the demand for oilfield chemicals in this region.
Oilfield Chemicals Market Share, By Geography, 2016 (%)
Top Investment Pockets
The demulsifier segment is the most lucrative in the market, followed by the biocides segment. Demulsifiers are used to separate water and oil in the oilfield. They cause change in the oil density and enable easier separation by reduction in the corrosion of the pipelines. This results in reduction in the overall maintenance cost of the equipment.
Top Investment Pocket
North America Oilfield Chemicals Market Size
In 2016, North America witnessed the highest demand for oilfield chemicals, owing to the growth in oil gas activities with the advancement in hydraulic fracturing and drilling processes. Moreover, technological advancement and rise in drilling activities are expected to increase the demand for oilfield chemicals in the near future. U.S. dominated the North America oilfield chemicals market in 2016, followed by Canada.
Mexico Oilfield chemicals Market Growth, 2016-2023 ($Million)
The key players profiled in the report are Baker Hughes, Schlumberger Limited, Halliburton, Solvay S.A., Ecolab Inc., Newpark Resources Inc., BASF SE, Lubrizol Corporation, Akzonobel NV, and Albemarle Corp.
The other major players (not profiled in report) in the market include E I Dupont de Nemours and Company, Huntsman Corporation, Kemira Oyj, Clariant AG, Chemcon Specialty Chemicals Pvt. Ltd., Universal Oil Field Chemicals Pvt. Ltd., Imperial Oilfield Chemicals Pvt. Ltd., REDA Oilfield, Stepan Company, and Champion Technologies.
Key Market Benefits
- This report provides an extensive analysis of the current and emerging market trends & dynamics of the global oilfield chemicals market.
- The oilfield chemicals market trend analysis for all the regions is done by constructing estimations for key segments from 2017 to 2023 to identify the prevailing opportunities.
- The report assists to understand the strategies adopted by the leading companies in the industry.
- It evaluates competitive landscape of the oilfield chemicals industry to understand the market scenario globally.
- Extensive analysis is conducted by key player positioning and monitoring the top competitors within the global market.
Oilfield Chemicals Market Key Segmentation:
- Corrosion & Scale Inhibitors
- Gellants & Viscosifiers
- Other Chemicals
- Drilling Fluids
- Enhanced Oil Recovery
- Production Chemicals
- Well Stimulation
- Workover & Completion
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South Africa
- Saudi Arabia
- Rest of LAMEA