NEW YORK, May 17, 2024 /PRNewswire/ — The global oilfield chemicals market size is estimated to grow by USD 6.75 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.37% during the forecast period.
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Technavio has announced its latest market research report titled Global Oilfield Chemicals Market 2024-2028
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Forecast period |
2024-2028 |
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Base Year |
2023 |
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Historic Data |
2018 – 2022 |
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Segment Covered |
Application (Production, Well stimulation, Drilling fluids, Enhanced oil recovery, and Others), Type (Onshore and Offshore), and Geography (North America, Europe, APAC, Middle East and Africa, and South America) |
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Region Covered |
North America, Europe, APAC, Middle East and Africa, and South America |
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Key companies profiled |
3M Co., Ashland Inc., Baker Hughes Co., BASF SE, Chevron Corp., Clariant International Ltd., Croda International Plc, Evonik Industries AG, FMC Corp., Halliburton Co., Kao Corp., Qixia Aotong Chemical Co. Ltd., Sasol Ltd., Schlumberger Ltd., Solvay SA, The Lubrizol Corp., The SNF Group, Yantai Humon Group Co. Ltd., Artek Surfin Chemicals Ltd., and Huntsman International LLC |
Key Market Trends Fueling Growth
The oilfield chemicals market encompasses a range of specialized products essential for deepwater drilling operations. These include corrosion inhibitors and scale inhibitors to protect against degradation and scaling in corrosive conditions. Hydrate inhibitors prevent gas hydrate formation, ensuring hydrocarbon flow. Well stimulation requires demulsifiers, oxygen management systems, and paraffin inhibitors. Hydrogen sulfide scavengers mitigate the presence of this corrosive gas. Gas well foamers facilitate efficient drilling and cementing processes. Oil & gas production activities, including shale gas and crude oil production, rely on these chemicals for optimization, safety, and environmental compliance.
Market Challenges
The oilfields industry encounters significant challenges due to corrosion in its infrastructure, including pipelines, wellbore tubings, tanks, and other components. Exposure to harsh operating conditions, such as high temperatures, pressure variations, and corrosive substances like hydrogen sulfide and carbon dioxide, accelerates corrosion rates. Consequently, corrosion-induced equipment failures lead to unplanned downtime, impacting production output and revenue generation. Oilfield companies invest in oilfield chemicals to mitigate corrosion, focusing on drilling fluids, inhibitors, and rheology modifiers. These include synthetic-based drilling fluids, micro-fibrillated cellulose, xanthan gum, and fracturing liquids. Oilfield chemicals play a crucial role in enhancing efficiency, safety, and environmental standards during drilling, well stimulation, reservoir recovery, and optimization.
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Segment Overview
This oilfield chemicals market report extensively covers market segmentation by
Application
1.1 Production
1.2 Well stimulation
1.3 Drilling fluids
1.4 Enhanced oil recovery
1.5 Others
Type
2.1 Onshore
2.2 Offshore
Geography
3.1 North America
3.2 Europe
3.3 APAC
3.4 Middle East and Africa
3.5 South America
1.1 Production- In the Oilfield Chemicals Market, application segmentation is crucial, with various chemicals employed to optimize production processes and ensure asset integrity. Xanthan gum, for instance, is a polysaccharide used as a thickener in fracturing liquids. The Inhibitors segment includes chemicals that prevent impurities from forming on metal surfaces during oilfield exploration endeavors. Derived oil products, such as amides and long-chain amines, serve as water-soluble inhibitors, protecting against corrosion post-oil extraction. Oil & gas industry applications include drilling fluids, where chemicals like demulsifiers, corrosion inhibitors, and water clarifiers ensure efficient drilling operations. In the production phase, chemicals like biocides, scale inhibitors, paraffin inhibitors, hydrogen sulfide scavengers, and gas well foamers are essential for managing and treating produced water. Solid-free fluids are used for fracture stimulation, water shut-off, gravel packing, and acid stimulation. Oxygen susceptibility and corrosion are mitigated through the use of corrosion inhibitors, rendering O2 inactive. The Oil & gas industry’s application analysis extends to shale gas production, where chemicals play a vital role in enhancing drilling, cement, and stimulation processes. Petrochemicals, plastics, renewable energy, and electric vehicles also benefit from oilfield chemicals, such as those used in the production of Nouryon’s fracturing liquids and West Texas Intermediate and Brent crude refining. Chemicals like biocides and demulsifiers are employed in the production of petrochemicals and plastics, while scale inhibitors and hydrogen sulfide scavengers are used in renewable energy applications.
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Market Research Overview
The Oilfield Chemicals Market encompasses a wide range of specialized chemicals used in various oil and gas exploration and production activities. These chemicals play essential roles in enhancing oil recovery, improving drilling efficiency, and ensuring the safe operation of oilfield facilities. The market includes a diverse range of product categories such as drilling chemicals, production chemicals, completion chemicals, and stimulation chemicals. Drilling chemicals are utilized to enhance the drilling process by reducing friction, preventing corrosion, and controlling the formation of hydrates and scale. Production chemicals are employed to maintain and enhance the productivity of oil and gas wells by treating produced water, preventing corrosion, and enhancing the recovery of hydrocarbons. Completion chemicals are used to improve the permeability and productivity of reservoirs during the completion stage of well development. Stimulation chemicals are applied to enhance the productivity of mature wells through various stimulation techniques such as hydraulic fracturing and acidizing. The global Oilfield Chemicals Market is expected to grow significantly due to the increasing demand for oil and gas, the need to enhance oil recovery, and the ongoing exploration and production activities in various regions.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Application
Production
Well Stimulation
Drilling Fluids
Enhanced Oil Recovery
Others
Type
Onshore
Offshore
Geography
North America
Europe
APAC
Middle East And Africa
South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio