Growth Opportunities in the global oilfield chemicals market look promising over the next six years. A rise in the R&D activities for new oil and natural gas reserves, followed by growth in the production of crude oil and a significant shift towards substitute operations of drilling, are the key factors driving the growth of the global oilfield chemicals market.
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Oilfield Chemicals Market’s leading Manufacturers:
- DowDuPont Inc.
- Baker Hughes
- BASF SE
- Clariant AG
- Albemarle Corporation
- Halliburton
- Schlumberger Limited
- Lubrizol Corporation
- Flotek Industries Inc.
- Akzo Nobel N.V.
Oilfield Chemicals Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The growing production of oil and natural gas driven by rising demand, particularly in emerging economies, is the major factor contributing to the growth of the global oilfield chemicals market size. Moreover, a rise in the R&D activities for new oil and natural gas reserves, followed by growth in the production of crude oil and a significant shift towards substitute operations of drilling, will further surge the growth of the oilfield chemicals market in the upcoming years. According to the oilfield chemicals market report, an increase in drilling, production activities, and completion and a rise in the improved oil recovery activities are some other factors boosting the market growth. The strong demand for crude oil products and the increasing shift of manufacturers towards introducing superior performance oilfield chemicals will enhance the demand for the market during the forecast period. On the other hand, the sharp fall in oil prices will hinder the growth of the oilfield chemicals market.
Regional Drivers
Based on region, North America is projected to increase at a higher CAGR in the upcoming years. This is attributed to the increasing adoption of oilfield chemicals in the workover & completion applications and production industry. Furthermore, the enhanced oil recovery activities and the growth of shale oil and gas sectors in the US are certain factors that are expected to drive the growth of the oilfield chemicals market.
Location Segment Drivers
Based on the location, the onshore segment is projected to increase at a higher CAGR during the forecast period. This is attributed to the growing use of oilfield chemicals in this location due to traditional forms of operations in this location that ensure the constant demand for the products.
Oilfield Chemicals Market Segmentation:
Segmentation by Product:
- Demulsifiers
- Surfactants
- Inhibitors
- Foamers
- Friction reducers
- Rheology Modifiers
- Biocides
- Others
Segmentation by Application:
- Production
- Drilling
- Cementing
- Workover & Completion
Segmentation by Location:
- Offshore
- Onshore
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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