Oilfield chemicals are chemical components that are used during oil & gas extraction operations from the oilfield such as exploration, drilling, production, and maintenance. They have used to enhance certain properties and functionalities of oil wells or reservoirs.
The market is driven by the rise in oil exploration & production activities, which is attributed to increases in the need for oilfield chemicals, demand for advanced drilling fluids, growth in deep-water drilling projects, and rapid expansion of shale oil & gas drilling & production.
Rising demand for petroleum-based fuel from the transportation industry is anticipated to drive the demand for the oilfield chemicals market during the forecast period. The increasing global demand for petroleum-based fuel is anticipated to drive the demand for the oilfield chemicals market during the forecast period. The oilfield chemicals are used in oil exploration & production activities helps oilfield companies achieve maximum productivity from oilfields to cater to the growing energy requirements of consumers. Furthermore, the ongoing activities such as the emergence of eco-friendly oilfield chemicals to meet the global energy demand brought more petroleum crude oil wells to production states globally. These factors are likely to drive the demand for oilfield chemicals. Additionally, the rapid expansion of shale oil & gas drilling & production boosts the demand for oilfield chemicals.
“Global Oilfield Chemicals Market was Valued at US$ 21.345 Bn in 2018 and it is Expected to Reach More than US$ 36.678 Bn by 2027, Likely to Grow with the CAGR of 14.3% During the Forecast Period”
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By Applications, the Drilling Fluids Segment is projected to Highest Growth in the market during The Forecast Period. Drilling fluids were the largest application segment for oilfield chemicals in 2018, and the demand for Drilling Fluids is anticipated to expand at a CAGR of xx % during the forecast period. The rise in the deep and ultra-deep drilling activities is expected to drive the oilfield chemicals market in the future. The oilfield chemicals are used to stabilize temperature and prevent contaminated products from entering the drilling fluid system. Additionally, they are also added as additives to the drilling fluids used to maintain the hydrostatic pressure and clear the wellbore from cuttings. The drilling activity includes the initial stages of oil extraction, as the many oil extraction projects have started in the Middle East and North America regions, thereby increasing the demand for oilfield chemicals in this segment.
North America Projected to Dominate the Oilfield Chemicals Market During the Forecast Period. North America is expected to hold more than 60% of market value share in the global Oilfield Chemicals market owing to the expansion of shale oil & gas industries in the U.S. Vast potentials in the shale reserves exploration and enhanced oil recovery are anticipated to further drive the regional market growth. The U.S. constituted a key share of the oilfield chemicals market in North America, in terms of volume and revenue, in 2018 and is likely to continue its dominance during the forecast period. An increase in investments in unconventional drilling activities and the rapid development of shale gas fields are augmenting the demand for oilfield chemicals in the U.S.
While the rising demand from applications including oil-based power plants, petro-refineries, and sludge oil treatments will fuel Middle East & Africa market. The reconstruction of several old oil wells coupled with continuous efforts to explore new oil wells is one of the key factors driving regional industry growth. The presence of deep-water reserves, corrosive offshore fields, and shale reserves in regions will boost the product demand.
Some of the key players in the global Oilfield Chemicals Market are BASF SE, Baker Hughes, The Dow Chemical Company, Halliburton, Solvay S.A., Schlumberger Limited, Albemarle Corporation, Newpark Resources Inc., AkzoNobel N.V., Kao Chemicals, Chemiphase, Jiaxing Midas Oilfield Chemical Mfg. Ltd, Gumpro Drilling Fluids Pvt. Ltd, Imperial Oilfield Chemicals Pvt. Ltd., Ecolab Inc., and Lubrizol Corporation
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
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