Farmington, March 01, 2023 (GLOBE NEWSWIRE) -- The Global Oilfield Chemicals Market Size Was Valued At USD 16.95 Billion In 2021. The Market Is Projected To Grow From USD 18 Billion In 2022 To USD 29.27 Billion By 2030, Exhibiting A CAGR Of 7.2% During The Forecast Period. The COVID-19 pandemic has been shocking and unprecedented on a worldwide scale. In all areas, demand for oilfield chemicals is lower than anticipated compared to before the pandemic. According to our study, the global market shrank by 4.1% in 2020 compared to 2019.
In order to increase the productivity and efficiency of oil and gas research and drilling, oil chemicals are used. Because more products are being used in oil operations like well stimulation, drilling, cementing, production, hydraulic fracturing, and enhanced oil recovery, the market for oilfield chemicals is expected to expand. Because of the rapid increase in oil exploration and production, more drilling initiatives are required.
Request Sample Copy of Report “Oilfield Chemicals Market Size, Share & Trends Estimation Report By Chemical Type (Demulsifiers, Corrosion Inhibitors, Water Clarifiers, Biocides, Scale Inhibitors, Paraffin Inhibitors, Hydrogen Sulfide Scavengers, Gas Well Foamers, and Others), By Application (Drilling, Cement, Stimulation, and Production), By Region, And Segment Forecasts, 2023 - 2030”, published by Contrive Datum Insights.
Recent Developments:
- January 2022 – Cryostar, specialist in cryogenic solutions, announces the receipt of NeoVP vertical pumps for the Chinese market. This pump is installed in an air separation unit. NeoVP vertical pumps are designed to be easy to install and maintain, and are also hydraulically efficient, reducing the unit's carbon footprint and energy costs.
- April 2021 - Nikkiso Co., Ltd. announced a new facility adjacent to its primary production test site to increase production efficiency and functionality of cryogenic submersible electric motor pumps specifically for the LNG market. The facility is also expected to facilitate customers' remote site witness testing.
Segment Overview
Chemical Type Insights
Demulsifiers are anticipated to dominate the market in the coming years and expand at an 8% yearly rate. In oil areas, demulsifiers are used to separate the oil from the water. By preventing the pipelines from rusting, they alter the density of the oil and make it simpler to separate. The overall expense of maintaining the equipment decreased as a consequence. The common practice of segregating water and oil from crude water-oil emulsions could be improved in a few ways, which would lessen the likelihood of adultery in the produced oil.
Corrosion inhibitors will experience the greatest growth over the course of the forecast period. Corrosion inhibitors are used to shield metal from harm when its surface is subjected to corrosive gases like carbon dioxide, oxygen, and hydrogen sulfide.
Application Insights
The drilling application group held the largest market share in 2021, and it's possible that it will continue to do so throughout the forecast period. The advancement of hydraulic fracturing and drilling, which will result in more oil and gas activities, will propel the industry's growth. These substances prevent contaminated materials from entering the drilling fluid system and maintain steady temperatures during the drilling process. Additionally, they are included in the drilling solution to maintain constant water pressure and prevent wellbore cutting. Additionally, the demand for the product is expected to rise as a result of technological advancements and increased drilling.
Regional Outlook:
North America's market is anticipated to be the biggest worldwide during the time of the forecast. This is because more oil and gas activities are now possible thanks to drilling and hydraulic fracturing. Additionally anticipated during the forecast time are new technological advancements and increased drilling. More natural gas production and exploration in the US will probably result in a rise in oil-based chemicals.
Asia-Pacific could experience the fastest value growth during the forecast timeframe. Rapid urbanization and population development in the area, increased shale gas use and demand from a variety of industries, and these factors all contribute to industry growth. Greater exploration in India, Mainland China, the South China Sea, and Southeast Asian nations is largely to blame for the expansion of the regional industry. The demand for crude oil and petroleum is rising, and there have been significant investments made in the energy industry to support economic growth in the Asia-Pacific region.
The size of the oilfield chemicals industry in Europe is anticipated to increase significantly over the coming years. The increase is brought on by increased shale gas extraction and production, as well as an increase in demand for petroleum-based fuel from the transportation sector. Germany generated 7.836 barrels per day of crude oil in December 2019, according to CEIC Data. A local industry might develop with the aid of these items.
Africa, the Middle East, and Latin America all have expanding economies. The majority of the expansion in these markets can be attributed to increased drilling and oil exploration to satisfy the rising global demand for natural gas and crude oil. The strategic position of Saudi Arabia and its proximity to other OPEC nations discourage many businesses from setting up shop there.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 7.2% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 29.27 Billion |
| By Cryogen Type | Demulsifiers, Corrosion Inhibitors, Water Clarifiers, Biocides, Scale Inhibitors, Paraffin Inhibitors, Hydrogen Sulfide Scavengers, Gas Well Foamers, Others |
| By Application | Drilling, Cement, Stimulation, Production, Others |
| By Companies | Halliburton (U.S.), Solvay (Belgium), NALCO (U.K.), BASF SE (Germany), The Lubrizol Corporation (U.S.), Albemarle Corporation (U.S.), Kemira (Finland), Clariant (Switzerland), Dow (U.S.), Stepan Company (U.S.), Croda International Plc (U.K.), Pon Pure Chemicals Group (India) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Latest Trends:
More and more eco-friendly petroleum chemicals are being used, which will spur market expansion.
Chemicals with lower toxicity when exposed lower flammability or flashpoint, better biodegradability, less bioaccumulation, and the capacity to be used and produced in a sustainable manner are examples of green solutions in the oil sectors. Companies are creating and using new products that are cleaner and less harmful to the ecosystem as people's concerns about the environment grow. For instance, one of the main players, Nouryon, recently unveiled a new line of demulsifiers that facilitate the separation of crude oil from water and natural gas by oil producers. Growth prospects are expected to be improved by the rise in shale gas and enhanced oil recovery (EOR) activities as well as the discovery of new oil and gas resources in various locations. More of these chemicals will be required as exploration and production firms extend their operations in fast-growing economies like China, India, Brazil, Mexico, and Southeast Asia. This is due to the rapid growth and investment of local and international oilfield service businesses. It is possible that more chemical firms will produce oilfield chemicals that are sustainable and good for the environment as governments place more emphasis on clean energy and enact stricter laws.
Driving Factors:
Petrochemicals will increase oil consumption, which will present opportunities for market expansion.
Plastics like polyethylene, polypropylene, and polystyrene are produced primarily using petrochemicals worldwide. Demand for these plastics has significantly increased over the past few decades, particularly in sectors where they are heavily utilized, such as food packaging and other commercial purposes. This trend is expected to continue over the coming years, particularly in developing nations in the Asia-Pacific, Latin America, and Africa. Because of their extended shelf lives and low weight, plastics help reduce food waste and fuel consumption when moving goods. It offers these types of immediate economic advantages and can aid in resource optimization, which is crucial for the expansion of emerging economies. Petrochemicals are expected to be the primary use of oil during the forecast period due to the increasing demand for petrochemical products. Oil-producing nations are conscious of this development and are developing petrochemical facilities to benefit from the low-cost raw materials they can access. Petrochemical demand is anticipated to increase along with rising incomes and living standards in emerging economies. As a result, the industry will expand and improve.
Restraining Factors:
The market's development will be slowed by the switch to renewable energy.
Governments all over the globe are probably going to act more adamantly to hasten the transition to renewable energy during the forecast period. More and more nations are considering the prospect of long-term recovery as a means of advancing swiftly toward a future with lower carbon emissions as a result of the pandemic and the significant changes it caused in the oil and gas industry.
Since the demand for oil is primarily driven by the energy sector, it is anticipated that further advancements in fuel efficiency, a significant increase in the number of electric cars on the road, and new regulations limiting oil use in the power sector will reduce global oil demand during the forecast period. These factors are probably going to reduce the market for crude oil, which will slow the industry's expansion.
Key Segments Covered:
Top Market Players:
Halliburton (U.S.), Solvay (Belgium), NALCO (U.K.), BASF SE (Germany), The Lubrizol Corporation (U.S.), Albemarle Corporation (U.S.), Kemira (Finland), Clariant (Switzerland), Dow (U.S.), Stepan Company (U.S.), Croda International Plc (U.K.), Pon Pure Chemicals Group (India), and others.
By Chemical Type
- Demulsifiers
- Corrosion Inhibitors
- Water Clarifiers
- Biocides
- Scale Inhibitors
- Paraffin Inhibitors
- Hydrogen Sulfide Scavengers
- Gas Well Foamers
- Others
By Application
- Drilling
- Cement
- Stimulation
- Production
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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