Canadian Oilfield Chemicals Market To Reach $2.13 Billion By 2030

Canadian Oilfield Chemicals Market Growth & Trends

The canadian oilfield chemicals market size is estimated to reach USD 2.13 billion by 2030, registering to grow at a CAGR of 3.9% from 2024 to 2030 according to a new report by Grand View Research, Inc. Growing exploration in the states such as Alberta, Newfoundland, British Columbia, and Manitoba is expected to promote the demand for chemicals used in the aforementioned processes.

The industry is characterized by the production of bio-based products which is expected to limit the demand for the oilfield chemicals. However, increasing complexity of the exploration processes coupled with the rise in the demand for oil in Mexico is expected to result in an increased demand for such chemicals over the forecast period.

The crude oil prices have been witnessing a steady decline due to overproduction and oversupply from OPEC members and North America, making the market less lucrative for E&P activities. As a result, the key players in the industry have adopted sustainable resolutions keeping in mind the long-term aids and the dominant regulatory situation

Large reserves of unconventional hydrocarbon reserves in the form of shale gas, tight oil and oil sands is likely to drive the industry growth. In addition, high investments from multinational oil and gas majors such as Imperial Oil, ExxonMobil, and Suncor is expected to steer drilling activities over the forecast period which is further expected to drive growth.

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Canadian Oilfield Chemicals Market Report Highlights

• Based on products, the corrosion & scale inhibitors segment dominated the global industry and accounted for a revenue share of 28.4% in 2023.

• The production segment dominated the Canadian oilfield chemicals market in 2023. The key growth factors are the increasing complexity of managing oilfields and unconventional resources, rising demand for energy, and technological advancements.

• The enhanced oil recovery segment is expected to register the fastest CAGR over the forecast period.

Canadian Oilfield Chemicals Market Segmentation

Grand View Research has segmented the canadian oilfield chemicals market based on product and application:

Canadian Oilfield Chemicals Product Outlook (Revenue, USD Million, 2018 - 2030)

• Corrosion & Scale Inhibitors

• Demulsifiers

• Biocides

• Surfactants

• Polymers

Canadian Oilfield Chemicals Application Outlook (Revenue, USD Million, 2018 - 2030)

• Drilling

• Production

• Cementing

• Enhanced Oil Recovery

• Water Treatment

• Hydraulic Fracturing

• Workover and Completion

List of Key Players in Canadian Oilfield Chemicals Market

• BASF

• Dow

• DuPont

• Croda International Plc

• The Lubrizol Corporation

• Stepan Company

• Akzo Nobel N.V.