Oilfield Chemicals Market Size To Reach $35.46 Billion By 2030

Oilfield Chemicals Market Growth & Trends

The global oilfield chemicals market is expected to reach USD 35.46 billion by 2030, according to a new study by Grand View Research, Inc. The market is expected to grow at a CAGR of 3.2% from 2024 to 2030. This growth is attributed to the growing production of crude oil worldwide. Increased crude oil production often leads to higher drilling activities including the drilling of new wells and the maintenance of existing ones. Higher drilling activities result in an increased demand for drilling fluids, cementing additives, and other chemicals used in drilling operations. Moreover, as oilfields mature, techniques such as well stimulation and enhanced oil recovery (EOR) may be employed to extract additional oil from existing reservoirs. These methods/techniques involve the use of oilfield chemicals, including polymers, surfactants, and acids, leading to an increased demand for these chemicals.

In addition, oilfield chemicals, such as retarders, accelerators, fluid loss additives, and dispersants, are incorporated into cement slurries used for wellbore cementing. These additives enhance the properties of the cement, ensuring effective zonal isolation and preventing gas migration between formations. Furthermore, in some mature fields, these chemicals are employed in enhanced oil recovery processes to improve the displacement of oil from reservoirs. This can include the injection of polymers, surfactants, or alkali agents.

Furthermore, as per the ongoing changing trends in the consumption of renewable/eco-friendly chemicals, various manufacturing companies are looking forward to developing and launching environmentally friendly chemicals that can be used in oilfield applications. For example, Nouryon has an extensive product portfolio of environmentally friendly and sustainable oilfield chemicals under multiple brand names, such as Armoclean 6000, Armohib CI, and StimWell HTFWitbreak NEO. These chemicals have been accepted by various regulatory agencies like CEFAS, WGK, and REACH. Another company named NuGenTec offers environmentally friendly and tailored chemical solutions to augment oil & gas production, clean out and recover oil from sludge in tanks, clean up and recover oil from spills, remove scale and prevent scale, reinstate flow efficiency to pipelines, and improve the overall efficiencies in the oilfield.

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Oilfield Chemicals Market Report Highlights

• The product market is anticipated to witness growth with a CAGR of 3.2% from 2024 to 2030. This is attributed to the advancement in the production of oil & gas.The increasing complexity of oil and gas extraction processes has led to a greater need for specialized chemicals to optimize production and ensure operational efficiency. Oilfield chemicals play a crucial role in enhancing the performance of drilling, production, and transportation activities, thereby contributing to the overall success of oil and gas operations

• Biocides in product segment is anticipated to witness the fastest growth with a CAGR of 4.1% over the forecast period. This growth is attributed to the fact that biocides are used in offshore oil exploration projects to maximize production by protecting the equipment used for oil extraction by preventing corrosion and microbial-induced biofilm on metal surfaces

• Production in application segment is anticipated to witness growth with a CAGR of 3.3% over the forecast period. The growth is attributed to the fact that the usage of oilfield chemicals in production processes allows higher yields for the oil & gas industry

• Offshore in location segment is anticipated to witness the fastest growth with a CAGR of 3.7% over the forecast period. This is attributed to the large offshore exploration projects in Brazil, Guyana, and the Middle East along with an expansion in production capacity in African nations such as Tanzania and Namibia

• Asia Pacific region is anticipated to witness the fastest growth with a CAGR of 3.9% over the forecast period. This growth is attributed to the growing energy demand in Asia Pacific which is driven by ongoing industrialization and urbanization and has contributed to increased oil exploration activities in the region

• Indonesia is a major end user of oilfield chemicals in Southeast Asia owing to the presence of large-scale oilfields in Sumatra, Java, and Kalimantan regions. The country remains a net importer of oil products and the Government of Indonesia is taking steps to increase the local oil production to decrease its import volumes. For instance, in January 2023, the government of the country announced plans to auction 10 more oil-working areas in Indonesia throughout 2023, after auctioning 13 oilfields in 2022. The move is part of the plan of the country to reach a crude oil-lifting capacity of 1 million barrels per day by 2030

Oilfield Chemicals Market Segmentation

Grand View Research has segmented the global oilfield chemicals market report based on basis of product, application, location, and region:

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

• Inhibitors

• Demulsifiers

• Rheology Modifiers

• Friction Reducers

• Biocides

• Surfactants

• Foamers

• Other Products

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

• Drilling

• Production

• Cementing

• Workover & Completion

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

• Onshore

• Offshore

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

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Russia

  • Norway

• Asia Pacific

  • China

  • India

  • Indonesia

• Central & South America

  • Brazil

  • Argentina

  • Venezuela

• Middle East & Africa

  • Saudi Arabia

  • UAE

  • Algeria

  • Nigeria

List of Key Players in Oilfield Chemicals Market

• Nouryon

• BASF SE

• SMC Global

• Baker Hughes

• Halliburton

• The Lubrizol Corporation

• Aquapharm Chemical Pvt. Ltd.

• Clariant

• Solvay S.A.

• Thermax Chemical Division