Oilfield Chemicals Market By Product (Rheology Modifiers, Inhibitors), By Location (Onshore, Offshore), By Application (Drilling, Production), & Region For 2024-2031

Report ID: 7016|No. of Pages: 202

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Oilfield Chemicals Market By Product (Rheology Modifiers, Inhibitors), By Location (Onshore, Offshore), By Application (Drilling, Production), & Region For 2024-2031

Report ID: 7016|Published Date: Nov 2024|No. of Pages: 202|Base Year for Estimate: CAGR of ~4.05% from 2024 to 2031|Format:   Report available in PDF formatReport available in Excel Format

Oilfield Chemicals Market Valuation – 2024-2031

The resurgence in oil exploration and production activities, driven by the shale gas revolution and technological advancements in extracting oil and gas from mature wells, has significantly fueled the growth of the Oilfield Chemicals Market. The growing emphasis on environmental sustainability is spurring the development of more eco-friendly oilfield chemicals, surpassing USD 31663.25 Million valued in 2023 to reach a valuation of around USD 42250.02 Million by 2031.

In addition to this, the higher energy prices have made oilfield operations more profitable, leading to the increasing investment in exploration and production, and consequently, upsurging the demand for oilfield chemicals, thus enabling the niche market grow at a CAGR of 4.05% from 2024 to 2031.

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Oilfield Chemicals Market is estimated to grow at a CAGR of 4.05% & reach US$ 42250.02 Mn by the end of 2031

Global Oilfield Chemicals Market: Definition/ Overview

Oilfield chemicals are specialized products used in various stages of oil and gas exploration, production, and processing. These chemicals play a crucial role in optimizing operations, improving efficiency, and ensuring the safety and environmental sustainability of oilfield activities.

Oilfield chemicals are indispensable components of the oil and gas industry, serving a multitude of critical functions. Their applications encompass drilling fluids, production chemicals, well stimulation techniques, and environmental protection measures. These specialized chemicals optimize operations, enhance efficiency, and ensure the safety and sustainability of oilfield activities.

Driven by the continued growth in the oil and gas industry and the increasing focus on technological advancements and environmental sustainability, the upcoming years of the Oilfield Chemicals Market are estimated to be profitable. As exploration and production activities expand, the demand for specialized oilfield chemicals is expected to rise.

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How are the Surging Demand for the Unconventional Resource Development Fueling the Growth of Global Oilfield Chemicals Market?

The global Oilfield Chemicals Market is driven by increasing oil and gas exploration activities worldwide, particularly in unconventional reserves. These chemicals are essential for enhancing oil recovery, well-stimulation, and maintaining production efficiency. According to the U.S. Energy Information Administration, global oil production reached 100.3 million barrels per day in 2023, a 2% increase from the previous year. For instance, in March 5, 2024, Baker Hughes announced the launch of a new line of environmentally friendly fracturing fluids, designed to reduce environmental impact while improving well productivity.

Growing demand for energy, especially in developing economies, is fueling the need for oilfield chemicals to maximize extraction from existing wells and new discoveries. The chemicals play a crucial role in addressing challenges such as high pressure and temperature in deep-water drilling operations. The International Energy Agency reported in January 2024 that global energy demand is projected to increase by 4% in 2024. For instance, in February 10, 2024, Halliburton introduced an advanced corrosion inhibitor for offshore operations, promising to extend the lifespan of drilling equipment by up to 40%.

Technological advancements in oilfield chemical formulations are driving market growth, with a focus on developing more efficient and environmentally friendly products. These innovations aim to meet stringent environmental regulations while improving operational efficiency. The U.S. Environmental Protection Agency reported a 15% reduction in harmful emissions from oil and gas operations in 2023, partly attributed to the use of advanced oilfield chemicals. For instance, in April 1, 2024, Schlumberger partnered with a leading chemical company to develop biodegradable drilling fluids, aiming to reduce the environmental footprint of drilling operations by 30% over the next five years.

How the Volatile Oil Prices Affectting the Investments are Limiting the Growth of the Global Oilfield Chemicals Market?

The global Oilfield Chemicals Market faces significant challenges due to fluctuating oil prices, which directly impact exploration and production activities. Volatile prices lead to uncertainty in investment decisions and project developments. According to the U.S. Energy Information Administration, crude oil prices varied by over 30% throughout 2023, affecting industry stability.

Increasing environmental awareness and stringent regulations pose challenges for oilfield chemical manufacturers. Companies must invest in developing eco-friendly alternatives and comply with evolving environmental standards. The Environmental Protection Agency reported in January 2024 that 40% of oilfield chemicals used in the U.S. are under review for potential environmental impacts.

Rapid technological advancements in the oilfield sector create a demand for innovative chemicals, but also widen the skill gap in the workforce. Adapting to new technologies and formulations requires continuous training and expertise. The U.S. Bureau of Labor Statistics noted in December 2023 that 25% of job openings in the oil and gas sector required advanced technical skills in chemical engineering.

Category-Wise Acumens

What are the Features Bolstering the Demand of Rheology Modifiers Segment?

Rheology modifiers have emerged as the dominant segment in the global Oilfield Chemicals Market, capturing the largest revenue share. These chemicals play a crucial role in controlling the flow properties of drilling fluids, cementing slurries, and fracturing fluids, ensuring optimal performance in various oilfield operations. According to the U.S. Department of Energy, rheology modifiers accounted for 28% of all oilfield chemicals used in North American shale operations in 2023.

The increasing complexity of drilling operations, particularly in unconventional reservoirs, has fueled the demand for high-performance rheology modifiers. These additives help maintain fluid stability under extreme temperature and pressure conditions, reducing drilling time and costs. The International Energy Agency reported in December 2023 that the use of advanced rheology modifiers contributed to a 15% improvement in drilling efficiency across major oil-producing regions.

What Factors are Responsible to Project the Market Growth of Workover and Completion Application Segment?

The workover and completion application segment is dominating the global Oilfield Chemicals Market, driven by the increasing need for well maintenance and enhanced oil recovery techniques. This segment plays a crucial role in maximizing the productivity of existing wells and ensuring efficient completion of new ones. According to the U.S. Energy Information Administration, workover and completion activities accounted for 35% of total oilfield operations in 2023, highlighting their significance in the industry.

The dominance of workover and completion chemicals is also attributed to the growing number of mature oil fields globally, which require frequent maintenance and stimulation. These chemicals are essential for addressing issues such as formation damage, scale build-up, and production decline in aging wells. The International Energy Agency reported in March 2024 that 60% of global oil production comes from mature fields, emphasizing the ongoing demand for workover chemicals.

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Country/Region-wise Acumens

How are the Mergers and Acquisitions Fueling Growth in the North American Oilfield Chemicals Market?

The North American region is poised to maintain its dominance in the global Oilfield Chemicals Market during the forecast period, attributable to its role as a major oil and gas producer, housing prominent oil companies and engaging in strategic mergers and acquisitions to expand market share. For instance, in June 2023, the merger between NexTier Oilfield Solutions and Patterson-UTI is expected to create the second-largest oilfield services company in North America, solidifying the region’s position in the industry.

The United States, in particular, leads the North American Oilfield Chemicals Market due to its vast oil and gas reserves and continuous technological advancements in extraction methods. The country’s focus on enhancing oil recovery rates and optimizing production processes further boosts the demand for specialized oilfield chemicals. The offshore oil and gas sector in Canada is flourishing. It ranks as the world’s fourth-largest producer of crude oil. Large-scale oil production facilities are located in British Columbia, which produced 12,000 barrels of crude oil per day in 2021, and Alberta, which has oil reserves of over 161.7 billion barrels.

How are the Rising Geriatric Population Supports the Oilfield Chemicals Market Growth in the Europe?

The European Oilfield Chemicals Market is experiencing rapid CAGR growth, driven by increased offshore drilling activities in the North Sea and technological advancements in extraction techniques. The region’s focus on enhancing oil recovery from mature fields is boosting demand for specialized chemicals. According to Eurostat, the European Union’s statistical office, offshore oil production in the EU increased by 7.5% in 2023 compared to the previous year. For instance, in March 20, 2024, Baker Hughes announced the opening of a new research and development center in Aberdeen, Scotland, dedicated to developing advanced oilfield chemicals for deepwater operations.

Eastern European countries are emerging as significant contributors to the market’s growth, with expanding exploration activities in the Black Sea and Caspian Sea regions. This expansion is supported by government initiatives to reduce dependence on oil imports. The European Commission reported in February 2024 that investment in oil and gas exploration in Eastern Europe grew by 15% year-over-year.

Competitive Landscape

The global Oilfield Chemicals Market is a dynamic and competitive landscape, with a mix of established players and emerging challengers vying for market share. These players are actively working to strengthen their presence by implementing strategic plans such as collaborations, mergers, acquisitions, and political support. The organizations are dedicated to continuously improving their product line to meet the needs of a wide range of customers in different regions.

Some of the key players operating in the global Oilfield Chemicals Market include:

Nouryon, BASF SE, SMC Global, Baker Hughes, Halliburton, The Lubrizol Corporation, Aquapharm Chemical Pvt. Ltd., Clariant,Solvay S.A., Thermax Chemical Division.

Latest Developments

Oilfield Chemicals Market Key Developments And Mergers

  • In December 2022, Champion X announced the grand opening of a new laboratory and distribution center for chemicals used in oilfield services in Chaguaramas, Trinidad. Numerous analysis procedures, including corrosion coupon analysis, chemical compatibility testing, and bacteria level measurement in produced water, will be carried out at this lab facility.
  • In March 2022, in order to provide a wide range of chemicals for the whole oil and gas value chain, Halliburton announced the launch of the Halliburton Chemical Reaction Plant in Saudi Arabia.

Report Scope

REPORT ATTRIBUTESDETAILS
Study Period

2018-2031

Growth Rate

CAGR of ~4.05% from 2024 to 2031

Base Year for Valuation

2023

Historical Period

2018-2022

Forecast Period

2024-2031

Quantitative Units

Value in USD Million

Report Coverage

Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis

Segments Covered
  • Product
  • Location
  • Application
Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
Key Players

Nouryon, BASF SE, SMC Global, Baker Hughes, Halliburton, The Lubrizol Corporation, Aquapharm Chemical Pvt. Ltd., Clariant,Solvay S.A., Thermax Chemical Division.

Customization

Report customization along with purchase available upon request

Oilfield Chemicals Market, By Category

Product:

  • Inhibitors
  • Demulsifiers
  • Rheology Modifiers
  • Friction Reducers
  • Biocides
  • Surfactants
  • Foamers
  • Other Products

Location:

  • Onshore
  • Offshore

Application:

  • Drilling
  • Production
  • Cementing
  • Workover & Completion

Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Research Methodology of Verified Market Research:

Research Methodology of VMRTo know more about the Research Methodology and other aspects of the research study, kindly get in touch with our sales team at Verified Market Research.

Reasons to Purchase this Report:

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support

Customization of the Report

• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.

Frequently Asked Questions

Oilfield Chemicals Market was valued at USD 31663.25 Million in 2023 and is projected to reach USD 42250.02 Million by 2031, growing at a CAGR of 4.05% from 2024 to 2031.

The resurgence in oil exploration and production activities, driven by the shale gas revolution, is significantly fueling the growth of the Oilfield Chemicals Market.

The major players are Nouryon, BASF SE, SMC Global, Baker Hughes, Halliburton, The Lubrizol Corporation, Aquapharm Chemical Pvt. Ltd., Clariant,Solvay S.A., Thermax Chemical Division.

The Global Oilfield Chemicals Market is segmented on the basis of Product, Location, Application, and Geography.

The sample report for the Oilfield Chemicals Market can be obtained on demand from the website. Also, the 24*7 chat support & direct call services are provided to procure the sample report.

1. Introduction
· Market Definition
· Market Segmentation
· Research Methodology

2. Executive Summary
· Key Findings
· Market Overview
· Market Highlights

3. Market Overview
· Market Size and Growth Potential
· Market Trends
· Market Drivers
· Market Restraints
· Market Opportunities
· Porter’s Five Forces Analysis

4. Oilfield Chemicals Market, By Product
• Inhibitors
• Demulsifiers
• Rheology Modifiers
• Friction Reducers
• Biocides
• Surfactants
• Foamers
• Other Products

5. Oilfield Chemicals Market, By Location
• Onshore
• Offshore

6. Oilfield Chemicals Market, By Application
• Drilling
• Production
• Cementing
• Workover & Completion

7. Regional Analysis
· North America
· United States
· Canada
· Mexico
· Europe
· United Kingdom
· Germany
· France
· Italy
· Asia-Pacific
· China
· Japan
· India
· Australia
· Latin America
· Brazil
· Argentina
· Chile
· Middle East and Africa
· South Africa
· Saudi Arabia
· UAE

8. Market Dynamics
· Market Drivers
· Market Restraints
· Market Opportunities
· Impact of COVID-19 on the Market

9. Competitive Landscape
· Key Players
· Market Share Analysis

10. Company Profiles
• Nouryon
• BASF SE
• SMC Global
• Baker Hughes
• Halliburton
• The Lubrizol Corporation
• Aquapharm Chemical Pvt. Ltd.
• Clariant,Solvay S.A.
• Thermax Chemical Division

11. Market Outlook and Opportunities
• Emerging Technologies
• Future Market Trends
• Investment Opportunities

12. Appendix
• List of Abbreviations
• Sources and References

Report Research Methodology

Research methodology

Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.

This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.

We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:

Exploratory data mining

Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.

All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.

expert data mining

For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.

Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.

Data Collection Matrix

PerspectivePrimary ResearchSecondary Research
Supplier side
  • Fabricators
  • Technology purveyors and wholesalers
  • Competitor company’s business reports and newsletters
  • Government publications and websites
  • Independent investigations
  • Economic and demographic specifics
Demand side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customer

Econometrics and data visualization model

data visualiztion model

Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.

All the research models are customized to the prerequisites shared by the global clients.

The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.

Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.

Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.

Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:

  • Market drivers and restraints, along with their current and expected impact
  • Raw material scenario and supply v/s price trends
  • Regulatory scenario and expected developments
  • Current capacity and expected capacity additions up to 2027

We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.

Primary validation

The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.

The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.

primary validation

Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:

  • Established market players
  • Raw data suppliers
  • Network participants such as distributors
  • End consumers

The aims of doing primary research are:

  • Verifying the collected data in terms of accuracy and reliability.
  • To understand the ongoing market trends and to foresee the future market growth patterns.

Industry Analysis Matrix

Qualitative analysisQuantitative analysis
  • Global industry landscape and trends
  • Market momentum and key issues
  • Technology landscape
  • Market’s emerging opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2027
  • Market revenue estimates and forecasts up to 2027, by technology
  • Market revenue estimates and forecasts up to 2027, by application
  • Market revenue estimates and forecasts up to 2027, by type
  • Market revenue estimates and forecasts up to 2027, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Oilfield Chemicals Market

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