High investments from multinational oil and gas majors such as Suncor Energy, Husky Energy, Shell, Imperial Oil, Cenovus, and ExxonMobil is expected to steer drilling activities over the forecast period. Additionally, large reserves of unconventional hydrocarbon reserves in the form of shale gas, tight oil and oil sands will drive the oilfield chemicals market.
Market Size – USD 0.92 Billion in 2018, Market Growth – CAGR of 4.51%, Market Trends – Product launches and research for advanced Oilfield Chemicals Market
The global Oilfield Chemicals market is expected to reach USD 29.45 Billion by 2026, according to a new report by Reports and Data. Over the past few years, the global energy landscape has changed significantly as a result of technological advances in the recovery of unconventional hydrocarbon resources such as tight oil and shale gas. A number of researches have been established to examine the impacts of extraction and production of unconventional hydrocarbons on surface water, groundwater, and local air quality. The extraction and utilization of such unconventional hydrocarbons poses concerns about their contribution to the atmospheric chemistry and global climate change. Nevertheless, their application in operations including drilling, production, cementing and work over and completion is expected to drive the demand for oilfield chemicals.
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Key participants include BASF SE (Germany), Lubrizol Corporation (U.S.), AkzoNobel N.V. (Netherlands), The Dow Chemical Company (U.S.), Schlumberger (U.S.), Halliburton (U.S.), Kemira Oyj (Finland) and Clariant (Switzerland), Nalco (U.S.) and Baker Hughes Incorporated.(U.S.)
Changing energy scenes globally owing to mechanical advances in the recuperation of offbeat hydrocarbon assets, for example, close oil and shale gas. Numerous exploration activities have witnessed to look at the effects of extraction and creation of unusual hydrocarbons on surface water, groundwater, and nearby air quality. The global oilfield chemicals market is expected to valuation around USD 30.77 billion by the year 2027, from valuation of USD 0.96 billion in 2019 by exhibiting a CAGR of 4.51%.
The rising penetration of innovative technologies and drilling units are key factors responsible for the growth of the oilfield chemicals market. The increase in demand for energy, coupled with upgraded oil recovery, is driving the growth of the oilfield chemicals market. Furthermore, demand for improved oils and adoption of advanced technologies are identified as growth factors for the oilfield chemicals market in the coming years.
Further key findings from the report suggest
- Mexico will witness significant rise valued at USD 1.6 Billion in 2023. The global oil demand is growing robustly, particularly in India and China. Furthermore, it is expected that oil demand in emerging markets will continue to grow at a remarkable rate. Additionally, the notable growth of shale gas has not only changed the energy landscape in the US, but also in the world such as competing with coal in electricity generation, and redirecting of recent growth in liquefied natural gas (LNG) supply to Europe and Asia.
- In 2015, global offshore oil production which included lease condensate and hydrocarbon gas liquids from deep-water projects reached 9.3 million barrels per day. The deep water production has increased 25% from nearly 7 million b/d a decade ago.
- The advancements in drilling technology, dynamic positioning equipment, and floating production and drilling units have made the prospects feasible that were previously unreachable. This is one of the main aspects which is triggering the growth of the oilfield chemical market. Nevertheless, deep-water projects require more investment and time compared to shallow waters or onshore developments.
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For the purpose of this report, Reports and Data has segmented the global Oilfield Chemicals market basis of Product, Location, Applications and Region:
Product (Revenue, USD Million; 2016–2026)
- Rheology Modifiers
- Friction Reducers
Location (Revenue, USD Million; 2016–2026)
Applications (Revenue, USD Million; 2016–2026)
- Drilling & Cementing
- Enhanced Oil Recovery
- Well Stimulation
- Workover & Completion
Regionally, the market is dominated by Asia Pacific and this scenario is projected to be same over the forecast period owing to the mounting demand for energy especially in India and China. Moreover, demand for more efficient oil especially in the largest as well as developing markets in the region are expected to increase in coming years, which will boost further growth of the global market for oilfield chemicals. The robust development of shale gas, especially in the U.S. and other countries of the North American region, is estimated to limit adoption of oilfield chemicals.
Market Segmentation by Regions:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Global Oilfield Chemicals Market: Table of Contents
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018 – 2026
Chapter 3. Indicative Metrics
Chapter 4. Oilfield Chemicals Segmentation & Impact Analysis
4.1. Oilfield Chemicals Segmentation Analysis
4.2. Oilfield Chemicals Market Value Chain Analysis, 2016-2026
4.3. Regulatory framework
4.4. Oilfield Chemicals Market Impact Analysis
4.4.1. Market driver analysis
4.4.2. Market restraint analysis
4.5. Key opportunities prioritized
4.6. Oilfield Chemicals Manufacturing Cost Analysis
4.7. Industry analysis – Porter’s
4.8. Oilfield Chemicals PESTEL Analysis
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