Ottawa, July 27, 2023 (GLOBE NEWSWIRE) -- According to Precedence Research, the global oilfield chemicals market size accounted for USD 30,810 Million in 2023. The oilfield chemicals industry plays a crucial role in supporting the exploration, production, and processing of oil and gas resources. Oilfield chemicals are specialized chemical compounds used to enhance the efficiency, productivity, and safety of various oil & gas operations. They are utilized throughout the entire lifecycle of oil & gas reservoirs, from drilling and completion to production and maintenance. The oilfield chemical industry encompasses a diverse range of chemical products, including but not limited to drilling fluids, production chemicals, stimulating chemicals, cementing chemicals, corrosion inhibitors, scale inhibitors, biocides, demulsifiers, surfactants and rheology modifiers.
Download Sample Pages@ https://www.precedenceresearch.com/sample/3075
Each type of chemical serves specific purposes and addresses various challenges encountered during oil & gas operations. The market is being driven by several factors including growing exploration and production activities, technological advancements, growing consumption of primary energy and growing investment in research and development activities.
Regional Insights
North America is expected to dominate the market over the forecast period. The development of shale resources, particularly in the US, has transformed the oil & gas industry in the region. The use of advanced drilling and hydraulic fracturing techniques has significantly increased the demand for oilfield chemicals. For instance, according to Statista, by 2050, the output of shale gas and tight oil in the US is expected to rise from 26.91 trillion cubic feet in 2022 to about 35 trillion cubic feet. Moreover, the region has been at the forefront of technological advancements in the oilfield sector. They witnessed innovation in drilling techniques, completion practices, and production optimization. These advancements have created opportunities for the development and application of specialized oilfield chemicals that address the challenges associated with unconventional resource extraction. Thereby, driving the growth of the market in the region.
The Asia Pacific is growing at the fastest rate over the forecast period. Regional growth is ascribed to the growing energy demand coupled with increasing urbanization. For instance, as per International Energy Agency, under the current regulatory arrangements in the STEPS, the trend of rising energy consumption in Southeast Asia, which has climbed by around 3% annually during the last two decades, would continue until 2030. Almost all of the economies of Southeast Asian Nations have grown by more than a factor twice since 2000 while being at various levels of development. Additionally, according to the United Nations Human Settlements Programme, approximately 54% of the world's urban population, reside in Asia. By 2050, Asia’s urban population is expected to increase by 50%. Thus, the aforementioned facts support the market growth during the analysis period.
Report Highlights:
- By product, the surfactants segment is expected to grow at a substantial rate over the forecast period. Surfactants are utilized to break oil-water emulsions that occur during the production of oil & gas. These emulsions can hinder the separation and treatment of produced fluids. Surfactants reduce the interfacial tension between oil and water, allowing for efficient separation and improved water treatment. In addition, these are employed as foamers to generate foam in oil & gas wells. The foam helps control fluid mobility and pressure, and it is used in operations such as drilling, well stimulation, and enhanced oil recovery. Surfactants reduce the surface tension of fluids, enabling the formation and stability of foam. Thus, this application is expected to drive segment growth over the analysis period.
- By application, the production chemicals segment is expected to grow at the fastest rate during the forecast period, the segment growth is attributed to the increasing focus on maximizing production rates, extending the lifespan of producing wells, and ensuring efficient production operations.
- By location, the offshore segment is expected to grow at the highest CAGR over the forecast period. The growth in the segment is owing to the growing offshore industry. For instance, the offshore extraction of oil and gas in the UK is already in its sixth decade. Over 30,000 employments are directly related to the sector. According to OEUK, the UK upstream oil and gas industry supported 60,000 more employment in the broader economy in addition to around 120,000 jobs overall in 2022.
Scope of this report
| Coverage | Details |
| Market Size by 2032 | USD 46,940 Million |
| Market Size in 2023 | USD 30,810 Million |
| Growth Rate from 2023 to 2032 | CAGR of 4.79% |
| Largest Market | North America |
| Segments Covered | By Product, By Application, By Location, and By Regions |
| Key Players | SMC Global, BASF SE, Solvay, BERRYMAN CHEMICAL, Thermax Limited, Oilfield Chemicals, SVS Chemical Corporation LLP, SEATEX LLC, Kemira, Hawkins, Chemiphase,SicagenChem, SAHARA Middle East Petroleum Services, Ltd., and others |
You can further customize the report@ https://www.precedenceresearch.com/customization/3075
Market Dynamics:
Drivers
Increasing energy demand
The global demand for energy, particularly oil & gas, continues to rise due to population growth, industrialization and economic development. This drives the need for efficient exploration, production, and refining of hydrocarbon resources, thereby boosting the demand for oilfield chemicals. For instance, according to the Energy Information Administration’ projection, the demand for residential demand for purchased energy will increase about 14-22% during 2022-2050. Thus, the increasing demand for energy across the globe is expected to propel the growth of the market during the forecast period.
Restraint
Environmental and regulatory concerns
The oil & gas industry faces increasing scrutiny and regulations related to environmental impact and worker safety. Oilfield chemicals need to comply with stringent environmental regulations, and the industry is under pressure to adopt more sustainable and environmentally friendly solutions for the industry. Compliance with these regulations can increase costs and limit the use of certain chemicals, in turn, act as a major restraint for the market growth over the forecast period.
Opportunities
Adoption of Enhanced Oil Recovery (EOR) techniques
As conventional oil reserves deplete, there is growing interest in implementing enhanced oil recovery techniques to maximize production from mature fields. EOR methods such as chemical injection as surfactants, and polymers provide an opportunity for the oilfield chemicals market. Developing specialized chemicals that improve oil recovery rates and reduce operational costs in EOR applications can be a lucrative opportunity for the global oilfield chemicals market.
Challenge
Multiple geopolitical issues
Several geopolitical issues create significant concerns for the development of oilfield chemicals market. Geopolitical factors such as trade disputes, political instability and sanctions, especially in oil producing regions create challenge for the market. Such factors create supply chain and demand problems for the key players in the country or region. As these geopolitical issues may create fluctuations in the market, there are observed to act as a challenge that limits the growth of the market.
Related Reports:
- Specialty Oleochemicals Market: The global specialty oleochemicals market size was valued at USD 26.060 million in 2022 and is projected to surpass around USD 59,480 million by 2032, growing at a CAGR of 8.6% between 2023 and 2032.
- Water Treatment Chemicals Market: The global water treatment chemicals market size was estimated at USD 32,190 million in 2022 and it is projected to hit around USD 45,810 million by 2032, expanding at a CAGR of 3.59% during the forecast period from 2023 to 2032.
- Artificial Intelligence (AI) in Chemicals Market: The global artificial intelligence (ai) in chemicals market size reached USD 1,070 million in 2022 and it is expected to be worth around USD 16,940 million by 2032 with a remarkable CAGR of 31.9% over the forecast period 2023 to 2032.
Recent Development
- In October 2022, Baze Chemical acquired by Verdant Specialty Solutions, a multinational specialty chemical firm. The Odessa, Texas-based ethoxylate specialty chemical company Baze serves consumers in the mining, water treatment, and oil & gas production sectors. Verdant is continuing to broaden its manufacturing footprint in the US with this acquisition, and it is establishing itself as a long-term partner for specialty ethoxylation on the Gulf Coast. The company also diversifies its offering of specialty chemicals and surfactants for the industrial and energy sector.
- In October 2022, Clariant North Americans Land Oil Business acquired by Dorf Ketal, a firm that specialized in chemical goods and services. Dorf Ketal will gain more strategic assets, cutting-edge new technology, experienced personnel, and a solid client base as a result of these acquisitions.
Market Segmentation:
By Product
- Demulsifiers
- Inhibitors
- Rheology Modifiers
- Friction Reducers
- Biocides
- Surfactants
- Foamers
- Others
By Application
- Drilling Fluid
- Production Chemicals
- Cementing
- Workover & Completion
By Location
- Onshore
- Offshore
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Immediate Delivery Available | Buy This Premium Research Report@ https://www.precedenceresearch.com/checkout/3075
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 9197 992 333
About Us
Precedence Research is a worldwide market research and consulting organization. We give an unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
Our Blogs:
https://www.towardshealthcare.com
https://www.towardspackaging.com
For Latest Update Follow Us:
