Pune, India, May 08, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights™, the global market for oilfield chemicals market size is expected to rise during the forecast period due to the rising use of eco-friendly oilfield chemicals to reduce toxicity and benefit the environment. As per the report, the oilfield chemicals market size was USD 16.95 billion in 2021 and size is expected to rise from USD 18 billion in 2022 to USD 29.27 billion by 2029 at a CAGR of 7.2% during the projected period.
The oilfield industry acquires various chemicals used in exploration and production with drilling fluids and production chemicals. These chemicals are used to separate and purify crude oil and gas, where corrosion inhibitors are considered an important element. Increasing demand for eco-friendly chemicals is expected to drive the market during the forecast period.
Get a Free Sample Research Report:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/oilfield-chemicals-market-105257
List of Key Players Profiled in the Oilfield Chemicals Market:
- Dow (U.S.)
- Stepan Company (U.S.)
- Croda International Plc (U.K.)
- Pon Pure Chemicals Group (India)
- Halliburton (U.S.)
- Solvay (Belgium)
- NALCO (U.K.)
- BASF SE (Germany)
- The Lubrizol Corporation (U.S.)
- Albemarle Corporation (U.S.)
- Kemira (Finland)
- Clariant (Switzerland)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 7.2% |
| 2029 Value Projection | USD 29.27 Billion |
| Market Size in 2022 | USD 18 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 140 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Oilfield Chemicals Market Growth Drivers | Rising Demand for Eco-Friendly Chemicals to Stimulate Growth |
| North America Dominates Global Market Due to Development in Oil & Gas Sector |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/oilfield-chemicals-market-105257
COVID-19 Impact:
The COVID-19 outbreak and the subsequent global lockdowns have had a significant impact on various industries, including the chemical production and supply sector. Government restrictions on import and export activities have disrupted supply chain management and caused shortages of raw materials for many companies. As a result, the market growth and development in some regions have been severely affected.
The petrochemical industry has also been hit hard, with a decrease in revenue generation rates leading to a lack of profits and growth rates. These challenges have made it difficult for the market to expand during the pandemic, as companies struggle to maintain their operations and meet the needs of their customers.
Segments:
The market for oil and fuel chemical compounds may be classified into various categories based totally on their chemical properties. These categories encompass demulsifiers, corrosion inhibitors, water clarifiers, biocides, scale inhibitors, paraffin inhibitors, hydrogen sulfide scavengers, fuel nicely foamers, and several different sorts of chemical substances.
Furthermore, the software of these chemical compounds may be differentiated into four segments: drilling, cement, stimulation, and production. Each of these segments utilizes unique chemical compositions to cater to their specific requirements and challenges.
From a geographic perspective, the marketplace for oil and gasoline chemicals is widely labeled into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Each vicinity has its very own distinct oil and gas reserves and production methods, and therefore affords a different set of opportunities and demanding situations for the enterprise.
Report Coverage:
This record offers an abundance of genuine statistics concerning prevailing marketplace tendencies and recent improvements inside the industry. Moreover, the document elucidates at the modern-day key tendencies within the enterprise, while additionally expounding on the brand new merchandise and techniques that have been brought via the important thing market gamers.
Additionally, the report delves into the impact of the COVID-19 pandemic on the marketplace boom and illuminates the drivers and restraints affecting marketplace growth, supplying a complete expertise of the marketplace landscape.
Get a Quote Now:
https://www.fortunebusinessinsights.com/enquiry/get-a-quote/oilfield-chemicals-market-105257
Drivers & Restraints:
During the upcoming forecast period, the oilfield chemicals market is expected to undergo a significant growth spurt, largely driven by a surge in demand for eco-friendly chemicals. Moreover, the global increase in oil demand, coupled with the emergence of petrochemicals, is anticipated to propel market growth, creating substantial opportunities for expansion in segmented regions.
The widespread use of plastic packaging across various industries is further anticipated to boost product sales, providing a strong foundation for the growth of the oilfield chemicals market during the forecast period.
However, the transition towards renewable energy may pose a challenge to market growth in the projected period. Despite this, the oilfield chemicals market still holds immense potential for substantial expansion in the coming years. Therefore, industry players are encouraged to capitalize on these promising trends and growth opportunities to enhance their market presence.
Regional Insights:
The North American region is anticipated to hold the highest share of the oilfield chemicals market during the projected period, primarily driven by the increasing operations in the oil and gas sector. Additionally, the development of hydraulic fracturing and drilling processes further contributes to the domination of the market share. In 2021, the region accounted for USD 9.19 billion in market value, representing the largest market share globally.
The Asia Pacific region is expected to hold the second-largest global market share during the forecast period, owing to the escalating industrialization and commercialization in the region. The growing demand for plastic packaging is also anticipated to bolster market growth, further solidifying the market position of the region.
Competitive Landscape:
In today's competitive landscape, top market players employ a wide range of business development and expansion tactics. These include forming strategic alliances, executing mergers and partnerships, and acquiring prominent brands to augment their market position.
In addition to these collaborative endeavors, companies emphasize the development and design of innovative products that can bolster their product portfolio. By consistently pushing the boundaries of creativity and ingenuity, businesses can differentiate themselves from their competitors and solidify their position in the market.
Furthermore, these business strategies facilitate global expansion, enabling companies to tap into new markets and broaden their customer base. In a rapidly evolving market, the ability to adapt and evolve is crucial for sustained success, and these tactics provide a roadmap for growth and long-term sustainability.
Industry Developments:
Sustainability: With developing concerns approximately the environmental effect of the oil and fuel industry, there has been a growing cognizance of sustainability inside the oilfield chemical substances zone. Many groups are actually exploring methods to develop greener and extra green answers for oil and gasoline extraction, with a selected emphasis on decreasing the carbon footprint of their operations.
Technological improvements: The oilfield chemical substances industry has visible speedy technological advancements in recent years, with new improvements rising in everything from drilling fluids to production chemicals. Much of this new technology is centered on enhancing efficiency, reducing fees, and enhancing average overall performance across a number of applications.
Ask for Customization:
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Porter’s Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on Global Oilfield Chemicals Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Oilfield Chemicals Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Chemical Type (Volume/Value)
- Demulsifiers
- Corrosion Inhibitors
- Water Clarifiers
- Biocides
- Scale Inhibitors
- Paraffin Inhibitors
- Hydrogen Sulfide Scavengers
- Gas Well Foamers
- Others
- By Application (Volume/Value)
- Drilling
- Cement
- Stimulation
- Production
- By Region (Volume/Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- By Chemical Type (Volume/Value)
- North America Oilfield Chemicals Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Chemical Type (Volume/Value)
- Demulsifiers
- Corrosion Inhibitors
- Water Clarifiers
- Biocides
- Scale Inhibitors
- Paraffin Inhibitors
- Hydrogen Sulfide Scavengers
- Gas Well Foamers
- Others
- By Application (Volume/Value)
- Drilling
- Cement
- Stimulation
- Production
- By Country (Volume/Value)
- U.S.
- By Application (Volume/Value)
- Drilling
- Cement
- Stimulation
- Production
- Others
- By Application (Volume/Value)
- U.S.
- By Chemical Type (Volume/Value)
TOC Continued...!
Speak to Our Expert:
https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/oilfield-chemicals-market-105257
Read Related Insights:
Petrochemicals Market to Reach USD 888.3 Billion by 2028 | Global Petrochemicals Industry Register a CAGR of 6.2%
Biocides Market Size to Reach USD 9914.2 Billion by 2028 | Growing at a CAGR of 4.2%
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Address:
Fortune Business Insights Pvt. Ltd.
9th Floor, Icon Tower, Baner,
Mahalunge Road, Baner, Pune - 411045,
Maharashtra, India.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
Follow Us: LinkedIn | Facebook | Twitter
