Wilmington, Delaware, United States, March 01, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global oilfield chemicals market is projected to grow at a CAGR of 6.4% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 67.8 billion is anticipated for the market in 2031. As of 2023, the demand for oilfield chemicals is expected to close at US$ 41.0 billion.
The growing demand for energy worldwide drives continuous exploration and production activities in both conventional and unconventional oil and gas reserves. This sustained activity fuels the demand for oilfield chemicals used in drilling, production, stimulation, and well-maintenance processes.
As oil reserves become more challenging to extract, there is a growing emphasis on EOR techniques to maximize production from existing reservoirs. Chemicals play a crucial role in EOR methods such as water flooding, polymer flooding, and surfactant/polymer flooding, driving the demand for oilfield chemicals.
Stringent environmental regulations and increasing awareness of sustainability issues propel the demand for eco-friendly and biodegradable oilfield chemicals. Manufacturers are developing environmentally responsible solutions to mitigate the environmental impact of oil and gas operations, driving market growth.
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The development of unconventional resources such as shale gas, tight oil, and oil sands requires specialized chemical solutions for hydraulic fracturing, drilling, and production. The rapid expansion of unconventional resource development globally creates opportunities for oilfield chemical manufacturers.
Oil and gas companies strive to improve cost efficiency and operational performance to remain competitive in a challenging market environment. Oilfield chemicals that enhance production rates, reduce downtime, and minimize operational costs are in high demand, driving market growth.
Rapid industrialization and urbanization in emerging economies drive the demand for energy, leading to increased investment in oil and gas exploration and production activities. Emerging markets present significant growth opportunities for oilfield chemical manufacturers as they cater to the evolving needs of these regions.
Key Takeaways from the Market Study
- As of 2022, the oilfield chemicals market was valued at US$ 38.6 billion
- Based on application, the drilling fluids segment is expected to dominate the global market during the forecast period.
Oilfield Chemicals Market: Key Trends and Opportunistic Frontiers
- Manufacturers are developing biodegradable and eco-friendly formulations, including green solvents and bio-based polymers, to reduce environmental impact.
- Digital technologies such as the Internet of Things (IoT), artificial intelligence (AI), and data analytics are being increasingly integrated into oilfield operations.
- The oilfield chemicals market is witnessing increased consolidation as companies seek to enhance their product portfolios, geographic presence, and technological capabilities.
Oilfield Chemicals Market - Regional Analysis
- North America is a significant market for oilfield chemicals due to the extensive shale gas and tight oil exploration activities, particularly in the United States and Canada. The presence of advanced drilling technologies and a mature oil and gas industry drives the demand for specialized chemicals for well stimulation, drilling fluids, and production enhancement.
- Rapid industrialization and urbanization in countries like China and India drive the energy demand, leading to increased exploration and production activities in the region. Emerging economies like Malaysia and Indonesia offer growth opportunities for oilfield chemicals due to their expanding oil and gas sectors.
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Competitive Landscape
Major players in the global oilfield chemicals market are focusing on developing biocides for oilfields and customized chemical solutions for controlling oilfield scale as part of their efforts to address the changing needs of the oil & gas industry. Additionally, they are pursuing partnerships to establish manufacturing facilities and engaging in mergers and acquisitions to broaden their range of products and services.
- Baker Hughes Company
- Halliburton
- Solvay
- BASF SE
- SLB
- Newpark Resources Inc.
- AkzoNobel N.V.
- Albemarle Corporation
- The Dow Chemical Company
- Gumpro Drilling Fluids Pvt. Ltd
- Kao Chemicals
- Chemiphase
- Imperial Oilfield Chemicals Pvt. Ltd.
Key Developments in the oilfield chemicals market
- In February 2024, Baker Hughes and its partners introduced the Saudi Petrolite Chemicals facility, a collaborative venture focused on manufacturing oilfield and industrial chemicals in Saudi Arabia. This initiative underscores Baker Hughes' ongoing strategy to enhance its chemical sourcing and production capabilities near significant hydrocarbon centers.
- In May 2023, Foremark Performance Chemicals revealed its acquisition of NexGen Chemical Technologies, signaling its commitment to transitioning towards cleaner energy alternatives. This strategic move enables Foremark to enhance sour gas production while prioritizing safety, cost-efficiency, and sustainability.
Oilfield Chemicals Market- Key Segments
Product
- Biocides
- Corrosion & Scale Inhibitors
- Demulsifiers
- Surfactants
- Polymers
- Lubricants
- Hydrogen Sulfide Scavengers
- Fluid Loss Additives
- Others (Clay Stabilizer etc.)
Application
- Production Chemicals
- Drilling Fluids
- Well Stimulation Fluids
- Cementing Fluids
- Enhanced Oil Recovery
- Workover & Completion
Region
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
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