Pune ,India, March 23, 2022 (GLOBE NEWSWIRE) -- The global oilfield chemicals market is expected to rise during the forecast period due to rising use of eco-friendly oilfield chemicals to reduce toxicity and benefit the environment. Fortune Business Insights™ publishes this information in a report titled, "Oilfield Chemicals Market, 2022-2029". As per the report, the oilfield chemicals market size was USD 16.95 billion in 2021. The market 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.
COVID-19 Impact:
Decreasing Oil and Gas Demand Affected Market Growth Amid Pandemic
The outbreak of COVID-19 and implementation of lockdown imposed globally affected various industries, including the chemical production and supply sector. The restrictions imposed by the government limited the import/export activities globally, which affected supply chain management and supply of raw material to the companies. These interruptions in production and supply chain affected the market growth and development in the segmented region. The decreasing revenue generation rate of the petrochemical industry affected market due to lack of profit and growth rate. These factors affected market expansion during the pandemic.
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List of Key Players Profiled in Oilfield Chemicals Market:
- Halliburton (U.S.)
- Solvay (Belgium)
- NALCO (U.K.)
- BASF SE (Germany)
- The Lubrizol Corporation (U.S.)
- Albemarle Corporation (U.S.)
- Kemira (Finland)
- Clariant (Switzerland)
- Dow (U.S.)
- Stepan Company (U.S.)
- Croda International Plc (U.K.)
- Pon Pure Chemicals Group (India)
Segments:
Drilling Segment Dominates Market Due to Rising Demand
By chemical type, the market is segregated into demulsifiers, corrosion inhibitors, water clarifiers, biocides, scale inhibitors, paraffin inhibitors, hydrogen sulfide scavengers, gas well foamers, and others.
Based on application, the market is segmented into drilling, cement, stimulation, and production.
By geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report provides factual information regarding market trends and recent advancements in the industry. Also, the report sheds light on the latest key developments in the industry and new products and strategies introduced by the key market players. Furthermore, the impact of COVID-19 pandemic on market growth is highlighted in the report. Drivers and restraints affecting the market growth are elaborated further in this report. The report delivers factual and statistical data regarding potential market growth.
Drivers & Restraints:
Rising Demand for Eco-Friendly Chemicals to Stimulate Growth
The oilfield chemicals market is expected to witness significant growth during the forecast period owing to the rising demand for eco-friendly chemicals. Also, emerging petrochemicals and rising global oil demand are expected to drive the market. These developing industries ensure acquiring high growth opportunities in segmented regions. Increasing utilization of plastic packaging in various industries is anticipated to boost product sales. These factors are likely to ensure the oilfield chemicals market growth during the forecast period.
However, transitioning to renewable energy may hinder the market growth during the projected period.
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Regional Insights:
North America Dominates Global Market Due to Development in Oil & Gas Sector
North America holds the highest oilfield chemicals market share during the projected period due to rising oil and gas sector operations. Also, the development of hydraulic fracturing and drilling processes contributes to dominating the market share. The region stood at USD 9.19 billion in 2021 and dominated the global market.
Asia Pacific is expected to hold the second-largest global market share during the forecast period, owing to increasing industrialization and commercialization in the region. Demand for plastic packaging is increasing, which bolsters market growth.
Competitive Landscape:
Innovative Product Development to Encourage Key Players
The key market players implement various business development and expansion strategies, including strategic alliances, mergers, partnerships, and brand acquisitions. Also, the companies focus on developing and designing innovative products to enhance their product portfolio. Also, these strategies allow companies to expand their business globally.
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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
TOC Continued…!
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Industry Developments:
- April 2021: BASF and Omya collaborated for the advancement and commercialization of BasoSphere hollow glass microspheres for cementing applications in the oil and gas industry.
- October 2021: Clariant's Oil and Mining Services business has opened its new, state-of-the-art Eagle Ford Technology, Sales & Operations Center near San Antonio, Texas. The facility is positioned to improve response time and cater to local customer needs, ensuring a long-term commitment to a strategic and growth-orientated oilfield services market in North America.
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Oilfield Auxiliary Rental Equipment Market Size, Share & Industry Analysis, By Equipment (Drilling Equipment, Pressure & Flow Control Equipment, Fishing Equipment, Others), By Application (Onshore, Offshore) And Regional Forecast 2022-2029
Oilfield Integrity Management Market Size, Share & COVID-19 Impact Analysis, By Management Type (Monitoring System, Data Management, Corrosion Management, Planning, and Predictive Maintenance & Inspection), By Component Type (Hardware, Software, and Services), By Application (Onshore and Offshore Aerospace) and Regional Forecast, 2020-2027
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