Overview:
Oilfield chemicals market are specialty chemicals that find diverse application in oil & gas industry. Several steps like cementing, drilling & completion, enhanced oil recovery (EOR), stimulation, and production, as well as, in the transportation of oil & gas. The global oilfield chemicals market is all set to score 5% CAGR during the forecast period of 2019 to 2025 and in the process, would take a leap from a valuation of USD 33 billion to surpass the anticipated valuation by the end of 2025. Market Research Future (MRFR) made a claim that this rise would be smooth owing to various ongoing oilfield exploration project.
The global oilfield chemicals market can be triggered by several factors like the hike in the global oilfield exploration activities. Technological advancement is expected to play a major role in the global market growth, which would trigger the intake of these chemicals.
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Global Oilfield Chemicals Market – Segments
MRFR’s segmentation of the report reveals three main dynamics to widen the scope of understanding,
By Type: Inhibitors & Scavengers (Corrosion Inhibitors, Paraffin Inhibitors, Asphaltene Inhibitors, Scale Inhibitors, H2S Scavengers, Oxygen Scavengers, others), Demulsifiers (Friction Reducers, Rheology Modifiers, Biocides, Surfactants, Pour-Point Depressants), and others.
By Application: Upstream (Drilling, Well Stimulation, Production Chemicals, Workover & Completion, Cementing), Midstream, and Downstream (Water Injection, Alkali Surfactant Water Flooding, others)
By Regions: Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World
Global Oilfield Chemicals Market – Regional Analysis
Geographically, the global oilfield chemicals market report has North America, Asia-Pacific (APAC), Europe, Latin America, and the Middle East & Africa (MEA). The report published by MRFR is loaded with demographic challenges that can be used for a better analysis of the global market.
North America is expected to retain its position as the largest oilfield chemicals market, with the US taking the regional charge of taking the market forward. The country produces 40% of its domestic need by exploring possibilities in its own terrain. However, the oil & gas production is getting spurred by various technological advancements, which can trigger substantial growth in the output level. The country is now eyeing for a leap from 15 million barrels per day to 24 million barrels per day of oil and other liquids, which would include oil condensate and liquefied natural gas. Canada and Mexico are also expected to make substantial contribution to the regional market status.
The Middle East & Africa market has the second-largest production capacity due to the increasing production of oil in countries like Iran, Saudi Arabia, and Kuwait. This is also substantially promoting the demand for oilfield chemicals as well, which could trigger huge market boost. In April 2019, the Iran government declared that they have plans to start around five oil exploration and production in association with the local agencies. This is expected to boost the regional market growth.
The APAC market is witnessing strong transformations in the regional business strategies. It has become the fastest-emerging region as several countries like India and China are participating various oilfield exploration and overseas collaboration. These two countries are expected to contribute the most to the regional market growth.
Global Oilfield Chemicals Market – Competitive Landscape
Highly competitive, the oilfield chemicals market appears to be fragmented due to the presence of many notable players. The market competition is anticipated to intensify further with several new players entering the market with their advanced technologies. This, as a result, will replace the stability in the market, encouraging the players to take up strategic initiatives such as mergers & collaborations and acquisitions & partnerships to expand their production capabilities and thus to churn the market competition.
Major Players:
Baker Hughes
Schlumberger Limited (US)
GE Company LLC (UK)
Royal Dutch Shell PLC (The Netherlands)
Ideal Energy Solutions
LLC (US)
BASF SE (Germany)
Halliburton (US)
Solvay (Belgium)
Clariant (US)
Albemarle Corporation (US)
Kemira (Finland)
Stepan Company (US)
Croda International PLC (UK)
Nalco Champion (US)
Huntsman International LLC (US)
The Lubrizol Corporation (US)
and Ashland (US)
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Latest Industry News
- Oilfield chemical provider Innospec Inc. has announced a series of investments designed to further expand its capabilities in research, development and technical service for its performance chemicals business. 21 JAN 2019
- Halliburton, one of the world's largest oil field service firm, has acquired Houston based Athlon Solutions. Athlon is a now a part of Halliburton's specialty oilfield chemicals business division, Multi-Chem. 22 AUG 2019
- Versalis, Mazrui Energy Services (a Mazrui International Company), a leading service company in the Oil & Gas industry in the Middle East, and Petrochem (a Mazrui Energy Services Company), a leading manufacturer of drilling fluids, have signed an agreement to establish Versalis Petrochem Mazrui (VPM), a joint venture for the commercialization of innovative chemicals for the Oil & Gas industry in the Abu Dhabi. 15 NOV 2018
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