Press release
Oilfield Chemicals Market Expected to Surge to USD 67.8 Billion by 2031
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.
Download sample PDF copy of report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=47205&utm_source=openpr_Kaustubh&utm_medium=openpr_Kaustubh
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.
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
Buy this Premium Research Report: https://www.transparencymarketresearch.com/checkout.php?rep_id=47205<ype=S&utm_source=openpr_Kaustubh&utm_medium=openpr_Kaustubh
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact:
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
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.
Download sample PDF copy of report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=47205&utm_source=openpr_Kaustubh&utm_medium=openpr_Kaustubh
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.
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
Buy this Premium Research Report: https://www.transparencymarketresearch.com/checkout.php?rep_id=47205<ype=S&utm_source=openpr_Kaustubh&utm_medium=openpr_Kaustubh
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact:
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage
to this press release on woodPRI. woodPRI disclaims liability for any content contained in
this release.
Recommend
/newsMicroencapsulation Market Deep Analysis on Key Players - Dow Corning, Encapsys, Syngenta Crop Protection, Evonik Industries, 3M and Bayer
Market Study Report Adds Global Microencapsulation Market Size, Status and Forecast 2024 added to its database. The report provides key statistics on the current state of the industry and other analytical data to understand the market.
Extensive research is required for choosing the appropriate cor...
/newsGermany Airbag Market Size 2023: Global Share, Industry And Report Analysis By 2030 | Hyundai Mobis Co., Ltd. Key Safety Systems, Inc. Robert Bosch GmbH
Germany airbag market is expected to grow at a CAGR of around 6% during the forecast period. Germany Airbag Market research report refers to gathering and analyzing significant market data serve as best medium for various industry players to launch novel product or service. It is vital for key firms...
/newsSecurities Brokerages And Stock Exchanges Market Outlook 2021: Big Things are Happening
A new intelligence report released by HTF MI with title "Global Securities Brokerages And Stock Exchanges Market Survey & Outlook" is designed covering micro level of analysis by Insurers and key business segments, offerings and sales channels. The Global Securities Brokerages And Stock Exchange...
/newsRenewable Chemicals Market Emerging Trends and Competitive Landscape Forecast to 2028
The renewable chemicals market was valued at US$ 80,566.30 million in 2021 and is projected to reach US$ 1,76,750.76 million by 2028 it is expected to grow at a CAGR of 11.9% from 2021 to 2028. The research report focuses on the current market trends, opportunities, future potential of the market, a...
/newsHow Coronavirus is Impacting Cold Brew Coffee, Global Market Volume Analysis, Size, Share and Key Trends 2020-2026
"Market Latest Research Report 2020:
Los Angles United States, February 2020: The Cold Brew Coffee market has been garnering remarkable momentum in the recent years. The steadily escalating demand due to improving purchasing power is projected to bode well for the global market. QY Research's lates...
/newsCorporate E-Learning Market - Global Industry Size, Share, Key Players Analysis that are Infor, SkillSoft Corporation, Adrenna, CERTPOINT Systems and others with Regional Forecast to 2022
Overview:
E-Learning is used to enhance the learning procedures for newer job requirements and to make employees sound about the internal and external changes in the market and respective organizations. This method has created considerable differences in the ways of training and developing employee...
