The oilfield chemicals market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Oilfield chemicals are specialty chemical compositions used in in the oilfield industry to enable the production of oil and gas. A range of chemicals are used at different stages of the process and are segmented based on their chemical function and application. The major use of oilfield chemicals is for drilling of the borehole, production and stimulation and closing of the borehole. Oilfield chemicals include organic as well as inorganic base chemicals.
Based on chemical function oilfield chemicals can be:
• Inhibitors & Scavengers
• Rheology Modifiers
• Friction Reducers
• Specialty Biocides
• Specialty Surfactants
• Pour Point Depressants
As demand for oil and gas is increasing from energy, petrochemicals, auto, rail and aviation fuel, and others, demand for oilfield chemicals is expected to grow. Demand for oil and gas is actually increasing because of growing population and extra income in developing countries. Increasing use of energy and petrochemicals, auto, rail and aviation fuel has increased the need for higher production of oil and gas and thereby increasing demand for oilfield chemicals.
Drivers and Restraints of Oilfield Chemicals Market
Growing investments in oilfield industry in regions like Asia and the Americas are likely to offer tremendous possibilities for oilfield chemicals market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Oilfield chemicals are exposed to the probability of volatility in economic growth. As global economy slows down the oil and gas industry stagnates and thereby decreases the demand for oilfield chemicals. Also existing and future environmental and health regulations concerning the use of certain oilfield chemicals are likely to challenge the market growth.
Oilfield Chemicals Market by Region
North America was the largest consumer of oilfield chemicals and this pattern is anticipated to be identical over the following years. Consumption in North America is showing upward trend because of increase in economic activity. Growing demand for oil and gas from energy and petrochemicals, auto, rail and aviation fuel industries will drive oilfield chemicals market in North America. With major production capacities in North America, the region is likely to grow in terms of global supply capability. Consumption of oilfield chemicals in the MEA is likely to grow at a significant rate due to demand from upcoming oil and petrochemical projects in the Middle East region. Demand from Asia was relatively stable and is likely to stay same in the next few years. Europe region has seen significant rise in consumption and will continue to increase over the forecast period.
Top players in this market include Akzo Nobel N.V., Albemarle Corporation, Ashland Inc, Baker Hughes Incorporated, BASF SE, Canadian Energy Services & Technology Corp (CESTC), Clariant AG, Croda International Plc., Drilling Specialties Company (Chevron Philips Chemical Company), DowDupont, Elementis Plc., ExxonMobil Chemical Company Inc. (ExxonMobil Corporation), Flotek Industries Inc., Halliburton, Huntsman International LLC, Innospec Specialty Chemicals, Kemira Oyj, Nalco Champion Technologies Inc. (Ecolab), Schlumberger Limited, Scomi Energy Services Bhd (Scomi Group Bhd), Solvay, The Lubrizol Corporation, Zirax Limited among others.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Supply & Demand
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
Regional analysis includes:
- Middle-East and Africa
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Strategies of key players and products available
- Potential and niche segments, regions showing promising growth