Oilfield Chemicals Market is expected to generate a revenue of USD 15.48 Billion by 2028, Globally, at 4.54% CAGR: Verified Market Research®
September 23, 2022
The global industry is anticipated to observe a linear growth trend over the projection period owing to the shift in inclination towards exploiting unconventional hydrocarbon resources. The latest technological advancements in commercial aspects coupled with their application in operations including drilling, production, cementing, and workover & completion are expected to drive the oilfield chemicals demand.
/EIN News/ -- Jersey City, New Jersey, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Oilfield Chemicals Market” By Chemical Type (Biocide, Corrosion And Scale Inhibitor, Demulsifier, Polymer), By Application (Enhanced Oil Recovery, Production, Drilling And Cementing), and By Geography.
According to the extensive research done by Verified Market Research experts, the Oilfield Chemicals Market size was valued at USD 10.94 Billion in 2020 and is projected to reach USD 15.48 Billion by 2028, growing at a CAGR of 4.54% from 2021 to 2028.
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Browse in-depth TOC on “Oilfield Chemicals Market”
202 - Pages
126 – Tables
37 – Figures
Global Oilfield Chemicals Market Overview
The growth of the global market is primarily driven by increasing oil & gas exploration activities across the globe. Oilfield chemicals are used in all the stages of the oil & gas industry, including initial good drilling and production of oil and gas and all the aspects of maintenance of oilfields, including the storage of oil and natural gas in geological conditions. Thus, the increasing crude oil production coupled with increasing offshore and onshore deep drilling activities is the other factor projected to boost the growth of the global Oilfield Chemicals Market.
Another key factor driving the growth of the Oilfield Chemicals Market is the evaluation of shale gas exploration technologies. Furthermore, the increasing expenditure on advanced oilfield chemicals to enhance properties such as thickening, emulsification, stabilization, and conditioning has positively anticipated propelling the growth of the global Oilfield Chemicals Market.
There are certain restraints and challenges faced which will hinder the overall market growth. The factors such as the lack of a skilled workforce and the absence of standards and protocols are limiting the market growth. Also, increasing environmental concerns and price fluctuation of crude oil is estimated to sluggish growth during the forecast period.
Partnerships, Collaborations and Agreements
- On June 2021, Baker Hughes Company announced that it had signed an agreement with PJSC Lukoil to deepen its global collaboration. The agreement will leverage Baker Hughes diversified technologies and Lukoil’s deep industry expertise and extensive international production chain to increase efficiencies, reduce emissions, and raise productivity for the oil and gas industry and support the energy transition.
Mergers and Acquisitions
- On September 2021, Albemarle Corporation, a leader in the global specialty chemicals industry announced that its subsidiary, Albemarle Lithium UK Limited, has signed a definitive agreement to acquire Guangxi Tianyuan New Energy Materials Co., Ltd. The acquisition of Tianyuan, which owns and operates a newly constructed lithium processing plant, aligns with our strategy to pursue profitable growth in line with customer demand.
Product Launches and Product Expansions
- On February 2021, Croda International Plc, the company that uses innovative science to create high-performance ingredients and technologies that improve lives, has become the third major chemical company in the world to have committed to net zero and have a verified 1.5°C Science Based Target, 95% of manufactured products rely on ingredients and technologies from the chemicals sector.
The major players in the market are 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), and DowDupont.
Verified Market Research has segmented the Global Oilfield Chemicals Market On the basis of Chemical Type, Application, and Geography.
Oilfield Chemicals Market, by Chemical Type
- Corrosion & Scale Inhibitor
- Other Chemicals
Oilfield Chemicals Market, by Application
- Enhanced Oil Recovery
- Drilling & Cementing
- Well Stimulation
- Workover & Completion
Oilfield Chemicals Market, by Geography
- Rest of Europe
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
- North America
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