Oilfield chemicals market size was valued at USD 10,300 Million in 2020 and is forecast to grow at a CAGR of 6.1% over the forecast period (2021-2028), because of the surging demand for advanced drilling fluids.

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Market Dynamic

Key Drivers and Emerging Trends

The demand for the oilfield chemicals market is projected to witness a smooth growth curve due to a rise in oil and gas exploration activities and development in deep water drilling. The International Energy Agency (IEA) stated that oil and gas will cater nearly 46% of the overall energy demand. According to the India Brand Equity Foundation (IBEF), leading oil & gas companies, including ONGC, Petronet LNG, and Indian Oil Co., have launched various plans in the oil and gas sector to fulfill the growing demand. Also, drilling activities witnessed an increase in the average oil count from 1,593 in 2016 to 2,211 in 2018.
The shift towards eco-friendly and natural products over the last few years has encouraged manufacturers to come up with pure products which is projected to expand the market size. The oilfield chemicals help maintain temperature to prevent spoiled products from entering the drilling fluid system.

Restraint in the Oilfield Chemicals Market

The outburst of coronavirus severely impacted the oil and gas industry, thereby hampering the oilfield chemicals market. The gap between supply and demand was worsened during coronavirus due to the lockdown, travel restrictions, and supply chain disruption.

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Application – Segment Analysis

Drilling fluids are projected to hold the largest share over the forecast period. Growing demand for petroleum products has increased the drilling and exploration activities which is contributing to the segment’s growth.

Products – Segment Analysis

Demulsifiers are forecast to lead the overall market over the forecast period, owing to the ongoing innovation in demulsifiers to incorporate better features in the product. For instance, Nouryon, in 2019, launched a variety of demulsifiers that provides a more sustainable option for oil producers to segregate crude oil from natural gas and water. Further, a surge in demand for demulsifiers to prevent the mixture of crude oil and water has driven the global oilfield chemicals market.

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Regional – Segment Analysis:

North American region is anticipated to expand at the largest CAGR over the forecast period. The regional growth is attributed to a surge in the number of oil and gas drilling projects and intensified emphasis on shale gas production. Several leading companies induced huge income from the North American region, especially the United States, due to low labor and land costs.

Top Market Players

Leading players operating in the oilfield chemicals market, include, Baker Hughes Company, Schlumberger Limited, Halliburton, Clariant AG, Chevron Corporation, BASF SE, KRATON CORPORATION, Solvay, Kemira., The Dow Chemical Company, among others.

Key Developments:

• • In 2021, Clariant AG launched innovative oil production solutions in the SPE International Conference on Oilfield Chemistry across the Texas, Woodlands, United States. The presentations highlighted the recent research and developments in the fields of anti-agglomerants, corrosion inhibition, demulsifier formulations, among others.
  • In 2020, Chevron launched Tribex ERD, an exxclusive dry lubricant designed for the oil and gas operating companies. TribexTM ERD can be used in oil- or water-based fluid systems. The multifunctional additive decreases steady and dynamic friction and high temperature/high pressure fluid loss.

Segments covered in the Report:
The global oilfield chemicals market has been segmented based on products, application, and regions. Based on products, the market is segmented into biocides, inhibitors, demulsifiers, water clarifiers, and others. Based on application, the market is segmented into drilling fluids, cementing, well stimulation, production, and others.

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Key questions answered in this research report:

• • At what pace is global oilfield chemicals market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in oilfield chemicals market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global oilfield chemicals market?
  • Which products generated maximum revenues in 2020 and identify the most promising products during the forecast period?
  • What are the various application areas of global oilfield chemicals market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2020
Market Forecast Period	2021-2028
Market Revenues (2020)	USD 10,300 Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Product, By Application, and By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Schlumberger Limited, Halliburton, Baker Hughes Company, Clariant AG, Chevron Corporation, BASF SE, KRATON CORPORATION, The Dow Chemical Company, Solvay, Kemira., among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation:

Global Oilfield Chemicals Market by Product

• • Biocides
  • Inhibitors
  • Demulsifiers
  • Water Clarifiers
  • Others

Global Oilfield Chemicals Market by Application

• • Drilling fluids
  • Cementing
  • Well Stimulation
  • Production
  • Others

Global Oilfield Chemicals Market by Region

• • North America Oilfield Chemicals Market
    (Option 1: As a part of the free 25% customization)

• • • By Product
    • By Application
    • United States of America (US) Market All-Up
    • Canada Market All-Up

• • Europe Oilfield Chemicals Market
    (Option 2: As a part of the free 25% Customization)

• • • By Product
    • By Application
    • United Kingdom (UK) All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Oilfield Chemicals Market
    (Option 3: As a part of the free 25% Customization)

• • • By Product
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • ROW Oilfield Chemicals Market
    (Option 4: As a part of the free 25% Customization)
    • By Product
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Leading market players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Schlumberger Limited
  • Halliburton
  • Baker Hughes Company
  • Clariant AG
  • Chevron Corporation
  • BASF SE
  • KRATON CORPORATION
  • The Dow Chemical Company
  • Solvay
  • Kemira