Oilfield Chemicals Market: Current Analysis and Forecast (2021-2027)

Oilfield Chemicals Market: Current Analysis and Forecast (2021-2027)

The Global Oilfield Chemicals Market is likely to showcase a growth of around 3% during the forecast period. Oilfield chemicals play an important role across the upstream processes ranging from drilling to production and stimulation to workover. Over the years, the demand for crude oil has increased significantly, from 21.4 million barrels/day in 1960 to around 91 million barrels/day in the middle of the last decade and is expected to surpass pre-pandemic levels reaching 101.6 million barrels/day by 2023. Therefore, to tackle the growing demand more exploration and production activities would be required which eventually result in more demand for demulsifiers, inhibitors, water clarifiers, biocides, and modifiers to name a few. Moreover, over the years, the world has exploited the oil reservoirs resulting in degradation in reservoirs as a result more advanced technologies are used for crude oil production. This, in turn, promotes the consumption of several oilfield chemicals which helps in maintaining the ideal conditions in the oil well.

Some of the key players with a considerable market share in the global oilfield chemicals market include BASF SE, The Lubrizol Corporation, Dow Inc., Akzo Nobel N.V., Solvay S.A., Stephan Company, Schlumberger Limited, Halliburton Company, Clariant AG, and Baker Hughes Company. These companies are taking several strategic decisions to meet the growing demand and increase their market share.

Insights Presented in the Report
"Amongst type, demulsifiers held a prominent share in the market in 2020”

Based on type, the market is categorized into demulsifiers, corrosion inhibitors, water clarifiers, biocides, scale inhibitors, H2S scavengers, paraffin inhibitors, gas well foamers, rheology modifiers, friction reducers, and others. Among these, demulsifiers accounted for a significant share of the global oilfield chemicals market. During the crude oil production process, oil and water are mixed with each other thereby creating an emulsion due to a number of factors. This creates an undesirable situation because, before crude oil refining, the oil needs to be water-free as much as possible. A large amount of oil is produced on daily basis, thus a large amount of demulsifiers are used to break the oil-water emulsion.
"Amongst application, inhibitors accounted for a significant share in 2020”

Based on application, the market is categorized into inhibitors, coagulants and flocculants, biocides & disinfectants, pH adjusters and stabilizers, anti-foaming agents, and others. Among these, inhibitors accounted for a substantial share in the global oilfield chemicals market. A large number of inhibitors are used during the overall upstream process including corrosion inhibitors, scale inhibitors, and paraffin inhibitors to name a few. Corrosion inhibitor is one of the widely consumed chemicals in the production process, as it helps by protecting iron and steel components in the wellbore and treating equipment from the corrosive treating fluid.
"North America accounted for a considerable share in the global oilfield chemicals market”

For a better understanding of the market adoption of Oilfield Chemicals, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America), Europe (Russia, Norway, UK, Italy, and Rest of Europe), Asia-Pacific (China, India, Indonesia, Rest of Asia-Pacific), Middle East & Africa (Saudi Arabia, UAE, Nigeria, and Rest of Middle East & Africa), and South America (Brazil, Argentina, and Rest of South America). North America held a prominent share in the oilfield chemicals market during the historical period. As there is a rise in the drilling and production activities of shale oil & gas in the US thereby fueling the demand for chemicals in this region. However, the current government in the US is focusing on reducing oil production and relies more on crude oil import. This might affect the market the regional oilfield chemicals market.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive country-level analysis of the industry