Overview and Scope
Oilfield chemicals refer to chemical compounds of specialty chemicals that are used to improve oil recovery, protect from corrosion, optimize drilling, prevent mud loss in different geological formations, and stabilize drilling fluid in high-temperature and high-pressure environments.
Sizing and Forecast
The oilfield chemicals market size has grown strongly in recent years. It will grow from $32.9 billion in 2023 to $35.18 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to market competition and innovation, geopolitical factors, corrosion and scale prevention, cost efficiency in operations, oil and gas exploration.
The oilfield chemicals market size is expected to see strong growth in the next few years. It will grow to $45.58 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to sustainability focus, competition and market dynamics, geopolitical influence, production optimization, complex reservoir extraction. Major trends in the forecast period include advanced extraction techniques, sustainability and environment, shale gas and tight oil extraction, enhanced oil recovery (eor), digitalization and automation.
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Segmentation & Regional Insights
The oilfield chemicals market covered in this report is segmented –
1) By Type: Polymers, Corrosion And Scale Inhibitors, Demulsifiers, Surfactants, Gellants And Viscosifiers, Other Types
2) By Location: Onshore, Offshore
3) By Application: Drilling, Cementing, Enhanced Oil Recovery, Production Chemicals, Well Stimulation, Workover And Completion
North America was the largest region in the oilfield chemicals market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the oilfield chemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
An increase in oil production and exploration is expected to propel the oilfield chemicals market going forward. Oil exploration refers to the procedures and techniques used to identify possible locations for drilling and extracting oil and gas. Oilfield chemicals are extensively used as drilling fluids in various to extract oil by improving oil recovery. For instance, according to the U.S. Energy Information Administration (EIA), a US-based government agency, crude oil production will average 12.8 million barrels per day in 2023. Therefore, an increase in oil production and exploration is driving the growth of the oilfield chemicals market.
Key Industry Players
Major companies operating in the oilfield chemicals market report are Johnson Controls International plc, Daikin Industries Ltd., Lucky Goldstar Electronics Inc., Samsung Electronics Co. Ltd., Nortek Global HVAC LLC, Mitsubishi Electric Corporation, United Technologies Corporation, Addison HVAC LLC, Desert Aire LLC, DRI-Steem Corporation, Carrier Global Corporation, Trane Technologies plc, Price Industries Limited, Munters Corporation, Captive-Aire Systems Inc., JMA Wireless, SOLiD Technologies Inc., Radio Frequency Systems, HUBER+SUHNER AG, Cobham Wireless, Huawei Technologies Co. Ltd., Axell Wireless Ltd., TE Connectivity Ltd., Anritsu Corporation, Rosenberger Hochfrequenztechnik GmbH & Co. KG, Ingersoll Rand, Hitachi Automotive Systems, Curtiss-Wright Corporation, Kongsberg Automotive, Ficosa International S.A.,
The oilfield chemicals market report table of contents includes:
- Executive Summary
- Oilfield Chemicals Market Characteristics
- Oilfield Chemicals Market Trends And Strategies
- Oilfield Chemicals Market – Macro Economic Scenario
- Global Oilfield Chemicals Market Size and Growth
- Oilfield Chemicals Market Segmentation
- Oilfield Chemicals Market Regional And Country Analysis
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- Key Mergers And Acquisitions In The Oilfield Chemicals Market
- Oilfield Chemicals Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Oilfield Chemicals Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Oilfield Chemicals Market, Segmentation By Location, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Oilfield Chemicals Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: Johnson Controls International plc Financial Performance
Table 75: Daikin Industries Ltd. Financial Performance
Table 76: Lucky Goldstar Electronics Inc. Financial Performance
Table 77: Samsung Electronics Co. Ltd. Financial Performance
Table 78: Nortek Global HVAC LLC Financial Performance
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