Global Oilfield Chemicals Market Size to Reach USD 39.68 Billion by 2030, Driven by Rising Product Demand Across MEA, States Kings Research

DUBAI, UAE, Aug. 16, 2023 /PRNewswire/ -- As per a recent comprehensive study conducted by Kings Research, the Global Oilfield Chemicals Market was valued at USD 29.09 billion in 2022 and is estimated to generate USD 39.68 billion in revenue by 2030, recording a 4.05% CAGR through the forecast period 2023 to 2030. The demand for oilfield chemicals is primarily driven by increased oil production and exploration operations. Furthermore, the product demand is speculated to rise over the review timeframe as a result of enhanced oil and gas exploration and deep-water drilling activities.

Recently, the chemicals employed in oil fields have received a lot of attention since they help recover hydrocarbons, which offer substantial economic advantages. Moreover, oilfield chemicals play a crucial role in various applications, such as the utilization of petroleum-based lubricants and drilling fluids.

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Competitive Landscape

Manufacturing and selling their products directly to consumers or through independent vendors and distributors are the primary activities led by prominent players in the market. Therefore, joint ventures, mergers, and acquisitions are expected to contribute to increased local market penetration. Businesses are focusing on increasing their profit margins and taking advantage of economies of scale to attain a competitive edge in the market.

Prominent companies in the oilfield chemicals market are:

• Nouryon
• Ashland
• BASF SE
• Dow
• Chevron Phillips Chemical Company LLC.
• Halliburton Energy Services, Inc.
• SLB
• Solvay
• Baker Hughes Company
• Champion X

Trending Now: Dorf Ketal takes over Clariant's Oilfield Chemicals Business 

In April 2023, Dorf Ketal, one of the top providers of specialty products and services in the world, recently completed the acquisition of the North American Land Oil assets of Clariant. The two entities combined to form the subsidiary DK Energy Services LLC. In addition to manufacturing facilities in Midland, California, and Black Hills, Texas, the transaction includes a group of over 170 employees in North America, a technology portfolio of over 40 patent families, and above 2,000 chemical formulations for production, drilling, and stimulation.

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Market Segmentation

By Chemical Type

• Drilling & Cementing
• Well Stimulation
• Production
• Workover & Completion
• Enhanced Oil Recovery

Increasing Drilling & Cementing Activities to Boost Product Demand

The drilling & cementing segment is anticipated to observe steady progress at a CAGR of 4.62% over the forecast period. Oilfield chemicals are used for drilling and cementing to lower temperatures and keep products away from the drilling fluid system, which ultimately increases product demand.

In order to maintain hydrostatic pressure and clean the borehole, they are also employed as the drilling fluid. Additionally, increased drilling activity and technological developments are anticipated to boost product demand, contributing to the growth of the segment.

By Application

• Corrosion & Scale Inhibitor
• Demulsifier
• Biocide
• Polymer
• Surfactant
• Others

Corrosion & Scale Inhibitor to Gain Traction Due to its Several Advantages

The corrosion & scale inhibitor segment dominated the oilfield chemicals market in 2022 with a valuation of USD 10.7 billion and is anticipated to witness notable growth over 2023-2030. The application of oilfield chemicals brings significant advantages in mitigating costly equipment downtime caused by scale accumulation in oilfield water systems. This not only ensures system cleanliness but also reduces equipment shutdowns, which is driving the growth of the oilfield chemicals industry.

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Surging Petrochemical Demand to Fuel Oilfield Chemicals Market Development

Plastics, including polyethylene, polypropylene, and polystyrene, are among several products made from petrochemicals that are produced all over the world. Over the last few decades, demand for these plastics has grown dramatically, particularly in sectors with large end uses, such as food and other commercial product packaging.

Petrochemicals are anticipated to be the main driver of rising oil consumption during the projection period due to the rise in demand for petrochemical products. Chief oil-producing countries are aware of this development and are building petrochemical complexes to leverage the inexpensive raw materials at their disposal. The increasing purchasing power and improved quality of life in emerging economies are expected to bolster the demand for petrochemicals.

Rising Product Demand in MEA to Support Regional Oilfield Chemicals Market Growth

The MEA region dominated the market in 2022, accounting for a valuation of USD 10.63 billion, and is expected to grow rapidly throughout the projection period. As stakeholders seek to enhance the value of their brands, the demand for oilfield chemicals is anticipated to rise in the upcoming years. As end-use stakeholders require dependable suppliers to succeed in the rapidly growing market, businesses in the Middle East and Africa's oilfield chemicals market have partnered with them in a strategic manner.

Presently, there are 1,492.6 billion barrels of proven oil reserves accessible worldwide, according to annual figures from the Organization of the Petroleum Exporting Countries (OPEC). About 80% of these reserves are under OPEC's control. As a result, the demand for oilfield chemicals in the Middle East is anticipated to rise through the assessment timeline.

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Technological Advancements in North America to Contribute Significantly to Market Growth 

North America is expected to depict a 3.68% CAGR over the forecast period of 2023-2030. The oilfield chemicals market in the region has evolved into a well-established and mature industry, primarily due to its expanding applications in several sectors, such as workover & completion and production sectors.

Additionally, advancements in hydraulic fracturing and drilling techniques is expected to result in a rise in oil & gas activities, which likely to support the growth of the regional market. Additionally, drilling activities and technological advancements are anticipated to accelerate the growth of the regional market. Oil-based chemicals are anticipated to rise in the U.S. with the development of shale gas exploration and production.

Table of Content

1 Introduction of The Global Oilfield Chemicals Market

1.1 Market Definition

1.2 Market Segmentation

1.3 Research Timelines

1.4 Limitations

1.5 Assumptions

2 Executive Summary

3 Research Methodology

3.1 Data Collection

3.1.1 Secondary Sources

3.1.2 Primary Sources

3.1.3 Research Flow

3.2 Subject Matter Expert Advice

3.3 Quality Check

3.4 Final Review

3.5 Bottom-Up Approach

3.6 Top-down Approach

4 Global Oilfield Chemicals Market Outlook

4.1 Market Evolution

4.2 Overview

4.3 Market Dynamics

4.3.1 Drivers

4.3.2 Restraints

4.3.3 Opportunities

4.3.4 Challenges

4.4 Pricing Analysis

4.5 Porter's Five Forces Analysis

4.6 Value Chain Analysis

4.7 Macroeconomic Analysis

5 Impact of The Russia-Ukraine War

6 Global Oilfield Chemicals Market, By Application

7 Global Oilfield Chemicals Market, By Chemical Type

8 Global Oilfield Chemicals Market, By Geography

9 North America

10 Europe

11 Asia-Pacific

12 Middle East & Africa

13 Latin America

14 Global Oilfield Chemicals Market Competitive Landscape

15 Company Profiles

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SOURCE Kings Research