According to The Insight Partners market research study titled "Global Oilfield Chemicals Market to 2027 by Type (Polymers, Corrosion and Scale Inhibitors, Demulsifiers, Surfactants, Gallants and Viscosifiers, Others), Applications (Drilling, Cementing, Enhanced Oil Recovery, Production Chemicals, Well Stimulation, Workover and Completion), and Geography". The global oilfield chemicals market is expected to reach US$ 43,685.6 Mn in 2027 from US$ 29,120.0 Mn in 2018. The market is estimated to grow with a CAGR of 4.7% from 2019-2027. The report highlights the trends prevalent in the global oilfield chemicals market and the factors driving the market along with those that act as deterrents to its growth.
Strategic Insights
| Report Coverage | Details |
| Market Size Value in | US$ 29,120.0 Million in 2018 |
| Market Size Value by | US$ 43,685.6 Million by 2027 |
| Growth rate | CAGR of 4.7% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
| No. of Pages | 148 |
| No. Tables | 90 |
| No. of Charts & Figures | 65 |
| Historical data available | Yes |
| Segments covered | Type , Application , and Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Global oilfield chemicals market, based on the type, was segmented as, polymers, corrosion and scale inhibitors, demulsifiers, surfactants, gellants and Viscosifiers, others. In 2018, polymers held the largest share of the market, by type. However, the demulsifiers segment is anticipated to grow at a significant rate during the forecast period. The demulsifiers have properties to treat emulsions under conditions such as short residence times, high turbulence, high solid loadings, low temperature, and high water content these factors are anticipated to lead to the growth of the segment during the forecast period.
Growth in oil exploration & production activities is expected to contribute significantly in the growth of global oilfield chemicals market.
The market for oilfield chemicals is expected to grow, owing to factors such as growth in oil exploration & production activities, increasing demand for advanced drilling fluids are boosting the oilfield chemicals market. However, crude oil price fluctuations are hindering the market for same in the current scenario.
Asia Pacific is the highest growing geographic market and is expected to be the most significant revenue contributor throughout the forecast period. The region is witnessing growth owing to the presence of well-established players in this region. The growth is driven by factors such as the government initiatives to promote crude oil exploration activities along with strategic alliances between countries to promote oil exploration. Furthermore, rising demand for petroleum-based fuel from the transportation industry is projected to boost the demand for Oilfield Chemical products in this region.
Impact of COVID-19 on Oilfield Chemicals Market:
The COVID-19 pandemic originated in Wuhan (China) in December 2019, and since then, it has spread across the globe at a fast pace. The US, Brazil, India, Russia, Italy, China, Spain, France, and Germany are among the worst-affected countries in terms of confirmed cases and reported deaths as of June 2020. The pandemic has affected economies and industries due to enforced lockdowns, travel bans, and business shutdowns. Chemical and materials is one of the world’s major industries facing serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. The global economic break down due to COVID-19 is also affecting the growth of the Oilfield Chemicals Market growth due to shutting down of factories and obstacles in supply chain.
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Oilfield Chemicals Market - Product and services Insights
The global oilfield chemicals market by type was led by polymers. In 2018, the segment held the largest market share in the global oilfield chemicals. However, the demulsifiers segment is also expected to witness growth at a significant rate during the forecast period as the process maintains the physical structure of the food product and preserves it for rehydration, these products can be reconstituted quickly and easily by adding water.
Oilfield Chemicals Market: Competitive Landscape and Key Developments
The major players operating in the oilfield chemicals market include Akzo Nobel N.V., Albemarle Corporation, Baker Hughes, BASF SE, Ecolab, Halliburton, Newpark Resources Inc., Schlumberger Ltd., Solvay, and The Lubrizol Corporation. The market has witnessed various growth strategies during recent years in the oilfield chemicals market. During 2019, The Upstream Energy business operates within Ecolab’s Energy segment and consists of the Oil Field Chemicals production business and the WellChem drilling and well completion chemistry business. Ecolab intends to retain the downstream business, which helps refineries and petrochemical plants. The separation performance is expected to be tax-free spin-off to U.S. shareholders for U.S. federal income tax purposes.
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