Upsurge in Oil and Gas Exploration Activities Drives Global Oilfield Chemicals Market
According to our latest market study titled “Oilfield Chemicals Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Polymers, Corrosion and Scale Inhibitors, Demulsifiers, Surfactants, Gallants and Viscosifiers, and Others), Application (Drilling, Cementing, Enhanced Oil Recovery, Production Chemicals, Well Stimulation, and Workover and Completion), and Geography,” the oilfield chemicals market is projected to reach US$ 47.92 billion by 2028 from US$ 33.05 billion in 2022. It is expected to grow at a CAGR of 4.8% during 2022–2028. The report highlights key factors fueling the market growth and prominent players along with their key developments in the market.
Oilfield chemicals are utilized in drilling, oil recovery, and exploration activities. The government bodies across various countries have been promoting oil and gas exploration activities to meet the rising demand for crude oil and fuel (i.e., petroleum and diesel). According to the National Investment Promotion & Facilitation Agency, India planned to increase its oil refining capacity two times (i.e., 450 MT) from 2022 to 2032. This strategy to cater the growing domestic demand for fuel and meet the surging need from the export market is leading to the discovery of new oil & natural gas reserves across the globe. For instance, Oman declared the discovery of crude oil reserve in 2022 that is projected to increase the production by 100,000 barrels. These factors are expected to fuel the oilfield chemicals demand in the near future. According to the Embassy of the Kingdom of Saudi Arabia, in 2022, Saudi Arabia released the support plan for Yemen, providing the grant of oil shipments worth US$ 200 million. Moreover, in 2022, the state oil company Aramco of Saudi Arabia, increased the investment by 50% and also planned to increase the production of gas by more than 50% by 2030. Therefore, the discovery of crude oil reserves in aforementioned countries, coupled with rising investment, is anticipated to drive the demand for oilfield chemicals.
Lucrative Regional Oilfield Chemicals Markets
Oilfield Chemicals Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
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Oilfield Chemicals Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Polymers, Corrosion and Scale Inhibitors, Demulsifiers, Surfactants, Gallants and Viscosifiers, and Others), Application (Drilling, Cementing, Enhanced Oil Recovery, Production Chemicals, Well Stimulation, and Workover and Completion), and Geography (North America, Europe, Asia Pacific, and South and Central America)
Oilfield Chemicals Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
Download Free SampleOilfield Chemicals Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Polymers, Corrosion and Scale Inhibitors, Demulsifiers, Surfactants, Gallants and Viscosifiers, and Others), Application (Drilling, Cementing, Enhanced Oil Recovery, Production Chemicals, Well Stimulation, and Workover and Completion), and Geography (North America, Europe, Asia Pacific, and South and Central America)
SMC Oilfield Chemicals, Clariant AG, Solvay SA, Kraton Corporation, BASF SE, Albemarle Corporation, DowDuPont Inc., Kemira Oyj, Chevron Phillips Chemical Company LLC., and Nouryon Chemicals Holding BV are among the key players in the oilfield chemicals market.
Impact of COVID-19 Pandemic on Oilfield Chemicals Market
Economic slowdown caused by the COVID-19 pandemic led to deceleration of the progress of this industry in 2020, restraining the demand for oilfield chemicals. However, businesses gained ground in late 2021 with relaxations in previously imposed social restrictions in various countries. The global oilfield chemicals market has recovered post pandemic from the losses as the governments globally announced relaxation in the restrictions. The introduction of COVID-19 vaccines and mass vaccination campaigns by governments of different countries further eased situations, creating favorable conditions for business activities worldwide. This led to the revival of oil & gas and transportation industries, as well as exploration activities, in turn, triggering the demand for oilfield chemicals. Moreover, relaxation in travel and tourism restrictions led to the rise in the demand for crude oil, fuel and gas during the post-pandemic recovery period. The global oilfield chemicals market players sought more investment opportunities as oilfield chemicals business gained momentum in stable and emerging economies, thereby providing the impetus for market growth.
The "Global Oilfield Chemicals Market Analysis to 2028" is a specialized and in-depth study of the chemicals and materials industry, focusing on the oilfield chemicals market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The oilfield chemicals industry is segmented on the basis of type and application. Based on type, the market is further segmented into polymers, corrosion and scale inhibitors, demulsifiers, surfactants, gallants and viscosifiers, and others. In terms of application, the global market is categorized into drilling, cementing, enhanced oil recovery, production chemicals, well stimulation, and workover and completion.
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