Global Oilfield Chemicals Market was valued at USD 28.11 billion in 2019 which is expected to reach USD 35.88 billion by 2027 at a CAGR 5.2%.
Oilfield chemicals are the specialty chemicals which are used in oil & gas industry to enhance the oil extraction process. These chemicals are utilized for corrosion protection, drilling optimization, improving oil recovery, preventing mud loss, stabilizing the drilling fluid at different temperature and pressure as well as to achieve optimum performance. Oilfield chemicals play essential role in various stages of oilfields such as upstream, midstream, and downstream.
Increase in oil & gas exploration activities across the global is the key driving factor which is expected to boost the global oilfield chemicals market growth. Furthermore, increase in demand for oilfield chemicals will have the positive impact on growth of global oilfield chemicals market growth. Enhancing productivity and optimizing costs are the benefits of oilfield chemicals will increases the demand for oilfield chemicals during this forecast period. Moreover, increase in product launches activities will fuel the growth of oilfield chemicals market. For instance, in April 2020, Sasol had launched cost effective product series TERRAVIS PI for oil and gas market across the world. TERRAVIS PI is used to improve the flowability of crude oil, reducing solvent, utility, insulation and mechanical removal costs.
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However, stringent rules and regulations is the restraining factor which is expected to hamper the global oilfield chemicals market growth.
Global Oilfield Chemicals Market is segmented into chemical type such as Surfactant, Polymer, Demulsifier, Corrosion & Scale Inhibitor, Biocide, and Others. Further market is segmented into application such as Workover & Completion, Well Stimulation, Drilling & Cementing, Production, and Enhanced Oil Recovery.
Also, Global Oilfield Chemicals industry is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key players are discussed in this report such as Champion Technologies, Stepan Company, REDA Oilfield, Imperial Oilfield Chemicals Pvt. Ltd., Universal Oil Field Chemicals Pvt. Ltd., Chemcon Specialty Chemicals Pvt. Ltd. Clariant AG, Kemira Oyj, and Huntsman Corporation
By Chemical Type
- Corrosion & Scale Inhibitor
- Workover & Completion
- Well Stimulation
- Drilling & Cementing
- Enhanced Oil Recovery
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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