According to the report by Expert Market Research (EMR), the Global Oilfield Chemicals Market Size is projected to grow at a CAGR of 4.4% between 2023 and 2028. Aided by the growth in oil and gas exploration activities across the world, and the increase in drilling activities, the market is expected to grow significantly by 2028.
Oilfield chemicals refer to a class of compounds that are used extensively in the oil and gas industry to enhance the extraction operations. These chemicals are used during various stages of oil extraction, such as drilling, production, stimulation, enhanced oil recovery, and in oil well cementing operations. Oilfield chemicals such as corrosion inhibitors, demulsifiers, biocides, and surfactants, among others, play a vital role in improving the efficiency of the drilling process, reducing equipment corrosion, maintaining fluid purity, and enhancing the oil recovery process.
The growing global demand for energy is one of the primary drivers propelling the global oilfield chemicals market growth. With the increasing global population and industrialisation, there has been a surge in energy requirements, leading to a significant boost in the oil and gas industry. This has directly impacted the demand for oilfield chemicals, which are critical in optimising the extraction and production processes.
Furthermore, the rising complexity in oil extraction due to challenging environmental conditions, such as high temperature, high pressure, and remote locations, has contributed to the increased usage of oilfield chemicals, thus accelerating the oilfield chemicals market growth. For instance, in deepwater drilling operations, these chemicals are essential for maintaining the stability of the wellbore, controlling pressure, and preventing the formation damage.
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The burgeoning shale gas exploration activities, particularly in North America, have also led to a heightened demand for oilfield chemicals, promoting the oilfield chemicals market expansion. The unconventional nature of shale gas extraction requires a higher volume of chemicals for hydraulic fracturing and horizontal drilling processes.
Moreover, the advancements in chemical technologies have facilitated the development of more effective and environmentally friendly oilfield chemicals, thus boosting the oilfield chemicals market development. These advancements have not only improved the efficiency of oil and gas extraction but have also helped companies meet the stringent environmental regulations pertaining to oil and gas operations.
Oilfield Chemicals Market Segmentation
The market can be divided based on product, application, location, and region.
Market Breakup by Product
- Inhibitors
- Demulsifiers
- Rheology Modifiers
- Friction Reducers
- Biocides
- Surfactants
- Foamers
- Others
Market Breakup by Application
- Drilling
- Production
- Cementing
- Workover and Completion
Market Breakup by Location
- Onshore
- Offshore
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global oilfield chemicals companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Halliburton Company
- Kraton Corporation
- Solvay SA
- BASF SE
- Clariant International Ltd.
- NuGenTec LLC
- Others
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