Oil field Chemicals Market is expected to grow at a CAGR of 3.97% throuhg 2030
Objective to enhance
Hydrocarbon recovery by deploying optimized production techniques that requires
optimal usage in Oil field chemicals from onshore and offshore oil fields is
driving the growth in Global Oil Field Chemicals market in the forecast period,
2026-2030.
According to TechSci Research
report, “Oil Field Chemicals
Market - Global Industry Size, Share, Trends, Competition, Forecast &
Opportunities, 2020-2030F”, the Global Oil Field Chemicals Market was valued at USD 19.48 Billion in 2024 and is expected to reach USD 24.35 Billion by 2030 with a CAGR of 3.97%. With the rise in the difficulties in the extraction of hydrocarbon from
unconventional oil fields, Companies have started deploying new techniques that
can enhance crude production from the fields that are difficult to exploit by
executing an economical plan from the exploration till abandonment of oil well.
With the increasing prospects of finding the avenues that has potential to
generate crude in commercially viable quantity and consumption of oil field
chemicals is blooming the growth of Global Oil Field Chemicals Market.
The COVID-19 effect has
been detrimental to organizations operating in the global oil & gas
industry, especially oil field chemicals manufacturers, in terms of both
top-line and bottom-line growth. To maintain the demand-supply balance in 2020,
most upstream firms are projected to reduce their production from 30% to 25%. While
the outbreak has an influence on the
demand for petroleum products, disruptions in the business cycles of the entire
value chain of oil field chemical firms are negatively affecting the supply of
the product. The world's oil industry has reached a difficult period. The
drilling and cementing segment is expected to dominate the market for the
global oilfield chemicals due to the thousands of drilling rigs present around
the world, rising crude oil production each year to meet the rising demand to
meet the energy requirement, and the use of both organic and inorganic base
chemicals. Oilfield chemicals in the drilling segment maintain temperature and
stop contaminated goods from getting into the drilling fluid system.
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Global
Oil Field Chemicals market is segmented into application, oil field type, type
competitive landscape, and region.
Based on the oil field type, the onshore segment dominates the Oil Field Chemicals market due to its large number of operational wells, lower exploration and production costs compared to offshore fields, and ease of accessibility for chemical deployment. Onshore oil fields allow faster and more efficient transportation, storage, and application of drilling fluids, corrosion inhibitors, biocides, and other specialty chemicals, leading to optimized production processes. Many mature onshore fields require enhanced oil recovery (EOR) techniques, driving consistent demand for advanced oil field chemicals. The expansion of shale oil and gas exploration, particularly in regions such as North America, the Middle East, and Asia-Pacific, further supports the strong market share of the onshore segment over the forecast period.
Major
market players operating in the Global Oil Field Chemicals market are:
- Chevron Phillips Chemical Company LLC.
- BASF SE
- Schlumberger Limited
- Halliburton Company
- Baker Hughes Company
- Clariant AG
- Dow Inc.
- Nalco Champion (a subsidiary of Ecolab)
- Solvay S.A.
- Ashland Global Holdings Inc
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“Pricing of Crude Oil and
Natural Gas is a significant concern for the companies that operates in Oil
Field Chemicals Market. The upswing in the price is the major cause for decline
and rebound of Global Oil Field Chemicals Market as surge in the international
prices of crude creates unmeasurable volatility which affects market stability
and trade of oil field chemicals suppliers by wider limits. With
rising upstream investments in the OPEC region,
are anticipated to increase upstream activities, resulting in creating
more demand for oilfield chemicals in the region over the course of next five
years.” said Mr. Karan Chechi, Research Director of TechSci Research, a
research based global management consulting firm.
“Oil Field Chemicals Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, Segmented By Application (Drilling & Cementing, Production, Completion, Midstream & Downstream and Enhance Oil Recovery), By Oil Field Type (Onshore, Offshore), By Type (Commodity Oil Field Chemicals, Specialty Oil Field Chemicals), By Region, and Competition, 2020-2030F”, has evaluated the future
growth potential of Global Oil Field Chemicals market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Oil Field Chemicals market.
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