Oil Field Chemicals Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028, 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

Global Oil Field Chemicals Market is expected to witness significant growth in the coming years due to deployment of advanced unconventional oil recovery methods. Oil and Gas Industry is known for its volatility since the inception of the first hydrocarbon discovery in Pennsylvania. Crude being a highly volatile substance reflects, how volatile this industry can be. Oil and gas Industry possess massive potential whose end use cannot be easily determined as crude itself is a significant raw material to almost all the chemicals which are manufactured and utilized across broad range of applications that are useful in daily lives.

Oil and Gas Industry is broadly categorized in two major segments which is Upstream and Downstream. Upstream Industry deals with the processes which begins from the discovery of hydrocarbon producing blocks to successful production of crude Oil from underground reservoirs. Whereas Downstream Segment ensures that raw crude oil is properly segregated and refined for the final consumption by end user industries.

From the Investor perspective, it becomes paramount to optimize the cash flow at each node of various operations running under upstream and downstream segments. So huge amount of capital is invested by the industry players to regulate the cashflow in the entire hydrocarbon value chain. Production tools, recovery techniques, drilling technologies, and oil field chemicals are the basic minimum requirements which are consumed at their best limits to generate larger profits. Thus, oil field chemicals have huge impact on oil fields and refineries facilitate the production without damaging any adjoining processes  from drilling an oil well to refining by the downstream companies. Its specific usage in operations like drilling, production, workover, cementing, completion, EOR, etc. has made the overall market more investible.

Paradigm Shift Towards Local Manufacturing

Countries across the globe are witnessing rapid development in the local manufacturing of oil field chemicals, linked with the incentivized schemes framed by the government and setup of new manufacturing plants by major oil field chemical companies. Increased production of Oil field chemicals would  aid in reducing the cost associated with the supply chain and maintenance thereby ensuring ease accessibility of oil field chemicals in various onshore and offshore oil and gas developmental activities. The Upstream Investment plans in OPEC has significantly increased in 2020 compared to 2019. In 2019, the upstream investment plans stood at around USD30 billion, which increased to around USD36.5 billion in 2020. With rising upstream investments in the OPEC region, the upstream activities are anticipated to increase, resulting in creating more demand for oilfield chemicals in the region over the course of next five years.

Rise of Oil Exploration and Production Activities Will Drive Market Growth

The market is driven by the increase in oil exploration and production activities, which in turn fuels demand for sophisticated drilling fluids, oilfield chemicals, deep-water and ultra-deep-water drilling projects, and the rapid development of shale oil and gas drilling and production. 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.

Incorporating Unconventional Techniques to Extract Oil from Tight Fields

Conventional methods to produce oil might work normally in a field where natural energy of the reservoir is sufficient to pull out oil from the earth against high temperature and pressure conditions. However, , those methods are obsolete and needs an improvisation as most of the fields are profitable. Oil and gas assets demand advanced techniques to be deployed to have most of the recoverable oil for further sale to oil refiners. The E&P companies operating in Oil producing countries are switching to new and emerging production techniques, such as hydraulic fracturing, EOR, etc. which is pushing the use of specialty oilfield chemicals as  lot of chemical assistance is required for oil and gas extraction through these techniques, thus resulting in boosting demand for oil filed chemicals and driving the growth of Global Oil Field Chemicals.

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Market Segmentation

Global Oil Field Chemicals Market is segmented based on application, oil field type, type, company, and regional distribution. Based on Application Drilling & Cementing, Production, Completion, Midstream & Downstream and Enhance Oil Recovery. Based on the Oil Field Type, the market is divided into Onshore and Offshore. By Type the market is further fragmented into Commodity Oil Field Chemicals, Specialty Oil Field Chemicals. The market analysis also studies the regional segmentation divided among the Middle East & African region, North American region, European region, South American region, and Asia-Pacific region.

Company Profiles

Saudi Arabian Oil Company (Saudi Aramco), PJSC Rosneft Oil Company, Kuwait Petroleum Corporation, National Iranian Oil Company, China National Petroleum Company, ExxonMobil Corporation, Petróleo Brasileiro S.A, Abu Dhabi National Oil Company, Chevron Corporation, Petroleos Mexicanos, are among the major market players in the Global Oil Field Chemicals market.

Report Scope:

In this report, Global Oil Field Chemicals Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

·         Oil Field Chemicals Market, By Application:

o   Drilling and Cementing

o   Production

o   Completion

o   Midstream & Downstream

o   Enhance Oil Recovery

o   Others

·         Oil Field Chemicals Market, By Oil Field Type:  

• Onshore
• Offshore

·         Oil Field Chemicals Market, By Type:  

• Commodity Oil Field Chemicals
• Specialty Oil Field Chemicals

·         Oil Field Chemicals Market, By Region:

• Middle East & Africa
• Saudi Arabia
• Iraq
• United Arab Emirates
• Kuwait
• Iran

o   North America

• USA
• Canada
• Mexico
• Europe
• Russia
• Norway
• United Kingdom
• South America
• Brazil
• Colombia
• Venezuela
• Argentina
• Asia-Pacific
• China
• Indonesia
• India
• Malaysia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Global Oil Field Chemicals Market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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