Oilfield Chemicals Market is projected to be valued at USD 46.2 Billion by 2025, expanding at a CAGR of 5.52%.
The Global Oilfield Chemicals Market is expected to witness healthy growth during the forecast period. This growth is due to the increasing demand for oil and petroleum-based products in various end-use industries such as automotive, consumer goods, aerospace, and electronics. Oilfield chemicals are used in all the stages of the oil & gas industry, including initial drilling of wells, production of oil and gas, and in all the aspects of maintenance of the oilfields, including storage of oil and natural gas in geological conditions. These chemicals are used to increase the output of the oil & gas extraction and increasing the working life of the oil & gas machines and structure. The increasing investments in exploration and production of unconventional resources due to growing concern regarding depleting conventional resources has increased the use of hydraulic fracturing technology in the oil and gas industry, this, in turn, is propelling the demand for oilfield chemicals.
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The Global Oilfield Chemicals Market has been segmented on the basis of type, application, and region.
On the basis of type, the market has been segregarted into inhibitors & scavengers, demulsifiers, friction reducers, rheology modifiers, surfactants, biocides, pour-point depressants, and others. The inhibitors & scavengers and demulsifiers segments collectively accounted for the highest market share of 71.4% in 2018 and expected to continue the trend in the coming years. Inhibitors and scavengers are further sub-segmented into corrosion inhibitors, paraffin inhibitors, asphaltene inhibitors, scale inhibitors, H2S scavengers, oxygen scavengers, and others. The corrosion inhibitors segment accounted for the largest share of 30.2% in 2018 due to increasing applications in the manufacturing of pipes, water tanks, and other equipment. The segment was valued at USD 4,268.6 million in 2018; it is expected to register a CAGR of 7.21% to reach USD 6,909.1 Million by the end of 2025.
The global oilfield chemicals market, by application, has been classified into upstream, downstream, and midstream. The upstream segment was valued at USD 15,665.8 million in 2018; it is expected to register a CAGR of 5.43% to reach USD 22,521.7 Million by the end of 2025. The upstream segment has been further sub-segmented into drilling, well stimulation, production chemicals, cementing, and workover & completion. The well stimulation segment accounted for the largest share in the upstream segment while drilling application is expected to register the fastest growth due to increasing investments in oil & gas exploration activities.
The Global Oilfield Chemicals Market, by region, has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
According to MRFR analysis, North American market held the largest share of 44.3% in 2018 and is expected to witness healthy growth due to the growth of the shale gas industry coupled with an increase in oil drilling activities in the region. The markets in Asia-Pacific and the Middle East & Africa are expected to witness significant growth during the review period on account of an increase in exploration and production activities and startup of new oil and gas production projects. The market in Europe is projected to witness moderate growth led by Russia, Germany, and the UK. The market in Latin American is expected to register a moderate CAGR owing to the increase in the spending on exploration and production activities by private and foreign companies in Brazil and Mexico
Market Research Future (MRFR) recognizes Royal Dutch Shell PLC (The Netherlands), Solvay (Belgium), Schlumberger Limited (US), BASF SE (Germany), Baker Hughes, a GE Company LLC (UK), Ideal Energy Solutions, LLC (US), Croda International PLC (UK), Albemarle Corporation (US), Halliburton (US), Clariant (US), Kemira (Finland), Nalco Champion (US), Stepan Company (US), The Lubrizol Corporation (US), Huntsman International LLC (US), and Ashland (US) as some to the prominent players in the global market.
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Key Findings of the Study:
- The Global Oilfield Chemicals Market is projected to reach over USD 46,168.8 Million by 2025 at a 52% CAGR during the review period of 2019 to 2025.
- North America accounted for the largest share of the global oilfield chemicals market with the US being the leading market in the region.
- The inhibitors & scavengers followed by demulsifiers segment is projected to dominate the market during the forecast period.