Oilfield chemicals play an important role across the upstream processes ranging from drilling to production and stimulation to workover. Over the years, the demand for crude oil has increased significantly, from 21.4 million barrels/day in 1960 to around 91 million barrels/day in the middle of the last decade and is expected to surpass pre-pandemic levels reaching 101.6 million barrels/day by 2023. Therefore, to tackle the growing demand more exploration and production activities would be required which eventually result in more demand for demulsifiers, inhibitors, water clarifiers, biocides, and modifiers to name a few. Moreover, over the years, the world has exploited the oil reservoirs resulting in degradation in reservoirs as a result more advanced technologies are used for crude oil production. This, in turn, promotes the consumption of several oilfield chemicals which helps in maintaining the ideal conditions in the oil well.
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According to UnivDatos Market Insights (UMI)’ research report “Global Oilfield Chemicals Market”, the market is expected to showcase a growth of around 3% during the forecast period. Increasing exploration of unconventional hydrocarbon reservoirs, rising demand for crude oil, and increasing operational complexity are some of the key attributable factors to the growth of the market
Based on type, the market is categorized into demulsifiers, corrosion inhibitors, water clarifiers, biocides, scale inhibitors, H2S scavengers, paraffin inhibitors, gas well foamers, rheology modifiers, friction reducers, and others. Among these, demulsifiers accounted for a significant share of the global oilfield chemicals market. During the crude oil production process, oil and water are mixed with each other thereby creating an emulsion due to a number of factors. This creates an undesirable situation because, before crude oil refining, the oil needs to be water-free as much as possible. A large amount of oil is produced on daily basis, thus a large amount of demulsifiers are used to break the oil-water emulsion.
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Based on application, the market is categorized into inhibitors, coagulants and flocculants, biocides & disinfectants, pH adjusters and stabilizers, anti-foaming agents, and others. Among these, inhibitors accounted for a substantial share in the global oilfield chemicals market. A large number of inhibitors are used during the overall upstream process including corrosion inhibitors, scale inhibitors, and paraffin inhibitors to name a few. Corrosion inhibitor is one of the widely consumed chemicals in the production process, as it helps by protecting iron and steel components in the wellbore and treating equipment from the corrosive treating fluid.
North America accounted for a considerable share of the oilfield chemicals market
The North American region held a considerable position in the market owing to a large number of oil reservoirs and growing exploration & production activities mainly in the US and Canada. In the last several years the oil production activity in countries like the US has increased significantly owing to a large number of fracturing activities in the country and huge investments in technology during the early stages of demand. Further, improving per-capita income and disposable income is encouraging consumers to purchase large numbers of products, thereby increasing the demand for oil-based raw materials. In addition, the governments in several countries are helping the industry in expansion by providing subsidies and creating policies, for instance, US Intangible Drilling Costs Deduction (26 U.S. Code § 263. Active) provision. This provision allows companies to deduct a majority of the costs incurred from drilling new wells domestically. In its analysis of President Trump’s Fiscal Year 2017 Budget Proposal, the Joint Committee on Taxation (JCT) estimated that eliminating tax breaks for intangible drilling costs would generate $1.59 billion in revenue in 2017 or $13 billion in the next ten years. All these factors directly or indirectly increase the overall oil & gas industry including oilfield chemicals.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global Oilfield Chemicals market include BASF SE, The Lubrizol Corporation, Dow Inc., Akzo Nobel N.V., Solvay S.A., Stephan Company, Schlumberger Limited, Halliburton Company, Clariant AG, and Baker Hughes Company. These companies are taking several strategic decisions to meet the growing demand and increase their market share.
“Global Oilfield Chemicals Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Market Segmentation:
- By Type (Demulsifiers, Corrosion Inhibitors, Water Clarifiers, Biocides, Scale Inhibitors, H2S Scavengers, Paraffin Inhibitors, Gas Well Foamers, Rheology Modifiers, Friction Reducers, and Others)
- By Application (Inhibitors, Coagulants and Flocculants, Biocides & Disinfectants, ph Adjusters and Stabilizers, Anti-Foaming Agents, and Others)
- By Process (Drilling, Production, Cementing, and Workover & Completion)
- By Region (North America (US, Canada, Rest of North America), Europe (Russia, Norway, UK, Italy, and Rest of Europe), Asia-Pacific (China, India, Indonesia, Rest of Asia-Pacific), Middle East & Africa (Saudi Arabia, UAE, Nigeria, and Rest of Middle East & Africa), and South America (Brazil, Argentina, and Rest of South America))
- By Company (BASF SE, The Lubrizol Corporation, Dow Inc., Akzo Nobel N.V., Solvay S.A., Stephan Company, Schlumberger Limited, Halliburton Company, Clariant AG, and Baker Hughes Company)
Key questions answered in the study:
- What are the current and future trends of the global oilfield chemicals industry?
- How the industry has been evolving in terms of type, application, and process?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the global oilfield chemicals industry?
- What are the customer orientation, purchase behavior, and expectations from the global oilfield chemicals suppliers across various region and countries?