Increasing demand for crude oil is driving the oilfield chemicals market

The global oilfield chemicals market is likely to showcase a growth of around 3% during the forecast period. This can be ascribed to the increasing demand for crude oil coupled with growing drilling and production activities in unconventional hydrocarbon reservoirs. Moreover, depleting easily accessible reservoirs is creating concern regarding maintaining oil productivity among the oil & gas companies, thereby creating demand for chemicals to provide ideal production conditions in the wellbore.

The global oilfield chemicals market is growing on account of the increasing complexity of drilling and production activities of crude oil due to the depletion of easily accessible reservoirs. Therefore, companies are increasing the consumption of chemicals to maintain the productivity of conventional wells. Also, depleting conventional reservoirs has shifted the oil & gas companies’ focus on unconventional reservoirs like shale and tight oil reservoirs. For instance, in 2018, shale oil production increased by around 29% in the Bakken, 40% in the Permian, and 15% in Eagle Ford fields in North America. Moreover, the presence of a large number of unconventional proved reserves is encouraging companies to focus more on unconventional reservoirs. Thereby, creating new opportunities for oilfield chemical manufacturers. This type of reservoir requires much higher attention compared to conventional ones, and as a result, requires a high amount of chemicals.

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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.

Moreover, corrosion inhibitors also hold a prominent position in the market and is likely to showcase substantial growth over the forecast period. Nowadays, oil & gas companies are drilling deeper to produce crude oil due to depleting easily accessible reservoirs. However, deeper wells contain more saline water which can provide harm to the equipment and component that are installed in the borehole. Therefore, to mitigate such situations, corrosion inhibitors are used.

Based on process, the market is categorized into drilling, production, cementing, and workover & completion. Among these, the production process accounted for a significant share of the market. This can be attributed to the consumption of a vast number of chemicals in large quantities. Further, in the last few years, the US has produced a record high crude oil resulting in more demand for production chemicals. Chemicals commonly used in production process include demulsifiers, corrosion inhibitors, water clarifiers, biocides, scale inhibitors, H2S scavengers, paraffin inhibitors, gas well foamers, rheology modifiers, and friction reducers, among others.

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For a better understanding of the market adoption of Oilfield Chemicals, the market is analyzed based on its worldwide presence in the countries such as 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). North America held a prominent share in the oilfield chemicals market during the historical period. As there is a rise in the drilling and production activities of shale oil & gas in the US thereby fueling the demand for chemicals in this region. However, the current government in the US is focusing on reducing oil production and relies more on crude oil import. This might affect the market the regional oilfield chemicals market.

Global Oilfield Chemicals Market Segmentation

Market Insight, by Type

• Demulsifiers
• Corrosion Inhibitors• Water Clarifiers• Biocides• Scale Inhibitors• H2S Scavenger• Paraffin Inhibitor• Gas Well Foamers• Rheology Modifiers• Friction Reducers• Others

Market Insight, by Application

• Inhibitors
• Coagulants and Flocculants• Biocides & Disinfectants• pH Adjusters and Stabilizers• Anti-Foaming Agents• Others

Market Insight, by Process

• Drilling
• Production• Cementing• Workover & Completion

Market Insight, by Region

• North America Oilfield Chemicals Market
  • United States
  • Canada
  • Rest of North America
• Europe Oilfield Chemicals Market
  • Russia
  • Norway
  • United Kingdom
  • Italy
  • Rest of Europe
• Asia-Pacific Oilfield Chemicals Market
  • China
  • India
  • Indonesia
  • Rest of Asia-Pacific
• Middle East & Africa Oilfield Chemicals Market
  • Saudi Arabia
  • UAE
  • Nigeria
  • Rest of MEA
• South America Oilfield Chemicals Market
  • Brazil
  • Argentina
  • Rest of South America

Top Company Profiles

• BASF SE
• The Lubrizol Corporation• Dow Inc.• Akzo Nobel N.V.• Solvay S.A.• Stepan Company• Schlumberger Limited• Halliburton Company• Clariant AG• Baker Hughes Company