Oilfield Chemicals Market: Current Analysis and Forecast (2021-2027)
$4999 – $8699
Emphasis on Type (Demulsifiers, Corrosion Inhibitors, Water Clarifiers, Biocides, Scale Inhibitors, H2S Scavengers, Paraffin Inhibitors, Gas Well Foamers, Rheology Modifiers, Friction Reducers, and Others); Application (Inhibitors, Coagulants and Flocculants, Biocides & Disinfectants, ph Adjusters and Stabilizers, Anti-Foaming Agents, and Others); Process (Drilling, Production, Cementing, and Workover & Completion); and Region and Country
The Global Oilfield Chemicals Market is likely to showcase a growth of around 3% during the forecast period. 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.
Some of 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.
Insights Presented in the Report
“Amongst type, demulsifiers held a prominent share in the market in 2020”
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.
“Amongst application, inhibitors accounted for a significant share in 2020”
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 in the global oilfield chemicals market”
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.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive country-level analysis of the industry
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|1.4.||Currency used in Report|
|2.1.||Research Process of the Oilfields Chemicals Market|
|2.2.||Research Methodology of the Oilfields Chemicals Market|
|2.5.||Main Objective of the Oilfields Chemicals Market Study|
|5||GLOBAL OILFIELDS CHEMICALS MARKET COVID-19 IMPACT|
|6||GLOBAL OILFIELDS CHEMICALS MARKET REVENUE (USD MN), 2019-2027F|
|7.8.||Gas Well Foamers|
|8.2.||Coagulants and Flocculants|
|8.3.||Biocides & Disinfectants|
|8.4.||pH Adjusters and Stabilizers|
|9.4.||Workover & Completion|
|10.1.||North America Oilfields Chemicals Market|
|10.1.3.||Rest of North America|
|10.2.||Europe Oilfields Chemicals Market|
|10.2.4.||Rest of Europe|
|10.3.||Asia-Pacific Oilfields Chemicals Market|
|10.3.4.||Rest of Asia-Pacific|
|10.4.||Middle East & Africa Oilfields Chemicals Market|
|10.4.4.||Rest of Middle East & Africa|
|10.5.||South America Oilfields Chemicals Market|
|10.5.3.||Rest of South America|
|12||OILFIELDS CHEMICALS MARKET OPPORTUNITIES|
|13||OILFIELDS CHEMICALS MARKET TRENDS|
|14||LEGAL & REGULATORY FRAMEWORK|
|15.1.||Demand Side Analysis|
|15.2.||Supply Side Analysis|
|15.2.1.||Top Product Launches|
|15.2.2.||Top Business Partnerships|
|15.2.3.||Top Business Expansions, Investments, and Divestitures|
|15.2.4.||Top Merger and Acquisitions|
|16||VALUE CHAIN ANALYSIS|
|17.1.||Porters Fiver Forces Analysis|
|17.1.1.||Bargaining Power of Buyer|
|17.1.2.||Bargaining Power of Supplier|
|17.1.3.||Intensity of Rivalry|
|17.1.4.||Threats of New Entrant|
|17.1.5.||Threat of Substitute|
|18.2.||The Lubrizol Corporation|
|18.4.||Akzo Nobel N.V.|
|18.10.||Baker Hughes Company|
Research Methodology for Global Oilfield Chemicals Market Analysis (2019-2027)
Analyzing the historical market, estimating the current market, and forecasting the future market of oilfield chemicals, three major steps are undertaken to create and analyze its adoption across the globe. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the oilfield chemicals industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of oilfield chemicals through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the oilfield chemicals market, we conducted a detailed secondary analysis to gather current market insights and share for different segments & sub-segments for major regions. The major segment is included in the report by type, application, and process. Further regional and country-level analyses were conducted to evaluate the overall adoption of oilfield chemicals globally.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of oilfield chemicals. Further, we conducted factor analysis using dependent and independent variables such as the drilling and exploration activities and shifting focus on renewable energy. A thorough analysis was conducted for demand and supply-side scenarios considering an increasing investment, top partnerships, mergers and acquisitions, business expansion, and product launches in the Oilfield Chemicals industry.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Oilfield Chemicals market, and market shares of each segment. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the bottom-up approach were applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of oilfield chemicals across the major markets
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the oilfield chemicals market. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants by Stakeholders and Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Oilfield Chemicals market. Data was split into several segments & sub-segments post studying various parameters and trends in the area of the type, application, and process.
The main objective of the Oilfield Chemicals market study
The current & future market trends of global oilfield chemicals were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of oilfield chemicals in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segment in the study include the area of type, application, and process
- Defined analysis of the regulatory framework for the oilfield chemicals industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of oilfield chemicals for the major countries
- Major regions/countries analyzed in the report include 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)
- Company profiles of the oilfield chemicals market players and the growth strategies adopted by them to sustain in the growing market
- Deep dive country-level analysis of the industry