Global Oilfield Chemicals Market Growth, Trends, and Forecasts 2022-2027 - Drilling & Cementing Application to Dominate the Market - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Oilfield Chemicals Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.

The oilfield chemicals market is expected to register a CAGR of over 4% during 2022-2027

This market is driven by a number of factors, such as increasing shale gas exploration and production. The opening of new horizons, due to deep-water drilling operations, is likely to act as key major opportunities for the oilfield chemicals market.

Key Highlights

• Rising demand for petroleum-based fuel from the transportation industry is expected to drive the demand for the market, during the forecast period.
• There has been a downfall in consumption over the past year due to COVID-19, but it has again starting to rise due to uplifting of restrictions worldwide.
• Clean energy initiatives are likely to hinder the market growth.
• Production opportunities provided by developing countries is projected to act as an opportunity for the market, in the future.
• Chemical Enhanced Oil Recovery (EOR) has been adjudged as an efficient oil recovery technique to recover bypassed oil and residual oil trapped in the reservoir. This EOR method relies on the injection of chemicals to boost oil recovery. ?

Key Market Trends

Drilling & Cementing Application to Dominate the Market

• In the drilling segment, oilfield chemicals are used to stabilize temperature and prevent contaminated products from entering the drilling fluid system.
• They are also added as additives to the drilling fluids used to maintain the hydrostatic pressure and clear the wellbore from cuttings. The rise in the deep-water drilling activities is expected to drive the oilfield chemicals market in the future.
• The rise in the deep-water drilling activities is expected to drive the oilfield chemicals market in the future.
• According to U.S. Energy Administration(EIA), in 2021, U.S. dry shale gas production was 75 billion cubic feet per day while in 2019 it was around 70 billion cubic feet per day. This is leading to a significant rise of about 7% between the same period. This upward trend tends to increase as the population is shifting more towards usage of natural shale gas.
• Additionally, the huge demand for technologically advanced cementing products, such as Selvol Polyvinyl Alcohol having non-ionic and low-viscous properties, is expected to open up opportunities in the oilfield chemicals market.

North America to Dominate the Market

• The North American region dominates the global oilfield chemicals market, due to the increased emphasis on shale gas production and exploration in the region.
• The shale gas production has been increasing exceptionally over the recent years, and owing to increasing demand from the major developing economies of North America, the demand for natural gas is expected to rise over the forecast period.
• As per Canadian Association of Petroleum Producers (CAPP), the annual revenue generated from upstream oil and natural gas in Canada from 2018-2020 is $209 billion.
• The crude oil production in 2020 was 4,467 thousands of barrels per day while it increased to 4,677 thousands of barrels per day in 2021 and is estimated at 5,855 thousands of barrels per day in forecast period till 2035.
• According to U.S. Energy Information Administration (EIA), In 2020, the United States natural gas production reached 34.4 trillion cubic feet (Tcf). The United States accounts for the major share in North America, mainly owing to the boom in the shale gas industry, advancements in technologies, and increasing oil exports.
• According to Energy Shale Gas Production, the total natural gas production is projected to contribute 30% and more than 75% in Canada & Mexico, respectively by 2040.
• All such factors are expected to drive the growth of the oil and gas industry in North America, which is further expected to increase the demand for the oilfield stimulation chemicals market.

Competitive Landscape

• Albemarle Corporation
• Ashland
• Baker Hughes Company
• BASF SE
• CES Energy Solutions Corp.
• Clariant
• Croda International Plc
• Chevron Phillips Chemical Company (Drilling Specialties Company)
• Dow
• ELEMENTIS PLC
• Flotek Industries, Inc.
• Halliburton
• Huntsman International LLC
• Innospec Oilfield Services
• Kemira
• MPRC
• Ecolab (NALCO Champion)
• Nouryon
• Schlumberger Limited
• Solvay
• The Lubrizol Corporation
• Zirax Limited 

   

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