Oilfield Chemicals Market to reach US$ 94,069.7 million by 2027 in terms of revenue over the forecast period

Posted February 1, 2022 by neha_s

Oilfield chemicals enable the production of oil & gas and make it more efficient.
Oilfield chemicals enable the production of oil & gas and make it more efficient. Various chemicals are used at diverse stages of process, starting from the borehole drilling, to stimulation and production, and finally to the closing of the borehole. Organic and inorganic, both chemicals are used as base chemicals that provide distinct and sophisticated functionalities such as matrix fluid or as weighting agents in order to increase the specific weight of the drilling fluid.

Oilfield chemicals are used as cementing super plasticizers, corrosion inhibitors, emulsion breakers, drilling additives, and paraffin dispersants. Global oilfield chemicals market continues to witness strong growth as it has led to cost-effective production, extraction, and exploration of oil and natural gas. Oil field chemicals contribute in achieving the greater efficiency and productivity, which cost-effectively maximize the recovery of oil and gas reserves, while minimizing the impact on the environment.

The global oilfield chemicals market was valued at US$ 58,350.2 million in 2018, and is expected to register a CAGR of 5.5% in terms of revenue over the forecast period (2019 – 2027) to reach US$ 94,069.7 million by 2027.

Market Dynamics
Based on applications, oilfield chemicals has been segregated into upstream, midstream, and downstream chemicals. Furthermore, under upstream segment, drilling chemicals category held the significant market share of around 15.0% in the global market in 2018. The growth in unconventional and offshore fields is likely to propel the demand for oilfield chemicals in the coming years.

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Top Keyplayers: Baker Hughes Inc., Halliburton, Schlumberger Ltd., Weatherford International Ltd, Diamoco Group, Royal Dutch Shell Plc, Solvay S.A, and The Egyptian Mud Engineering & Chemicals Company.

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Last Updated February 1, 2022