The global oilfield chemicals market size was US$ 24.17 billion in 2021. The global oilfield chemicals market size is forecast to reach US$ 35.1 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.3% during the forecast period from 2022 to 2030.

Oilfield chemicals play an important role in the extraction of oil and gas. Cementing, drilling, oil recovery, and well stimulation commonly use these compounds. The drilling process of a borehole starts with borehole dredging, goes through production and activation, and finally ends with borehole closure. Chemicals such as organic and inorganic base chemicals often serve to increase the specific weight of drilling fluids. The oil produced in the oil field usually contains a lot of water, which gets mixed in with the oil during the drilling process, especially when drilling exploration wells. Separating oil from water is essential for filtering it and minimizing the corrosion of oil-transporting containers.

Factors Influencing Market Growth

• The demand for high-end drilling fluids, the rapid expansion of shale oil & gas exploration & production, and the development of deep-water & ultra-deep-water drilling projects all drive the oilfield chemicals market.
• Increased efforts to meet global energy demand have led to a rise in petroleum crude oil wells drilling, driving the market for oilfield chemicals.
• Price fluctuations in crude oil and increasing environmental concerns may slow down the overall oilfield chemicals market over the coming years. 
• The emergence of environmentally friendly oilfield chemicals is forecast to offer a significant opportunity for global market growth during the forecast period.

Impact Analysis of COVID-19

COVID-19 had a negative impact on the oilfield chemicals market. Several governments have imposed lockdowns in response to the COVID-19 pandemic. As a result, several manufacturers had to close their factories, which negatively impacted market demand in the wake of COVID-19. The disruptions in vendor operations and supply chain also severely affected numerous end-use industries. The production facilities have also been severely affected. Due to border closures and export bans, raw materials prices and supplies have fluctuated.

Regional Insights

The Asia Pacific is forecast to record the highest growth rate during the forecast period. A major factor driving the increase in the market is the emergence of exploration activities in this region, particularly in the South China Sea, mainland China, India, and Southeast Asian countries. Further, the increase in offshore activity in the South China Sea was fueled by the availability of its deep-water reserves and Asia's surging energy demand.

Leading Competitors

The leading prominent companies profiled in the global oilfield chemicals market are:

• Albemarle Corporation
• Baker Hughes Company
• Croda International plc
• Ecolab Incorporated
• Halliburton
• Kemira
• Schlumberger
• Solvay
• Stepan
• The Lubrizol Corporation
• Other Prominent Players

Scope of the Report

The global oilfield chemicals market segmentation focuses on Product, Application, and Region.

Segmentation based on Product

• Corrosion & Scale Inhibitors
• Demulsifier
• Surfactants
• Others

Segmentation based on Application

• Drilling
• Cement
• Stimulation
• Production

Segmentation based on Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America