The global oilfield chemicals market is expected to reach USD 28.48 billion by 2025, growing at a CAGR of 4.3%, according to a new report by Grand View Research, Inc. The increasing demand for crude oil is likely to steer the oilfield chemicals industry growth over the projection period.
The global industry is anticipated to observe a linear growth trend over the projection period owing to the shift in inclination towards exploiting the unconventional hydrocarbon resources. Their application in operations including drilling, production, cementing, and workover & completion is expected to drive the oilfield chemicals demand.
The rheology modifiers product segment accounted for over 20% of the total oil field chemicals market share in 2016. These formulations are used to enhance crude oil properties such as thickening, emulsification, stabilization, and conditioning. Various R&D activities have been taken up by some of the companies to introduce eco-friendly rheology modifiers which can further increase the demand for specialty chemicals.
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Further key findings from the report suggest:
- Workover and completion segment accounted for over 35% of revenue share in 2016 and is expected to gain a higher penetration over the forecast period. The need for maximizing the production capacity of oil and gas from several basins globally is expected to steer the global oil field chemicals industry
- The global drilling chemicals market value is estimated to reach a total revenue exceeding USD 5.60 billion by 2025
- North America emerged as the largest consumer of oilfield chemicals and the regional industry was valued over USD 6.80 billion in 2016 and is anticipated to witness steady growth over the next eight years
- The inhibitor formulations demand in the U.S. was valued at USD 910.8 million in 2016 and is expected to grow at a CAGR of 4.5% over the projected period
- Asia Pacific is likely to emerge the fastest growing regional segment while accounting for over 17% of the total revenue by 2025
- The specialty product demand in the petroleum production sector in China was pegged at USD 427.8 million in 2016
- The Middle East & Africa is expected to witness a steady growth at a CAGR of 4.5% during 2017 to 2025
- Key players operating in the global oil field chemicals market include BASF, The Dow Chemical Company, Solvay, Halliburton, Baker Huges, and Schlumberger.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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