Frequently Asked Questions:
The global oilfield chemicals market was valued at USD 17.2 Billion in 2022.
The oilfield chemicals market is expected to grow at a CAGR of 7.50% between 2023 and 2030, reaching USD 28.5 Billion in 2030.
Demulsifier category is the leading segment by product, holding over 32% share in terms of value in 2022.
The drilling segment governs the demand for oilfield chemicals in the world, holding a massive share of over 27% in 2022.
The stimulation segment is expected to post the highest CAGR during the forecast period.
North America is fueling the growth of the oilfield chemicals industry, with over one-third share in 2022.
The top players include Albemarle Corporation, Baker Hughes Company, Croda international plc, Ecolab Inc., Halliburton, Kemira, Schlumberger, Solvay, Stepan, and The Lubrizol Corporation, Newpark Resources Inc. and Akzo Nobel N.V.
One of the primary factors driving the market’s growth is the increasing need for oilfield chemicals for drilling, cementing, and well stimulation. In addition, the rising use of petroleum and petroleum-based fuels to power cars and produce energy is accelerating the market’s expansion.
The market uses crude oil as a raw resource. Therefore, the market for oilfield chemicals will suffer as a result of changes in the price of crude oil’s primary component. As a result, this will hinder the market growth rate for oilfield chemicals.
The demand for energy is rising as more people use various technological appliances and large machinery in the home, commercial, and industrial sectors, which is growth opportunity for the market.