The global Oilfield Chemicals market estimated at US$31.2 billion in the year 2021 is now projected to grow at a CAGR of 9.11% and reach US$52.7 billion by 2027.
The research report provides a comprehensive review of market trends (Technology, Product and Application analysis), market growth drivers, PEST Analysis (Political, Economic, Social and Technological Analysis) Market growth inhibitors, and strategic industry activities and SWOT Analysis of key players in the market. The report provides market estimates and forecast for geographic markets such as the North America (United States, Canada, Mexico and Rest of North America), South America (Brazil, Argentina Chile Colombia Peru Venezuela Ecuador and Rest of South America), Europe (Germany, France, U.K., Russia, Italy, Spain, Sweden, Netherlands, Poland, Austria, Belgium, Finland, Norway, Switzerland, Denmark, Czech Republic, Portugal and Rest of Europe), Asia-Pacific (China, Japan, South Korea, Taiwan, India, Australia, Indonesia, Philippines, Malaysia and Rest of Asia-Pacific), Middle East (Iran, Turkey, Kuwait, UAE, Israel, Oman, Bahrain, Saudi Arabia, Qatar, Egypt and Rest of Middle East) & Africa.
North American oilfield chemicals market is expected to grow significantly over the forecast period. This growth can be attributed to the increase in oil gas operations through the development of hydraulic fracturing and drilling processes. In addition, technological advances and rise in drilling activities are expected to increase the regional growth during the forecast period. The growing exploration and production of shale gas in the U.S. is expected to increase oil-based chemicals. U.S. contributed around 78% of the total North American oilfield chemicals market and is estimated to have a market value of US$8.38 billion in the year 2021. Among the other noteworthy geographic markets are Canada and Mexico, each forecast to grow at 7.91% and 6.73% respectively over the 2021-2027 period.
Asia-Pacific oilfield chemicals market is anticipated to witness an upsurge owing to the rise in the usage and demand for shale gas from the various industry verticals, increase in the levels of urbanization and population within the region. The regional market growth is mainly attributed to rising exploration activities in China, India and Southeast Asian countries. The growing demand for crude oil and petroleum and huge investment in the energy sector to develop the economy is leading the Asia Pacific region. China is expected to dominate the Asia-Pacific market and reach a market size of US$10.4 billion by 2027.
Within Europe, Germany, Italy and France are the key countries responsible for the significant growth of the regional market. Germany is expected to grow at a fastest CAGR of 7.39% over the forecast period.
Meanwhile, the Middle East & Africa is expected to show limited growth due to the strong presence of under-developed countries in Africa who are still struggling to meet technology standards. However, any growth that the region experiences is expected to come from developing Middle Eastern nations such as Saudi Arabia, Qatar, U.A.E, and Oman due to a similar growth pattern as the Asia Pacific.
Key players profiled in the report include Akzo Nobel NV; Albemarle Corp.; Baker Hughes; Elementis Plc; Halliburton Company; NALCO Champion; Newpark Resources, Inc.; Schlumberger Limited; Schlumberger Limited (M-I SWACO); Solvay SA; The Lubrizol Corporation, among others.
Research Methodology
