Oilfield Chemicals Global Market Report 2024

The global oilfield chemicals market has grown strongly in recent years. It will grow from $32.9 billion in 2023 to $35.18 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. During the historic period, growth in the industry was propelled by various factors. Market competition and the drive for innovation were key catalysts, fostering advancements and improvements within the sector. Geopolitical factors also played a significant role, influencing the direction and dynamics of the oil and gas market. Additionally, the focus on corrosion and scale prevention, essential in maintaining infrastructure integrity, contributed to industry growth. Cost efficiency in operational processes was another critical driver, encouraging streamlining and optimization across the sector. Finally, the ongoing efforts in oil and gas exploration continued to shape and expand the industry landscape.

The global oilfield chemicals market is expected to see strong growth in the next few years. It will grow to $45.58 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. Anticipated growth in the forecast period stems from several pivotal factors shaping the industry's trajectory. A paramount driver is the industry's intensified focus on sustainability, aligning operations with eco-friendly practices. Market dynamics and heightened competition will continue to stimulate growth, fostering innovations and pushing companies to adapt swiftly. Geopolitical influences will play a pivotal role in determining the sector's direction and stability. Additionally, the optimization of production processes and the extraction of resources from intricate reservoirs are expected to drive expansion. Key trends in this period encompass the adoption of advanced extraction techniques, emphasizing sustainability and environmental preservation. Furthermore, the exploration of shale gas and tight oil extraction methods, the implementation of enhanced oil recovery (EOR) strategies, and the pervasive integration of digitalization and automation will significantly shape the industry landscape.

An upsurge in oil production and exploration activities is anticipated to drive the oilfield chemicals market forward. Oil exploration involves methodologies to identify potential drilling locations and extract oil and gas. These chemicals, commonly used as drilling fluids, enhance oil recovery across various operations. For instance, as per the U.S. Energy Information Administration (EIA), crude oil production is projected to average 12.8 million barrels per day in 2023. Consequently, the increased focus on oil production and exploration is a driving force behind the growth of the oilfield chemicals market.

The escalating demand for crude oil and its derivative products is poised to fuel the growth of the oilfield chemicals market. Crude oil, a mix of hydrocarbons in a liquid state found in natural underground reservoirs, is processed into various products like gasoline, aviation fuel, diesel, and asphalt. This amplified demand for crude oil has stimulated exploration and production endeavors, further increasing the need for oilfield chemicals in diverse petroleum operations. For example, in March 2023, according to the U.S. Energy Information Administration, U.S. crude oil output surged to 12.4 million b/d in 2023 from the previous record high of 11.7 million b/d in 2022. Additionally, the U.S. experienced its highest annual natural gas consumption of 86.6 billion cubic feet per day in 2022. Thus, the heightened demand for crude oil and its derivatives continues to propel the oilfield chemicals market.

Innovation remains a key trend in the oilfield chemicals market. Leading companies are dedicated to developing innovative products to drive market expansion. For instance, Ingevity Corporation introduced new bio-based oilfield products, EnvaWet UHS 3100 wetting agent, and EnvaDry P-FL dual-functional dry additive derived from pine-based tall oil for invert emulsion drilling fluids in April 2022. The EnvaDry P-FL, a 100% active spray-dried technology, offers primary emulsification benefits and improved fluid loss control, while the EnvaWet UHS 3100 assists in maintaining fluid rheology in high-solid volume environments.

In September 2022, Epiroc AB, a Swedish mining and infrastructure equipment manufacturer, completed the acquisition of AARD Mining Equipment Pvt. Ltd. The undisclosed deal aimed to expand Epiroc's product offerings in underground equipment and bolster its footprint in Africa. AARD Mining Equipment Pvt. Ltd., situated in South Africa, specializes in manufacturing diverse mining industry equipment, including oilfield chemicals.

In March 2022, DL Chemicals, a South Korean petrochemical firm, completed the acquisition of Kraton Corporation for $2.5 billion. This strategic move was aimed at propelling both companies into leadership positions within the specialty chemicals sector. By joining forces, Kraton stands to bolster its global reach, particularly in the Asian market, utilizing DL Chemicals' robust manufacturing capacities. Kraton Corporation, based in the US, specializes in the production of oilfield chemicals.

Major companies operating in the oilfield chemicals market report are Johnson Controls International PLC, Daikin Industries Ltd., Lucky Goldstar Electronics Inc., Samsung Electronics Co. Ltd., Nortek Global HVAC LLC, Mitsubishi Electric Corporation, United Technologies Corporation, Addison HVAC LLC, Desert Aire LLC, DRI-Steem Corporation, Carrier Global Corporation, Trane Technologies PLC, Price Industries Limited, Munters Corporation, Captive-Aire Systems Inc., JMA Wireless, SOLiD Technologies Inc., Radio Frequency Systems, HUBER+SUHNER AG, Cobham Wireless, Huawei Technologies Co. Ltd., Axell Wireless Ltd., TE Connectivity Ltd., Anritsu Corporation, Rosenberger Hochfrequenztechnik GmbH & Co. KG, Ingersoll Rand, Hitachi Automotive Systems, Curtiss-Wright Corporation, Kongsberg Automotive, Ficosa International S.A.,

North America was the largest region in the oilfield chemicals market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the oilfield chemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the oilfield chemicals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The oilfield chemicals market comprises various categories such as polymers, corrosion and scale inhibitors, demulsifiers, surfactants, gellants and viscosifiers, among others. Polymers play a pivotal role in drilling fluid applications, enhancing the extraction process of oil and gas operations. These large molecules are incorporated into drilling muds, tailored for specific drilling conditions. In certain scenarios, polymers entirely replace clay in drilling through formations with water-sensitive shales or in water-producing zones. These applications span onshore and offshore locations, covering drilling, cementing, enhanced oil recovery, production chemicals, well stimulation, and workover and completion.

This report provides oilfield chemicals market statistics, including oilfield chemicals industry global market size, regional shares, competitors with an oilfield chemicals market share, detailed oilfield chemicals market segments, market trends and opportunities, and any further data you may need to thrive in the oilfield chemicals industry. This oilfield chemicals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The oilfield chemicals market consists of sales of water clarifiers, hydrogen sulphide scavengers and gas well foamers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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