Global Oilfield Chemicals Market is estimated to be valued at US$ 68,855.3 Million in 2021, according to the Global Oilfield Chemicals Market Report, by Application (Upstream, Midstream, and Downstream) and by Region (North America, South America, Asia Pacific, Europe, Middle East and Africa), published by Coherent Market Insights.
Global Oilfield Chemicals market was valued at US$ 68,855.3 Million in 2021. Oilfield chemicals market is expected to register a CAGR of 5.9% over the forecast period (2022–2030). The North America region is expected to dominate market over the forecast period and is expected to be the largest and fastest-growing region.
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https://www.coherentmarketinsights.com/market-insight/oilfield-chemicals-market-332
Browse 50 market data tables* and 40 figures* on "Global Oilfield Chemicals Market” - Forecast to 2030.
Key Trends and Analysis of the Global Oilfield Chemicals Market:
- Increasing demand for oil and natural gas coupled with rising exploration activities, in order to discover untapped oil & gas reserves is expected to boost growth of the global oilfield chemicals market over the forecast period. According to OPEC, the global oil consumption increased from 104 mboe/d (Thousand Barrels of Oil Equivalent per day) to 268 mboe/d, an increase of 157%. This rapid increase has been attributed to increased consumption in emerging economies such as India, China, and ASEAN. Furthermore, according to OPEC the oil consumption is expected to increase by 49% from 268 mboe/d to 399 mboe/d by 2040.
Key Takeaways of the Global Oilfield Chemicals Market:
- Middle East & Africa region accounted for the second highest market share in the year 2021. Increase in consumption and demand for shale gases from various industries, rapid urbanization, and population growth in the region is attributed to the growth of oilfield chemicals. The growth demand for crude oil and huge investment in the energy sector is driving the market for oilfield chemicals in these region.
- Among application, upstream segment held the dominant share in the global oilfield chemicals market in terms of revenue, in 2021. Oilfield chemicals help oil and gas producers by providing cost effective solutions to reduce deposition, save energy, control corrosion, curtail downtime, increase productivity, treat produced water for reuse or disposal specifications, and optimize system performance. Owing to these advantages, oilfield chemicals market is expected to record significant upsurge from upstream application in the near future.
- North America provides the oilfield chemicals market with ample growth opportunities. The U.S. was the largest oilfield market in the world. The growing consumption of specialty oilfield chemicals to improve and enhance the crude oil productivity from oil wells is expected to drive the demand oilfield chemicals in the North America region.
New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities are key strategies adopted by players in the global oilfield chemicals market
