The global market for oilfield chemicals is expected to rise during the forecast period due to rising use of eco-friendly oilfield chemicals to reduce toxicity and benefit the environment. Fortune Business Insights™ publishes this information in a report titled, Oilfield Chemicals Market, 2022-2029. As per the report, the oilfield chemicals market size was USD 16.95 billion in 2021. The market size is expected to rise from USD 18 billion in 2022 to USD 29.27 billion by 2029 at a CAGR of 7.2% during the projected period.
COVID-19 Impact:
The outbreak of COVID-19 and implementation of lockdown imposed globally affected various industries, including the chemical production and supply sector. The restrictions imposed by the government limited the import/export activities globally, which affected supply chain management and supply of raw material to the companies. These interruptions in production and supply chain affected the market growth and development in the segmented region. The decreasing revenue generation rate of the petrochemical industry affected market due to lack of profit and growth rate. These factors affected market expansion during the pandemic.
Regional Insights:
North America holds the highest oilfield chemicals market share during the projected period due to rising oil and gas sector operations. Also, the development of hydraulic fracturing and drilling processes contributes to dominating the market share. The region stood at USD 9.19 billion in 2021 and dominated the global market.
Asia Pacific is expected to hold the second-largest global market share during the forecast period, owing to increasing industrialization and commercialization in the region. Demand for plastic packaging is increasing, which bolsters market growth.
Competitive Landscape:
The key market players implement various business development and expansion strategies, including strategic alliances, mergers, partnerships, and brand acquisitions. Also, the companies focus on developing and designing innovative products to enhance their product portfolio. Also, these strategies allow companies to expand their business globally.
Industry Developments:
- April 2021: BASF and Omya collaborated for the advancement and commercialization of BasoSphere hollow glass microspheres for cementing applications in the oil and gas industry.
- October 2021: Clariant’s Oil and Mining Services business has opened its new, state-of-the-art Eagle Ford Technology, Sales & Operations Center near San Antonio, Texas. The facility is positioned to improve response time and cater to local customer needs, ensuring a long-term commitment to a strategic and growth-orientated oilfield services market in North America.
List of Key Players Profiled in Oilfield Chemicals Market:
- Halliburton (U.S.)
- Solvay (Belgium)
- NALCO (U.K.)
- BASF SE (Germany)
- The Lubrizol Corporation (U.S.)
- Albemarle Corporation (U.S.)
- Kemira (Finland)
- Clariant (Switzerland)
- Dow (U.S.)
- Stepan Company (U.S.)
- Croda International Plc (U.K.)
- Pon Pure Chemicals Group (India)
Information Source: https://www.fortunebusinessinsights.com/oilfield-chemicals-market-105257
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