Wilmington, New Castle, Nov. 06, 2023 (GLOBE NEWSWIRE) -- Recently, Allied Market Research recently published a report, "Oilfield Chemicals Market by Product (Corrosion & Scale Inhibitors, Demulsifier, Surfactants, and Others) and Application (Drilling, Cement, Stimulation, and Production): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global oilfield chemicals industry is expected to reach $35.0 billion by 2030. The market revenue was $23.4 billion in 2020 and is anticipated to grow at a CAGR of 3.2% during the 2021-2030 period.
Growth Drivers, Market Restraints, and Investment Opportunities
Increase in oil & gas exploration and production is estimated to boost the growth of the global oilfield chemicals market. However, price volatility associated with renewable energy and crude oil might restrict the growth of the market. Nonetheless, exploration in oil field reservoirs in South China Sea will create new growth opportunities in the market in the coming period.
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The corrosion & scale inhibitor segment to fastest growing
Based on product, the corrosion & scale inhibitor segment is expected to have the fastest CAGR of 3.4% during the analysis timeframe. The segment dominated the market in terms of revenue also, with around two-fifths of the total share in 2020. The ability of corrosion & scale inhibitors to remove scale from oilfield water systems has led to an increase in their popularity, thus helping the growth of this segment.
The construction & plant modification segment held the largest share
Based on application, the drilling segment accounted for the highest market share in 2020 with around half of the total market revenue. However, the stimulation segment is predicted to have the fastest CAGR of 3.5% during the analysis timeframe. Since stimulation processes increase reservoir production in tight oil basins, they are highly in demand which is expected to push the growth rate of the market higher.
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The market in LAMEA region to be the most dominant
Based on region, the LAMEA global oilfield chemicals market, followed by the market in North America, held the largest share in 2020, with around three-fifths of the market share. However, the market in Asia-Pacific is expected to be the fastest growing with a CAGR of 3.5% during the 2021-2030 period. Massive increase in offshore drilling and exploration activity in the South China Sea and rising energy demand in the region are the two main factors strengthening the position of the market.
Key Players in the Market:
- Albemarle Corporation
- Halliburton
- Solvay
- Baker Hughes Company
- Kemira
- Stepan
- Croda international plc
- Schlumberger
- The Lubrizol Corporation
- Ecolab Inc.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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