(BUSINESS WIRE) The global market for oilfield chemicals, estimated at $28.9 billion in 2022, is projected to reach $44.6 billion by 2030, growing at a cumulative annual growth rate (CAGR) of 5.6 percent between now and 2030, according to a new report from ResearchAndMarkets.com. Drilling fluids, one of the segments analyzed in the report, is projected to record 6.7 percent CAGR and reach $18.7 billion by then. Growth in the stimulation chemicals segment is estimated at 5.6 percent CAGR for the next 6-year period.
The report delves into the indispensable role of oilfield chemicals within the oil and gas industry, providing an introduction to various types such as drilling fluids, cementing chemicals, production chemicals, stimulation chemicals, completion and workover fluids, and EOR (Enhanced Oil Recovery) chemicals. It presents data on global liquid fuels production from 2018 to 2024, along with a breakdown of average production for OPEC and non-OPEC groups in 2022. Additionally, it offers insights into global oil production, including a percentage share breakdown by volume production for different countries in 2022.
The report discusses the predicted slowing global oil demand through the decade-end and evaluates the pandemic’s impact on the global oilfield chemicals market, including specialty chemicals used in oilfield applications. Drilling fluids are highlighted as leading the global market, with a regional analysis provided to understand market dynamics across different geographies. The competitive landscape is explored, including the percentage market share of key competitors and their market presence categorized as strong, active, niche, or trivial.
Furthermore, recent market activity is outlined to provide readers with a comprehensive understanding of developments within the oilfield chemicals market.
