Oilfield Chemicals Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type (Corrosion & Scale Inhibitors, Demulsifier, Surfactants, and Others), By Application Type (Drilling, Cement, Stimulation, and Production), and Region  

Oilfield chemicals market size was valued at US$ 24,653.2 million in 2023 and is poised to grow at a significant CAGR of 3.5% from 2024- 2030. Oilfield chemicals are chemical compounds used to enhance the efficacy and efficiency of activities at an oilfield site. Chemicals used in the oilfield are further used for production, drilling, completion, and many other operations. Oilfield chemicals are also used to purify equipment, machinery, the oil itself, and oil sites. These chemicals assist in the maintenance of a smooth-running oilfield, resulting in lower costs due to delays and slowdowns during the drilling process. These chemicals avoid the production of metal scales and minimalize the amount of water injected into oil wells throughout exploration and drilling, subsequent in a rise in demand for and use of oilfield chemicals. These wide ranges of usages of oilfield chemicals have primarily driven the growth of the market. Also, the increase in oil production and exploration activities pushes the demand for oilfield chemicals. The demand for oilfield chemicals is anticipated to rise over the forecast period, owing to increased oil & gas exploration with technological advancements in deep-water drilling operations. As per, the India Brand Equity Foundation (IBEF) in February 2021, the foremost oil & gas companies in India, such as Indian Oil Co., Petronet LNG, and ONGC, announced expansion, and development plans in the domestic oil & gas industry to cater to global consumer demand. However, a rise in encouragement about environmental concerns and crude oil price volatility is anticipated to hamper the growth of the oilfield chemicals market. Furthermore, numerous favorable policies governed by regional governments to promote renewable sources of energy over conventional ones played an important role in decreasing the demand for oilfield chemicals during the assessment period. However, despite the rapid shift of consumers towards renewable chemical sources of energy, a massive consumer base still relies on conventional sources of energy. As, demand from such a huge consumer base, the need for exploration of oilfields is rising. Also, with the exploration of new oilfields or an upsurge in the production of existing oilfields, demand for oilfield chemicals is further expected to have a significant growth rate during the forecast period.