Global Oilfield Stimulation Chemicals Market, By Type (Gelling Agents, Friction Reducers, Surfactants, Corrosion and Scale Inhibitors, Acids, Others), Application (Hydraulic Fracturing, Matrix Acidization, Acid Fracking, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
The increasing oil production activities across the globe has largely aided the market growth for the oilfield stimulation chemicals. The Canadian Association of Petroleum Producers (CAPP) projects that investments in conventional oil and gas production and oil sands operations would nearly double between 2020 and 2021, from US$19 billion (C$24 billion) to US$21 billion (C$27 billion). Oil production relies heavily on oilfield stimulation chemicals, hence the industry is anticipated to expand steadily over the next few years.
Global oilfield stimulation chemicals market was valued at USD 3.18 billion in 2021 and is expected to reach USD 7.17 billion by 2029, registering a CAGR of 10.70% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Report Scope and Market Segmentation
2022 to 2029
2020 (Customizable to 2014 - 2019)
Revenue in USD Billion, Volumes in Units, Pricing in USD
Type (Gelling Agents, Friction Reducers, Surfactants, Corrosion and Scale Inhibitors, Acids, Others), Application (Hydraulic Fracturing, Matrix Acidization, Acid Fracking, Others)
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
Market Players Covered
BASF SE (Germany), Clariant (Switzerland), Dow (U.S.), Solvay (Belgium) Ecolab Inc. (U.S.), Halliburton (U.S.), Schlumberger Limited (U.S.), Nouryon (Netherlands), Baker Hughes Company (U.S.), Kemira (Finland), Huntsman International LLC., (U.S.), Croda International plc (UK), Albermarle Corporation (U.S.). Chevron Philips Chemical Company LLC (U.S.), Innospec Inc. (U.S.), NOV Inc., (U.S.), Geo Specialty Chemicals (U.S.), Kraton Corporation (U.S.), Thermax Limited (India), Oleon (Belgium), Ashland (U.S.), PureChem Services (Canada), Stepan Company (U.S.) and Elementis PLC (U.S.)
Oilfield stimulation chemicals are used to increase the effectiveness and efficiency of operations at an oilfield site. Production, drilling, completion, and a number of other oilfield processes all make use of chemicals. Chemicals used in oil fields are also used to clean oil sites, oil, machinery, and equipment. Due to fewer delays and stoppages throughout the drilling process, these chemicals help maintain an oilfield that operates efficiently and at a lower cost.
Oilfield Stimulation Chemicals Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
- Increasing Applications of Oilfield Stimulation Chemicals
The two main factors driving the global market for oilfield stimulation chemicals are the increased use of chemicals to penetrate deeper into the earth's crust and the discovery of new oil basins, particularly those under the sea. Oil production relies heavily on oilfield stimulation chemicals, hence the industry is anticipated to expand steadily over the next few years. The global oilfield stimulation chemicals market is anticipated to grow during the forecast period because to the many benefits of oilfield stimulation chemicals, including a decrease in water consumption and reduced energy consumption during the fracturing process. Additionally, rising crude oil output is a significant driver driving the global market expansion for oilfield stimulation chemicals. The global market is being driven by rising demand for well stimulation procedures.
The increasing exploration activities is further anticipated to propel the growth rate of oilfield stimulation chemicals market. Additionally, the development of huge unconventional energy resource, especially natural gas globally, will drive market value growth. The expansion of the oil and gas industry is further projected to bolster the market's growth.
- Advancements and Investments
Furthermore, the advancements in technology and innovations in chemical industry extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the increasing investment in the oil and gas industry across the developed and developing regions will further expand the growth of the oilfield stimulation chemicals market.
- High Costs and Increasing Use of Renewable Energy Sources
However, a number of factors such as an increase in production costs linked to the use of oilfield stimulation chemicals, restrictions on operating at extreme depths are the major restraining factors for the oilfield stimulation chemicals market. The market for oilfield stimulation chemicals may be negatively impacted by the growing use of renewable energy sources as bioenergy, hydropower, geothermal energy, solar energy, wind, and wave energy.
- Adverse Impact of Biocides
Exposure to biocides is unhealthy because they have toxic, carcinogenic, and endocrine-disrupting qualities that are bad for both the environment and human health. Biocides irritate the eyes and skin. When they leak onto the land, they can affect wildlife and those organisms' respiratory, neurological, and other systems. They are not widely used as oilfield stimulation chemicals because of their negative effects on human health and the environment. This factor will further challenge the oilfield stimulation chemicals market growth rate.
This oilfield stimulation chemicals market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the oilfield stimulation chemicals market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Oilfield Stimulation Chemicals Market
The recent outbreak of coronavirus had a negative impact on the oilfield stimulation chemicals market as it has led to demand uncertainty for oil. The COVID-19 pandemic had a detrimental effect on market demand as a result of the lockout and shutdown of manufacturing facilities. The pandemic has significantly impacted the oil and gas industry since it forced lockdown, which had an impact on several end-use sectors due to disruptions in vendor operations and the supply chain. Major disruptions have affected the production facilities. The supply and price of raw materials have changed as a result of border closures and export restrictions.
- In June 2021, KBC, a fully-owned subsidiary of Yokogawa Electric Corporation, will use the artificial intelligence (AI) technology of the BakerHughesC3.ai alliance to improve its current software portfolio for oil and gas process simulation, supply chain optimization, and energy management, according to a June 2021 announcement from Baker Hughes and C3 AI.
Global Oilfield Stimulation Chemicals Market Scope
The oilfield stimulation chemicals market is segmented on the basis of type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Gelling Agents
- Friction Reducers
- Corrosion and Scale Inhibitors
- Hydraulic Fracturing
- Matrix Acidization
- Acid Fracking
Oilfield Stimulation Chemicals Market Regional Analysis/Insights
The oilfield stimulation chemicals market is analysed and market size insights and trends are provided by country, type and application as referenced above.
The countries covered in the oilfield stimulation chemicals market report are UU.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the growing the consumption of these chemicals within the region.
Asia-Pacific on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the large oil consumption and production and massive investment in oil extraction market in the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Oilfield Stimulation Chemicals Market Share Analysis
The oilfield stimulation chemicals market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to oilfield stimulation chemicals market.
Some of the major players operating in the oilfield stimulation chemicals market are
- BASF SE (Germany)
- Clariant (Switzerland)
- Dow (U.S.)
- Solvay (Belgium)
- Ecolab Inc. (U.S.)
- Halliburton (U.S.)
- Schlumberger Limited (U.S.)
- Nouryon (Netherlands)
- Baker Hughes Company (U.S.)
- Kemira (Finland)
- Huntsman International LLC (U.S.)
- Croda International plc (UK)
- Albermarle Corporation (U.S.)
- Chevron Philips Chemical Company LLC (U.S.)
- Innospec Inc. (U.S.)
- NOV Inc., (U.S.)
- Geo Specialty Chemicals (U.S.)
- Kraton Corporation (U.S.)
- Thermax Limited (India)
- Oleon (Belgium)
- Ashland (U.S.)
- PureChem Services (Canada)
- Stepan Company (U.S.)
- Elementis PLC (U.S.)