The global oilfield chemicals market will exceed US$32 billion by 2027

According to the Stratistics MRC report, the global oilfield chemicals market reached US$19.74 billion in 2019 and is expected to reach US$32.18 billion by 2027, with a compound annual growth rate of 6.3%.

The growth of oil exploration and production activities and the emergence of environmentally friendly oilfield chemicals are the main factors driving market growth. However, fluctuations in crude oil prices and concerns about the environment have restricted market growth.

Oilfield chemicals are chemical components used in oil and natural gas extraction operations. They are used in good drilling and production facilities to increase the production efficiency by increasing the oil drilling process and oil refining productivity, and achieve the best performance through effective oil production. These chemicals help maintain the smooth operation of the oil field, thereby reducing the cost of delays and shutdowns in the drilling process.

Due to the increase in deep and ultra-deep well drilling activities, the upstream market will achieve considerable growth during the forecast period. In addition, during the forecast period, increased oil well production and improved oil recovery are expected to further promote the growth of the oilfield chemicals market.

From a geographical point of view, due to the increase in oil and gas activities and the development of hydraulic fracturing and drilling technology, North America will achieve considerable growth during the forecast period. In addition, as technology advances and drilling activities increase, the demand for oilfield chemicals is expected to increase soon.


Some of the major players in the oilfield chemicals market include Baker Hughes, Schlumberger, Halliburton, Solvay SA, Ecolab, Newpark Resources, BASF, Lubrizol, Akzo Nobel, Albemarle, DuPont, Clariant, etc.