Rise in oil exploration & production activities, demand for advanced drilling fluids, and rapid expansion of shale gas & oil drilling are the major driver for global oilfield chemicals market.

According to a new report published by Allied Market Research, titled, Oilfield Chemicals Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the oilfield chemicals market was valued at $41,667 million in 2016, and is estimated to reach $59,925 million by 2023, registering a CAGR of 5.2% from 2017 to 2023. In 2016, the drilling fluid application segment accounted for around one-third share of the total market.

In 2016, North America dominated the global market, owing to the growth in oil gas activities withac the advancement in hydraulic fracturing and drilling processes. Moreover, technological advancement and increase in drilling activities are expected to increase the demand for oilfield chemicals in the near future. U.S. dominated the North America oilfield chemicals market in 2016, followed by Canada. LAMEA is the second leading geographical segment, which is expected to register a CAGR of 5.9% from 2017 to 2013.
The key companies profiled in the report include Baker Hughes, Schlumberger Limited, Halliburton, Solvay S.A., Ecolab Inc., Newpark Resources Inc., BASF SE, Lubrizol Corporation, Akzonobel NV, and Albemarle Corp.

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Oilfield chemicals are chemical components that are used in various stages of oil & gas exploration to enhance these operations by improving productivity and efficiency of oil drilling processes. These chemicals allow temperature stability, high performance, and inhibit contamination in the drilling fluid system. It also reduces the expense over stoppages & delays by maintaining smooth operating oilfields. Moreover, these chemicals find extensive application in different stages of oil exploration and are an integral part of the oil & gas industry.

The growth of the global market is driven by the enduring activities to meet the increasing energy demand globally, which brought more petroleum crude oil wells to production state globally, which increases the demand for oilfield chemicals. Moreover, rise in exploration & production activities increases the need for oilfield chemicals, demand for advanced drilling fluids, and growth in deepwater & ultra-deepwater drilling projects are driving the global market. However, crude oil price fluctuations and increase in environmental concerns are expected to hamper the market growth in the near future. The emergence of eco-friendly oilfield chemicals is expected to provide a substantial growth opportunity in the near future.

The corrosion & scale inhibitors was the leading segment in 2016, and expected to dominate the market during the forecast period, as these control corrosions in tubing, casing, pipes, and other accessories; and help reduce foam & wax formation and bacterial growth, reduce fluid loss during operation and improve process efficiency.

The drilling fluids is the leading application segment, followed by well stimulation. Oilfield chemicals are widely used in drilling fluids to improve the productivity and efficiency of the oil drilling process. These chemicals safeguard the network of pipes used during drilling in an oilfield, which is affected by the factors, such as biological deposits, water, hydrogen sulfide, and other organic acids.

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