The oilfield chemicals market size is expected to reach USD 40.38 billion by 2034, according to a new study by Polaris Market Research. The report "Oilfield Chemicals Market Size, Share, Trends, Industry Analysis Report: By Product (Rheology Modifiers, Inhibitors, and Others), By Application, By Location, and By Region - Market Forecast, 2025-2034" gives a detailed insight into current market dynamics and provides analysis on future market growth.
Oilfield chemicals are specialized chemical substances used in the exploration, drilling, production, and refining of oil and gas to enhance efficiency, prevent corrosion, improve flow, and ensure safety in the oil field operations.
Rising offshore and deepwater drilling is driving the oilfield chemicals market growth. Offshore and deepwater drilling present unique challenges due to the harsh environmental conditions and high pressures involved. Specialized oilfield chemicals are necessary to ensure safe and efficient extraction of oil and gas from these extreme environments. Chemicals are used to stabilize the wellbore, prevent corrosion, and manage fluid properties during deepwater drilling. The growing interest in offshore exploration, as well as the rise in deepwater drilling activities, is increasing the demand for advanced chemicals capable of performing under these demanding conditions. This expansion in offshore and deepwater drilling activities is a key driver of the market.
The oil and gas industry is under increasing pressure to comply with environmental regulations aimed at reducing pollution, preventing spills, and mitigating adverse environmental impacts. As a result, there is a growing demand for more eco-friendly oilfield chemicals. These chemicals, often biodegradable and nontoxic, help companies meet regulatory requirements while maintaining operational efficiency. The shift toward sustainable practices in the oil and gas sector is encouraging the use of environmentally responsible chemicals, creating opportunities for the development and adoption of green technologies in the market.
Oilfield Chemicals Market Report Highlights
In 2024, based on product, the rheology modifiers segment dominated the oilfield chemicals market, as rheology modifiers play a major role in modifying the rheological properties of oil wells.
The workover & completion segment, by application, is expected to witness significant growth during the forecast period attributed to the utilization of workover and completion chemicals by oil companies post-oil extraction from wells.
In 2024, North America dominated the market as the US and Canada comprise a robust offshore oil and gas industry, with Canada ranking as the world's fourth-largest producer of crude oil.
The Asia Pacific market is expected to record the highest CAGR during the forecast period, driven by increasing exploration and production activities in offshore and onshore oil and gas fields.
A few global key market players are Nouryon, BASF SE, SMC Global, Baker Hughes, Halliburton, The Lubrizol Corporation, Aquapharm Chemical Pvt. Ltd., Clariant, Solvay S.A., and Thermax Chemical Division.
Polaris Market Research has segmented the oilfield chemicals market report on the basis of product, application, location, and region:
By Product Outlook (Revenue, USD Billion; 2020-2034)
Inhibitors
Demulsifiers
Rheology Modifiers
Friction Reducers
Biocides
Surfactants
Foamers
Others
By Application Outlook (Revenue, USD Billion; 2020-2034)
Drilling
Production
Cementing
Workover & Completion
By Location Outlook (Revenue, USD Billion; 2020-2034)
Onshore
Offshore
By Regional Outlook (Revenue, USD Billion; 2020-2034)
North America
US
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Australia
Rest of Asia Pacific
Latin America
Argentina
Brazil
Mexico
Rest of Latin America
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
Rest of Middle East & Africa
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
3. Research Methodology
- 3.1. Overview
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Oilfield Chemicals Market Insights
- 4.1. Oilfield Chemicals Market - Market Snapshot
- 4.2. Oilfield Chemicals Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Rising Investment in Offshore Drilling
- 4.2.1.2. Rising Energy Demand
- 4.2.2. Restraints and Challenges
- 4.2.2.1. High Initial Cost of Manufacturing
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTEL Analysis
- 4.5. Oilfield Chemicals Market Trends
- 4.6. Value Chain Analysis
5. Global Oilfield Chemicals Market, by Product
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 5.3. Inhibitors
- 5.3.1. Global Oilfield Chemicals Market, by Inhibitors, by Region, 2020-2034 (USD billion)
- 5.4. Demulsifiers
- 5.4.1. Global Oilfield Chemicals Market, by Demulsifiers, by Region, 2020-2034 (USD billion)
- 5.5. Rheology Modifiers
- 5.5.1. Global Oilfield Chemicals Market, by Rheology Modifiers, by Region, 2020-2034 (USD billion)
- 5.6. Friction Reducers
- 5.6.1. Global Oilfield Chemicals Market, by Friction Reducers, by Region, 2020-2034 (USD billion)
- 5.7. Biocides
- 5.7.1. Global Oilfield Chemicals Market, by Biocides, by Region, 2020-2034 (USD billion)
- 5.8. Surfactants
- 5.8.1. Global Oilfield Chemicals Market, by Surfactants, by Region, 2020-2034 (USD billion)
- 5.9. Foamers
- 5.9.1. Global Oilfield Chemicals Market, by Foamers, by Region, 2020-2034 (USD billion)
- 5.10. Others
- 5.10.1. Global Oilfield Chemicals Market, by Others, by Region, 2020-2034 (USD billion)
6. Global Oilfield Chemicals Market, by Application
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 6.3. Drilling
- 6.3.1. Global Oilfield Chemicals Market, by Drilling, by Region, 2020-2034 (USD billion)
- 6.4. Production
- 6.4.1. Global Oilfield Chemicals Market, by Production, by Region, 2020-2034 (USD billion)
- 6.5. Cementing
- 6.5.1. Global Oilfield Chemicals Market, by Cementing, by Region, 2020-2034 (USD billion)
- 6.6. Workover & Completion
- 6.6.1. Global Oilfield Chemicals Market, by Workover & Completion, by Region, 2020-2034 (USD billion)
7. Global Oilfield Chemicals Market, by Location
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. Global Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 7.3. Onshore
- 7.3.1. Global Oilfield Chemicals Market, by Onshore, by Region, 2020-2034 (USD billion)
- 7.4. Offshore
- 7.4.1. Global Oilfield Chemicals Market, by Offshore, by Region, 2020-2034 (USD billion)
8. Global Oilfield Chemicals Market, by Geography
- 8.1. Key Findings
- 8.2. Introduction
- 8.2.1. Oilfield Chemicals Market Assessment, By Geography, 2020-2034 (USD billion)
- 8.3. Oilfield Chemicals Market - North America
- 8.3.1. North America: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.3.2. North America: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.3.3. North America: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.3.4. Oilfield Chemicals Market - U.S.
- 8.3.4.1. U.S.: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.3.4.2. U.S.: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.3.4.3. U.S.: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.3.5. Oilfield Chemicals Market - Canada
- 8.3.5.1. Canada: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.3.5.2. Canada: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.3.5.3. Canada: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.4. Oilfield Chemicals Market - Europe
- 8.4.1. Europe: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.4.2. Europe: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.4.3. Europe: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.4.4. Oilfield Chemicals Market - UK
- 8.4.4.1. UK: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.4.4.2. UK: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.4.4.3. UK: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.4.5. Oilfield Chemicals Market - France
- 8.4.5.1. France: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.4.5.2. France: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.4.5.3. France: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.4.6. Oilfield Chemicals Market - Germany
- 8.4.6.1. Germany: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.4.6.2. Germany: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.4.6.3. Germany: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.4.7. Oilfield Chemicals Market - Italy
- 8.4.7.1. Italy: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.4.7.2. Italy: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.4.7.3. Italy: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.4.8. Oilfield Chemicals Market - Spain
- 8.4.8.1. Spain: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.4.8.2. Spain: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.4.8.3. Spain: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.4.9. Oilfield Chemicals Market - Netherlands
- 8.4.9.1. Netherlands: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.4.9.2. Netherlands: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.4.9.3. Netherlands: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.4.10. Oilfield Chemicals Market - Russia
- 8.4.10.1. Russia: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.4.10.2. Russia: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.4.10.3. Russia: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.4.11. Oilfield Chemicals Market - Rest of Europe
- 8.4.11.1. Rest of Europe: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.4.11.2. Rest of Europe: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.4.11.3. Rest of Europe: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.5. Oilfield Chemicals Market - Asia Pacific
- 8.5.1. Asia Pacific: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.5.2. Asia Pacific: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.5.3. Asia Pacific: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.5.4. Oilfield Chemicals Market - China
- 8.5.4.1. China: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.5.4.2. China: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.5.4.3. China: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.5.5. Oilfield Chemicals Market - India
- 8.5.5.1. India: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.5.5.2. India: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.5.5.3. India: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.5.6. Oilfield Chemicals Market - Malaysia
- 8.5.6.1. Malaysia: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.5.6.2. Malaysia: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.5.6.3. Malaysia: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.5.7. Oilfield Chemicals Market - Japan
- 8.5.7.1. Japan: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.5.7.2. Japan: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.5.7.3. Japan: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.5.8. Oilfield Chemicals Market - Indonesia
- 8.5.8.1. Indonesia: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.5.8.2. Indonesia: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.5.8.3. Indonesia: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.5.9. Oilfield Chemicals Market - South Korea
- 8.5.9.1. South Korea: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.5.9.2. South Korea: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.5.9.3. South Korea: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.5.10. Oilfield Chemicals Market - Australia
- 8.5.10.1. Australia: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.5.10.2. Australia: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.5.10.3. Australia: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.5.11. Oilfield Chemicals Market - Rest of Asia Pacific
- 8.5.11.1. Rest of Asia Pacific: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.5.11.2. Rest of Asia Pacific: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.5.11.3. Rest of Asia Pacific: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.6. Oilfield Chemicals Market - Middle East & Africa
- 8.6.1. Middle East & Africa: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.6.2. Middle East & Africa: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.6.3. Middle East & Africa: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.6.4. Oilfield Chemicals Market - Saudi Arabia
- 8.6.4.1. Saudi Arabia: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.6.4.2. Saudi Arabia: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.6.4.3. Saudi Arabia: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.6.5. Oilfield Chemicals Market - UAE
- 8.6.5.1. UAE: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.6.5.2. UAE: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.6.5.3. UAE: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.6.6. Oilfield Chemicals Market - Israel
- 8.6.6.1. Israel: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.6.6.2. Israel: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.6.6.3. Israel: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.6.7. Oilfield Chemicals Market - South Africa
- 8.6.7.1. South Africa: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.6.7.2. South Africa: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.6.7.3. South Africa: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.6.8. Oilfield Chemicals Market - Rest of Middle East & Africa
- 8.6.8.1. Rest of Middle East & Africa: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.6.8.2. Rest of Middle East & Africa: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.6.8.3. Rest of Middle East & Africa: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.7. Oilfield Chemicals Market - Latin America
- 8.7.1. Latin America: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.7.2. Latin America: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.7.3. Latin America: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.7.4. Oilfield Chemicals Market - Mexico
- 8.7.4.1. Mexico: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.7.4.2. Mexico: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.7.4.3. Mexico: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.7.5. Oilfield Chemicals Market - Brazil
- 8.7.5.1. Brazil: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.7.5.2. Brazil: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.7.5.3. Brazil: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.7.6. Oilfield Chemicals Market - Argentina
- 8.7.6.1. Argentina: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.7.6.2. Argentina: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.7.6.3. Argentina: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
- 8.7.7. Oilfield Chemicals Market - Rest of Latin America
- 8.7.7.1. Rest of Latin America: Oilfield Chemicals Market, by Product, 2020-2034 (USD billion)
- 8.7.7.2. Rest of Latin America: Oilfield Chemicals Market, by Application, 2020-2034 (USD billion)
- 8.7.7.3. Rest of Latin America: Oilfield Chemicals Market, by Location, 2020-2034 (USD billion)
9. Competitive Landscape
- 9.1. Expansion and Acquisition Analysis
- 9.1.1. Expansion
- 9.1.2. Acquisitions
- 9.2. Partnerships/Collaborations/Agreements/Exhibitions
10. Company Profiles
- 10.1. Nouryon
- 10.1.1. Company Overview
- 10.1.2. Financial Performance
- 10.1.3. Product Benchmarking
- 10.1.4. Recent Development
- 10.2. BASF SE
- 10.2.1. Company Overview
- 10.2.2. Financial Performance
- 10.2.3. Product Benchmarking
- 10.2.4. Recent Development
- 10.3. SMC Global
- 10.3.1. Company Overview
- 10.3.2. Financial Performance
- 10.3.3. Product Benchmarking
- 10.3.4. Recent Development
- 10.4. Baker Hughes
- 10.4.1. Company Overview
- 10.4.2. Financial Performance
- 10.4.3. Product Benchmarking
- 10.4.4. Recent Development
- 10.5. Halliburton
- 10.5.1. Company Overview
- 10.5.2. Financial Performance
- 10.5.3. Product Benchmarking
- 10.5.4. Recent Development
- 10.6. The Lubrizol Corporation
- 10.6.1. Company Overview
- 10.6.2. Financial Performance
- 10.6.3. Product Benchmarking
- 10.6.4. Recent Development
- 10.7. Aquapharm Chemical Pvt. Ltd.
- 10.7.1. Company Overview
- 10.7.2. Financial Performance
- 10.7.3. Product Benchmarking
- 10.7.4. Recent Development
- 10.8. Clariant
- 10.8.1. Company Overview
- 10.8.2. Financial Performance
- 10.8.3. Product Benchmarking
- 10.8.4. Recent Development
- 10.9. Solvay S.A.
- 10.9.1. Company Overview
- 10.9.2. Financial Performance
- 10.9.3. Product Benchmarking
- 10.9.4. Recent Development
- 10.10. Thermax Chemical Division
- 10.10.1. Company Overview
- 10.10.2. Financial Performance
- 10.10.3. Product Benchmarking
- 10.10.4. Recent Development