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The oilfield chemicals market has experienced robust growth in recent years, attributed to various factors driving innovation, competition, and market demand. With a promising trajectory ahead, it’s crucial to dissect the key elements shaping this landscape.

Market Growth and Projections

• From $32.9 billion in 2023, the oilfield chemicals market is set to reach $35.18 billion in 2024, boasting a Compound Annual Growth Rate (CAGR) of 6.9%.
• Forecasts predict further expansion, with the market projected to soar to $45.58 billion by 2028, maintaining a steady CAGR of 6.7%.

Factors Fueling Growth

• Historic Period Dynamics: Market competition, innovation, geopolitical factors, corrosion and scale prevention, and cost efficiency in operations contributed to past growth.
• Forecast Period Projections: Sustainability focus, competition dynamics, geopolitical influence, production optimization, and complex reservoir extraction will drive future expansion.

Rising Demand for Crude Oil and Its By-Products

• Crude oil’s increasing demand, coupled with its by-products such as gasoline, aviation fuel, diesel, and asphalt, propels market growth.
• Exploration and production activities, particularly highlighted by the surge in U.S. crude oil output and natural gas consumption, underline the heightened necessity for oilfield chemicals.

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Major Players in the Market

• Notable companies shaping the oilfield chemicals landscape include Johnson Controls International PLC, Daikin Industries Ltd., Samsung Electronics Co. Ltd., Mitsubishi Electric Corporation, and others.

Innovation in Product Offerings

• Product innovation emerges as a pivotal trend, with companies focusing on developing advanced solutions to meet evolving market demands.
• Examples include Ingevity Corporation’s launch of bio-based oilfield products, catering to the industry’s sustainability and efficiency goals.

Strategic Acquisitions

• Epiroc AB’s acquisition of AARD Mining Equipment Pvt. Ltd. in September 2022 signifies strategic moves aimed at expanding product portfolios and market presence, particularly in Africa.

Segmentation and Market Dynamics

• The oilfield chemicals market is segmented by type (polymers, corrosion inhibitors, demulsifiers, surfactants, gellants, and others), location (onshore/offshore), and application (drilling, cementing, enhanced oil recovery, production chemicals, well stimulation, workover, and completion).
• North America dominated the market in 2023, while Asia-Pacific emerges as the fastest-growing region, poised for substantial expansion in the forecast period.

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The Oilfield Chemicals Global Market Report 2024  provides an overview of the oilfield chemicals market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The oilfield chemicals market forecast analyzes oilfield chemicals market size, oilfield chemicals market share, leading competitor and their market positions.

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