Oilfield Stimulation Chemicals Market 2023 Grow with a High CAGR

 

Oilfield stimulation chemicals are substances used in the process of hydraulic fracturing (fracking) and other forms of well stimulation to enhance the flow of oil and gas from the reservoir. The global oilfield stimulation chemicals market size was valued at USD 28.4 billion in 2020 and is projected to grow at a CAGR of 4.7% from 2021 to 2028.

The market is driven by the increasing demand for oil and gas, the growth of unconventional resources such as shale gas and tight oil, and the rising exploration and production activities. Additionally, the growing need for enhanced oil recovery (EOR) is expected to drive market growth in the coming years.

The oilfield stimulation chemicals market can be segmented into various types of chemicals, including acids, biocides, gelling agents, friction reducers, surfactants, and others. The gelling agents segment held the largest market share in 2020, owing to their ability to create a gel-like substance that helps in proppant suspension and fracture closure.

North America dominated the oilfield stimulation chemicals market in 2020, due to the significant shale gas and tight oil resources in the region. The Asia Pacific region is expected to witness significant growth during the forecast period, owing to the increasing demand for oil and gas from emerging economies such as India and China.

The major players operating in the oilfield stimulation chemicals market include BASF SE, Baker Hughes, Chevron Phillips Chemical Company LLC, Clariant AG, Dow Inc., Ecolab Inc., Halliburton, Schlumberger Limited, Solvay, and The Lubrizol Corporation, among others.

In conclusion, the oilfield stimulation chemicals market is expected to witness significant growth in the coming years, driven by the increasing demand for oil and gas, the growth of unconventional resources, and the rising exploration and production activities. The market is highly competitive, with several major players operating in the space.

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