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Asia-Pacific Oilfield Chemicals Market Size (2024 - 2029)

The Asia-Pacific oilfield chemicals market is poised for growth, driven by the increasing demand from the oil and gas industry as it recovers from the impacts of the COVID-19 pandemic. The market's expansion is supported by the rising share of gas exploration and production, alongside the demand for petroleum-based fuels in the transportation sector. However, the growth trajectory may be challenged by the burgeoning biofuel industry and regulatory pressures related to sustainability and environmental concerns. Opportunities exist in the development of high-performance, environmentally friendly chemicals for deepwater and unconventional resources. China remains the dominant force in the region, exhibiting the highest consumption of oilfield chemicals.

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Market Size of Asia-Pacific Oilfield Chemicals Industry

Asia-Pacific Oilfield Chemicals Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 2.21 Billion
Market Size (2029) USD 2.77 Billion
CAGR (2024 - 2029) > 4.50 %
Market Concentration High

Major Players

Asia-Pacific Oilfield Chemicals Market Major Players

*Disclaimer: Major Players sorted in no particular order

Asia-Pacific Oilfield Chemicals Market Analysis

The Asia-Pacific Oilfield Chemicals Market size is estimated at USD 2.21 billion in 2024, and is expected to reach USD 2.77 billion by 2029, growing at a CAGR of greater than 4.5% during the forecast period (2024-2029).

The COVID-19 pandemic negatively affected the oil and gas industry, which in turn affected the oilfield chemicals market in the Asia-Pacific region. However, post-COVID-19, the rising demand from the oil and gas industry is expected to revive the market for oilfield chemicals in the region.

  • One of the major factors driving the market's growth is the increased share of gas exploration and production in the Asia-Pacific region. Rising demand for petroleum-based fuel from the transportation industry is expected to drive the market demand during the forecast period.
  • The rising biofuel industry is likely to hinder the market growth. With the increasing focus on sustainability and environmental concerns, the oilfield chemicals industry may face regulatory pressures and a decline in investor interest as well.
  • The increasing focus on deepwater and unconventional resources like shale oil and gas opens up new markets for drilling fluids, lubricants, and completion fluids. Developing high-performance, environmentally friendly chemicals for these challenging environments is a lucrative opportunity.
  • China dominated the market across the Asia-Pacific Region, with the most significant consumption of oilfield chemicals in this region.

Asia-Pacific Oilfield Chemicals Industry Segmentation

Oilfield chemicals are specific chemical compounds used to improve the effectiveness and efficiency of operations associated with an oilfield site. These chemicals are used in applications such as drilling, production, completion, and several other operations under these conditions.

The Asia-Pacific oilfield chemicals market is segmented by chemical type, application, and geography. By chemical type, the market is segmented into biocide, corrosion and scale inhibitor, demulsifier, polymer, surfactants, and other chemicals(organic acids, fracturing fluids, etc.). By application, the market is segmented into drilling and cementing, enhanced oil recovery, production, well stimulation, and workover and completion. The report also covers the market sizes and forecasts for the Asia-Pacific oilfield chemicals market for 10 major countries across the Asia-Pacific region. For each segment, the market sizing has been done on the basis of revenue (USD).

Chemical Type
Biocide
Corrosion and Scale Inhibitor
Demulsifier
Polymer
Surfactant
Other Chemical Types (Organic Acids, Fracturing Fluids, etc.)
Application
Drilling and Cementing
Enhanced Oil Recovery
Production
Well Stimulation
Workover and Completion
Geography
China
India
Japan
South Korea
Malaysia
Thailand
Indonesia
Vietnam
Philippines
Australia & New Zealand
Rest of Asia-pacific
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Asia-Pacific Oilfield Chemicals Market Size Summary

The Asia-Pacific oilfield chemicals market is poised for growth, driven by the increasing demand from the oil and gas industry as it recovers from the impacts of the COVID-19 pandemic. The market is expected to expand due to the rising share of gas exploration and production in the region, alongside the growing demand for petroleum-based fuels from the transportation sector. However, the market faces challenges from the burgeoning biofuel industry and regulatory pressures related to sustainability and environmental concerns. The focus on deepwater and unconventional resources, such as shale oil and gas, presents lucrative opportunities for the development of high-performance, environmentally friendly chemicals. China remains a dominant player in the region, with significant consumption of oilfield chemicals.

The market's growth is further supported by investments in subsea infrastructure and drilling services, as evidenced by recent approvals for major projects in Malaysia and Australia. The use of corrosion and scale inhibitors is crucial for maintaining the efficiency of oilfield equipment, with various chemicals employed to combat these issues. The oil and gas industry in China, a key contributor to the country's economy, continues to expand its production capacities, driving the demand for oilfield chemicals. The market is partially consolidated, with major players like AkzoNobel N.V., Haliburton, Huntsman International LLC, Baker Hughes Company, and BASF SE actively participating. Recent developments, such as Baker Hughes' new manufacturing facility in Singapore, highlight the ongoing efforts to optimize operations and enhance service delivery in the region.

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Asia-Pacific Oilfield Chemicals Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Rising Demand for Petroleum-based Fuel from the Transportation Industry

      2. 1.1.2 Increased Shale Gas Exploration and Production in Asia-Pacific

      3. 1.1.3 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Rising Biofuel Industry

      2. 1.2.2 Clean Energy Initiatives

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Chemical Type

      1. 2.1.1 Biocide

      2. 2.1.2 Corrosion and Scale Inhibitor

      3. 2.1.3 Demulsifier

      4. 2.1.4 Polymer

      5. 2.1.5 Surfactant

      6. 2.1.6 Other Chemical Types (Organic Acids, Fracturing Fluids, etc.)

    2. 2.2 Application

      1. 2.2.1 Drilling and Cementing

      2. 2.2.2 Enhanced Oil Recovery

      3. 2.2.3 Production

      4. 2.2.4 Well Stimulation

      5. 2.2.5 Workover and Completion

    3. 2.3 Geography

      1. 2.3.1 China

      2. 2.3.2 India

      3. 2.3.3 Japan

      4. 2.3.4 South Korea

      5. 2.3.5 Malaysia

      6. 2.3.6 Thailand

      7. 2.3.7 Indonesia

      8. 2.3.8 Vietnam

      9. 2.3.9 Philippines

      10. 2.3.10 Australia & New Zealand

      11. 2.3.11 Rest of Asia-pacific

Asia-Pacific Oilfield Chemicals Market Size FAQs

The Asia-Pacific Oilfield Chemicals Market size is expected to reach USD 2.21 billion in 2024 and grow at a CAGR of greater than 4.5% to reach USD 2.77 billion by 2029.

In 2024, the Asia-Pacific Oilfield Chemicals Market size is expected to reach USD 2.21 billion.

Asia-Pacific Oilfield Chemicals Market Report Snapshots

Asia-Pacific Oilfield Chemicals Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)