Summary - A new market study, titled “Global Oilfield Chemicals Market Research Report- Forecast To 2022” has been featured on WiseGuy Reports.
Global Oilfield Chemicals Market: Information by Type (Inhibitors & Scavengers {Corrosion Inhibitors, Paraffin Inhibitors, Asphaltene Inhibitors, Scale Inhibitors, H2S Scavengers, Oxygen Scavengers, and Others}, Demulsifiers, Friction Reducers, Rheology Modifiers, Biocides, Surfactants, Pour-Point Depressants, and Others), Application (Upstream {Drilling, Well Stimulation, Production Chemicals, Workover & Completion, and Cementing}, Midstream, and Downstream {Water Injection, Alkali Surfactant Water Flooding, and Others}), and Region (North America (US, Canada), Europe(Germany, UK, Russia, France, Spain, Italy, Belgium, and Poland), Asia-Pacific (China, India, Japan, Australia & New Zealand, Indonesia, South Korea, Thailand), Latin America(Brazil, Mexico, and Argentina), and the Middle East & Africa (GCC, South Africa, Iran, Israel, Egypt))—Forecast till 2025
Market Analysis
Oilfield chemicals are class of specialty chemicals used in the oil & gas industry to enhance the oil extraction process. They are used for drilling optimization, corrosion protection, improving oil recovery, preventing mud loss, stabilizing the drilling fluid at different pressure and temperature, as well as to achieve optimum performance. They play a vital role in various stages of oilfields—upstream, midstream, and downstream. According to MRFR analysis, the global oilfield chemicals market is expected to register a CAGR of 4.64% to reach USD 1,562.2 million by 2025. The growth of the global market is primarily driven by increasing oil & gas exploration activities across the globe. Besides, the increasing crude oil production coupled with deep drilling activities offshore and onshore is the other factors projected to boost the growth of the global oilfield chemicals market, as oilfield chemicals are used in all the stages of the oil & gas industry, including initial drilling of wells, production of oil and gas, and in all the aspects of maintenance of the oilfields, including storage of oil and natural gas in geological conditions (in salt caverns or depleted reservoirs). However, stringent environmental regulations and shift toward renewable energy sources are expected to hamper the global market growth during the forecast period. However, stringent environmental regulations and shift toward renewable energy sources such as solar, wind, geothermal, biomass, and hydropower energy as an alternative to traditional fossil fuels are expected to hamper the growth of global oilfield chemicals market during the forecast period.
Market Segmentation
The global oilfield chemicals market has been segmented based on type, application, and region. Based on type, the global market has been divided into inhibitors & scavengers, demulsifiers, friction reducers, rheology modifiers, surfactants, biocides, pour-point depressants, and others. Inhibitors and scavengers are further sub-segmented into corrosion inhibitors, paraffin inhibitors, asphaltene inhibitors, scale inhibitors, H2S scavengers, oxygen scavengers, and others. The corrosion inhibitors segment accounted for the largest market share in 2018 due to increasing applications in the manufacturing of pipes, water tanks, and other equipment. By application, the global oilfield chemicals market has been classified into upstream, downstream and midstream. The upstream segment has been further sub-segmented into drilling, well stimulation, production chemicals, cementing, and workover & completion. The downstream segment is further bifurcated into water injection, alkali surfactant water flooding, and other. The upstream segment accounted for about half of the overall oilfield chemicals demand in 2018. The downstream is expected to growth at fastest rate during the forecast period.
Regional Analysis
Geographically, Global Oilfield Chemicals Market has been split into regions like North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America. The North America market dominated the global oil market with a share of 44.3% by value in 2018 and is expected to register a CAGR of 5.07% during the forecast period. the growth of the market is driven by increasing crude oil production and increasing investment in the shale gas exploration activity in the US. Asia-Pacific accounted for second-largest share in 2018 and is expected to witness fastest growth during the forecast period. The growth of the regional market is attributed to the presence of a large number of downstream companies in the region along with the increasing investments in deep water and ultra-deep-water exploration in the South China Sea and proposed expansions in oil exploration across the South-East Asian countries such as Thailand, Vietnam, Indonesia, and Malaysia. The European market is expected to exhibit a CAGR of 4.76% during the forecast period. Russia, Germany, and the UK are among the largest countries in the upstream exploration, which is expected to drive the demand. Besides, the presence of large downstream companies in the region is expected to further boost the demand for various oilfield chemicals in the region.
Major Players
Schlumberger Limited (US), Baker Hughes, a GE Company LLC (UK), Ideal Energy Solutions, LLC (US), Royal Dutch Shell PLC (The Netherlands), BASF SE (Germany), Solvay (Belgium), Halliburton (US), Clariant (US), Kemira (Finland), Albemarle Corporation (US), Stepan Company (US), Nalco Champion (US), Croda International PLC (UK), Huntsman International LLC (US), Ashland (US), and The Lubrizol Corporation (US).are some of the major players in the Global Oilfield Chemicals Market.
The key players operating in the global oilfield chemicals market are primarily focusing on the development of sophisticated and advanced mixes of oilfield chemicals. For instance, in September 2019 Clariant has come up with its latest WAXTREAT SubZero Pour Point Depressant (PPD), which will help the oil & gas companies, especially in the cold regions, to overcome challenges such as mitigation of wax deposition and transportation of waxy crude oils while reducing OPEX requirement during the cleaning of pipelines. Furthermore, some of the key strategies followed by the players operating in the global oilfield chemicals market are expansion, acquisitions, investments, joint ventures, agreements, and collaborations. Such as, In February 2018, Halliburton opened the first oilfield chemical manufacturing reaction plant in Saudi Arabia. The plant will manufacture specialty chemicals, which find applications ranging from reservoirs to refineries.
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The Global Oilfield Chemicals Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
The market segments are also provided with an in-depth outlook of the competitive landscape and a listing of the profiled key players.Oilfield chemicals are chemicals which are employed in exploration and processing of gas and oil field at various stages.
Oilfield chemicals are imperative for oil and gas industry to meet the stringent timelines and overcome many environmental issues.
Organic chemicals and solvents, inorganic salts, transition metal compounds, water-soluble and oil-soluble polymers, and surfactants are the common oilfield chemicals used by the industry.
Enhanced oil recovery (EOR) products and drilling fluid additives are the major applications in the oilfield chemicals market.Global oilfield chemicals market is expected to grow owing to new wells discovery in countries like China, Poland, etc.
; growth in drilling activities and stimulated production rates.
Chemicals play a prominent role in the smooth production of oil.
The company has a proper advanced chemical testing lab where chemical blending is tested on various parameters by chemical engineers.
The global oilfield chemical market is billions of dollars.Chemicals are prepared with the mixture or two or four chemicals.
For each well, the chemical formulation may vary depending on the time and the operating conditions.
Chemicals are used for various stages that can be for drilling, cementing, well stimulation and well completion.
The presence of acids, water content, and bacteria in the oil can be the reason for the corrosive environment.
