Global Oilfield Chemicals Market Analysis, Trends and Opportunities 2020 - 2024
Summary -
A new market
study, titled “Global Oilfield Chemicals Market - Global Demand, Sales, Consumption and
Forecasts to 2024“ has been featured on WiseGuyReports.
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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