Oilfield Chemicals finds major scope in the exploration and drilling practices particularly in oil & gas industry, where it serves as emulsion breakers, erosion resistant, drilling additives, cementing super plasticizers, and among others. Increasing natural resources exploration and production activities, rise in demand for energy generation and growing dependency on oil & gas industry continues to grow exponentially, that in turn propel the growth of oilfield chemicals market at global level and expected to witness healthy growth during the forecast period 2019–2026.
Geographically, the global oilfield chemicals market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa (LAMEA).
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A number of factors such as increasing mining and exploration and production activities in accordance to petrochemicals, growing number oil and gas industries, and exploration of large number or oil and gas reservoirs in Middle East Africa has supported in the rapid growth of the oilfield chemicals market. Furthermore, the market is rapidly becoming diverse and technologically challenging, with the increasing local expenditure of oil and gas revenues. Additionally, a number of various strategies adopted by players in the region are boosting the growth of the oilfield chemicals market. For instance, Bahrain Petroleum company, wholly owned by Government of Bahrain, owns 264,000 barrels a day refinery and has storage facility of more than 14 million barrels with a marketing and marine terminal for the petroleum products.
Pearl GTL, the world’s largest gas to liquids plant, is operated by Shell and its partner Qatar Petroleum produces 120,000 barrels of oil equivalent of natural gas and ethane and 140,000 barrels of oil equivalent of fuels such as gasoline, diesel, and kerosene.
Asia Pacific region has emerged as the fastest growing region for oilfield chemicals market and estimated to grow at a healthy rate over the forecast period 2019–2026. Emerging economies such as India and China in the Asia Pacific investing largely in the energy sector, due to rise in demand for the petroleum and crude oil is expected to drive the growth of oilfield chemicals market in the region. Growing energy requirement from residential as well as industrial sector pertaining to the increasing population across the Asia Pacific countries is expected to fuel the growth of the oilfield chemicals market. According to (India Brand Equity Foundation) IBEF statistics, in 2016 India had 230.06 million metric tons per annum of refining capacity, making it the 2nd largest refiner in Asia. Also, India stands as fourth largest energy consumer and is expected to double to 1,516 (million ton) Mton by 2035 from 700.50 Mton in2015.
North America oilfield chemicals market is projected to flourish during the forecast period 2019–2026 owing to the presence of large offshore and onshore shale gas reservoirs in the region. Furthermore, increasing consumption of well stimulation chemicals has been significantly affecting the exploration activities particularly in U.S. Additionally, the capability of these chemicals to serve various applications such as production, drilling, workover & completion, well stimulation and cementing has increased the demand for oilfield chemicals. This trend is projected to continue owing to the discovery of new reserves of shale gas, thereby escalating the demand for oilfield chemicals. According to International Trade Administration, Canada and Mexico are expected to remain the largest destinations for U.S. exports of O&G equipment, while U.S. exports to North American markets is projected to reach nearly $10 billion in 2020. According to Economic Development Foundation, global petrochemicals growth is slightly shifting from the Middle East to Gulf Coast of U.S. Also, Statistics provided by them says, that U.S is expected to beat the Middle East with 27.9 million tons of new production capacity by 2020.
The global oilfield chemicals market is segmented by product type, application, and region.
On the basis of product type, oilfield chemicals market is segmented into demulsifiers, inhibitors & scavengers, rheology modifiers, friction reducers, biocides, surfactants, foamers, and others. Rheology modifiers are emerging as leading product type in the global oilfield chemicals market and is estimated to grow continuously over the forecast period 2019–2026. These chemicals sued as synthetic mud, specifically finds application in horizontal wells while drilling at high angles as they provide high viscosity. Biocides are expected to be the fastest growing product segment owing to its increasing applicability in offshore operations. Biocides which contains naturally occurring gum, are usually used to protect the water muds. Microbial inhibition capability of biocides is predicted to grow at healthy CAGR throughout the forecast period.
Based on application, oilfield chemicals market is segmented into production, well stimulation, drilling, enhanced oil recovery, cementing, and workover & completion. On the basis of revenue, workover & completion accounted for the largest application segment since past few years. This application involves maximizing the productivity of the reservoir by developing suitable flow paths through hydraulic fracturing and matrix stimulation. Along with this, production chemicals segment
having high growth potential are projected to display significant demand from oilfield chemicals market over the projected period 2019–2026.
Oilfield Chemicals Market Segmentation:
By Product Type
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* Known and Unknown Adjacencies Influencing the Growth of Market
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* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now