Overview:
Oilfield Chemicals are specialty chemicals that find diverse application in oil & gas industry. Several steps like cementing, drilling & completion, enhanced oil recovery (EOR), stimulation, and production, as well as, in the transportation of oil & gas. The global oilfield chemicals market is all set to score 5% CAGR during the forecast period of 2019 to 2025 and in the process, would take a leap from a valuation of USD 33 billion to surpass the anticipated valuation by the end of 2025. Market Research Future (MRFR) made a claim that this rise would be smooth owing to various ongoing oilfield exploration project.
The global oilfield chemicals market can be triggered by several factors like the hike in the global oilfield exploration activities. Technological advancement is expected to play a major role in the global market growth, which would trigger the intake of these chemicals.
According to Market Research Future (MRFR), the global Oilfield Chemicals Market is expected to reach USD 1,562.2 MN by 2025. In its recent industry analysis, the market is projected to register approximately 4.64% CAGR throughout the forecast period (2017 – 2025). There has been a spurting rise in natural gas production & extraction from shale formations, which in turn is pushing the growth of the market.
Additionally, factors such as upsurge in the O&G economy increased drilling projects that have been triggered with the new O&G reserves discoveries in some regions, and the rising trend of Deepwater production is substantiating the growth of the market. Additionally, the renewed interest in shale gas extraction worldwide is anticipated to provide a considerable impetus to the growth of the oilfield chemicals market.
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Global Oilfield Chemicals Market – Segments
MRFR’s segmentation of the report reveals three main dynamics to widen the scope of understanding,
By Type: Inhibitors & Scavengers (Corrosion Inhibitors, Paraffin Inhibitors, Asphaltene Inhibitors, Scale Inhibitors, H2S Scavengers, Oxygen Scavengers, others), Demulsifiers (Friction Reducers, Rheology Modifiers, Biocides, Surfactants, Pour-Point Depressants), and others.
By Application: Upstream (Drilling, Well Stimulation, Production Chemicals, Workover & Completion, Cementing), Midstream, and Downstream (Water Injection, Alkali Surfactant Water Flooding, others)
By Regions: Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World
Global Oilfield Chemicals Market – Regional Analysis
North America leads the global oilfield chemicals market. The largest share of the market attributes to the augmented exploration activities in the USA and Canada. Besides, the rising demand for energy worldwide prompts a massive consumption of oilfield chemicals in the region. Furthermore, increasing crude oil production and investments in shale gas exploration activities in the US drives the growth of the regional market. In 2018, the North American oilfield chemicals market had accounted for over 44.3% of the market share, reaching the valuation of USD 14.1 BN, which is expected to rise further at 5.07% CAGR during the forecast period.
The Asia Pacific oilfield chemicals market accounts for another lucratively growing market. Rising government support and the recent decision to auction government-owned sixty-nine inactive O&G fields to private companies on a new revenue-sharing contract is projected to fuel the growth of the APAC oilfield chemicals market, reinforcing increase in O&G exploration activities. Driven by the increasing investment in the O&G industry, the APAC oilfield chemicals market is estimated to witness the fastest growth during the assessment period.
The oilfield chemicals market in Europe is expected to witness moderate growth led by Germany, France, and the UK. Increasing offshore extraction activities alongside the new oilfield discoveries propel the growth of the regional market. Besides, improving economic outlook and rising oil prices are the significant factors projected to foster the European oilfield chemicals market.
The oilfield chemicals market in the Middle Eastern region is estimated to perceive a substantial growth rate despite the ongoing political instability in the GCC countries. Besides, factors such as unfavorable geological conditions (extreme heat/cold) that demand more advanced & expensive oilfield chemicals in the O&G extraction process drive the regional market growth.
Global Oilfield Chemicals Market – Competitive Landscape
Highly competitive, the oilfield chemicals market appears to be fragmented due to the presence of many notable players. The market competition is anticipated to intensify further with several new players entering the market with their advanced technologies. This, as a result, will replace the stability in the market, encouraging the players to take up strategic initiatives such as mergers & collaborations and acquisitions & partnerships to expand their production capabilities and thus to churn the market competition.
Major Players:
Baker Hughes
Schlumberger Limited (US)
GE Company LLC (UK)
Royal Dutch Shell PLC (The Netherlands)
Ideal Energy Solutions
LLC (US)
BASF SE (Germany)
Halliburton (US)
Solvay (Belgium)
Clariant (US)
Albemarle Corporation (US)
Kemira (Finland)
Stepan Company (US)
Croda International PLC (UK)
Nalco Champion (US)
Huntsman International LLC (US)
The Lubrizol Corporation (US)
and Ashland (US)
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Industry/ Innovation/ Related News:
December 14, 2019 ---- Asian Oilfield Services Limited (India), a leading global oilfield services company, announced receiving the Letter of Award (LOA) for the acquisition of 20 and 30 seismic data of oil blocks located in Rajasthan and Gujarat State in India. The total value of the LOA received worth over Rs. 640 crores (USD 9,01,30,688). Asian Oilfield specializes in a geophysical range of onshore seismic & drilling services, including acquisition, imaging, and field evaluation.
The LOA marks an important step in the Company’s journey to the growth, unlocking the inherent strength of its specialized skills & technical competencies in a niche area of providing all oilfield related services to exploration & production (E&P) companies.
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