Oilfield Chemicals Market – Snapshot
Oilfield chemicals are specialty chemicals employed to enhance certain properties and functionalities of oil wells or reservoirs. Several services performed on oilfields rely on specialty fluids and additives. Oilfield chemicals play a vital role in the life cycle of an oil well. They are used in upstream, midstream and downstream operations of the oil industry. Manufacture of oilfield chemicals requires several raw materials, which are easily available. Production of oilfield chemicals requires moderate investments.
Download PDF Brochure – https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=47205
In terms of value, the global oilfield chemicals market is anticipated to expand at a CAGR of more than 7.0% from 2018 to 2026. The market has been segmented based on product and application. Based on product, the global oilfield chemicals market has been divided into biocides, corrosion and scale inhibitors, demulsifiers, surfactants, polymers, lubricants, hydrogen sulfide scavengers, fluid loss additives, and others. In certain operations such as drilling, production, stimulation, and transport in the oilfield sector, there exists a risk of corrosion and scale deposition. Inhibitors are required to be used in these operations to avoid the risk of corrosion and scale formation. In oilfield operations, prevention of growth of microorganisms is required and hence, biocides are applied periodically or continuously. Biocides kill living cells. Most biocides can be considered biostatic. Biocides are also known as anti-microbial agents, disinfectants, or antiseptics. Polymers have a wide range of properties including enhanced temperature resistance, creep resistance, fatigue resistance, chemical resistance, abrasion prevention, and dielectric properties. They are extensively used in various phases in the oil sector. Rising use of surfactants offers lucrative growth opportunities to the global oilfield chemicals market. They are used in exploration, drilling, production, well stimulation, enhanced oil recovery, and workover operations in the oilfield sector.
Based on application, the global oilfield chemicals market has been classified into production chemicals, drilling fluids, well stimulation fluids, cementing fluids, enhanced oil recovery, and workover & completion. A drilling fluid is a mixture of synthetic and natural chemical compounds used to lubricate and cool the drill bit; carry cuttings to the surface; clean the hole bottom; control formation pressures; and improve the function of the drill string and tools in the hole. Production chemicals are used for maintaining the production flow as per the production schedule. In order to increase productivity of a well, it needs to be stimulated with chemicals. In order to effectively increase productivity, specialty chemicals are used for well stimulation. Cementing fluids or additives are employed to improve cement slurry rheology. They modify the cement slurry or set the cement. Cement additives are commonly available in a powder or liquid form, which allows for a little flexibility in the method by which the cement slurry is prepared. Chemical flooding is one of the enhanced oil recovery methods, wherein different types of chemicals are used.
In terms of revenue, the drilling fluids segment accounted for a significant share of the oilfield chemicals market in 2017 and is likely to continue its dominance during the forecast period. On the other hand, the well stimulation fluids segment is anticipated to expand at the highest CAGR, in terms of both value and volume, between 2018 and 2026.
North America dominated the global oilfield chemicals market, holding more than 60% of the market share in 2017, followed by Asia Pacific and Europe. The U.S. constituted a key share of the oilfield chemicals market in North America, in terms of volume and revenue, in 2017 and is likely to continue its dominance during the forecast period. Increase in investments in unconventional drilling activities and rapid development of shale gas fields are augmenting the demand for oilfield chemicals in the U.S. The oilfield chemicals market in North America, Asia Pacific, and Latin America is expected to expand at a high CAGR during the forecast period. The oilfield chemicals market in Europe is projected to witness sluggish growth between 2018 and 2026.
More Trending Reports by Transparency Market Research – https://www.prnewswire.com/news-releases/recurrent-changes-in-crude-oil-prices-to-influence-growth-parameters-global-oil-storage-market-to-record-cagr-of-4-78-vis-a-vis-volume-from-2019-to-2027-transparency-market-research-301088264.html
Increase in crude oil production has driven oilfield operations such as drilling, cementing, production, workover and completion, and well stimulation. Thus, the demand for drilling fluids, cementing fluids, production chemicals, workover and completion chemicals, and well stimulation chemicals is estimated to increase with rise in crude oil production. Rise in the development of unconventional oilfields across the world is likely to propel the global market for oilfield chemicals in the near future.
Oilfield chemicals contaminate the surface water, groundwater, and soil if they are inappropriately disposed. They release potentially hazardous materials such as acids and solvents, affecting the human health as well as environment. A wide variety of chemicals are utilized in treating oil, gas, and the water collected from reservoirs. This treated water contains several chemicals that can cause serious damage to flora and fauna on disposal. These environment-related concerns are likely to restrict the global oilfield chemicals market during the forecast period.
The report comprises profiles of major companies operating in the global oilfield chemicals market. Key players operating in the global market are Baker Hughes (A GE Company), Halliburton, Solvay S.A., BASF SE, Schlumberger Limited, Newpark Resources Inc., AkzoNobel N.V., Albemarle Corporation, The Dow Chemical Company, Gumpro Drilling Fluids Pvt Ltd, Kao Chemicals, Chemiphase, Jiaxing Midas Oilfield Chemical Mfg. Ltd, Thermax global, and Imperial Oilfield chemicals Pvt Ltd.
Request for covid19 Impact Analysis – https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=47205
