The Asia-Pacific Oilfield Chemicals market is estimated to account for USD 2,065.76 million in 2016. The market is projected to reach USD 2,551.22 million by 2021, recording an estimated CAGR of 4.31%, over the forecast period, from 2016 - 2021.
Oilfield chemicals are an integral part of the oil and gas industry and find extensive usage in various stages of oil exploration. The usual problems that oilfields experience include water gushing into the oil well during drilling and exploration and gases like carbon dioxide and hydrogen sulfide causing equipment corrosion. Moreover, metal scales formed during drilling operations also interfere with the machine operations. Such hindrances are avoided by using oilfield chemicals, especially corrosion and scale inhibitor chemicals.
The rising demand for petroleum based fuel from transportation industry, and increased shale gas exploration & production in the Asia-Pacific are major drivers of the oilfield chemicals market in the region. Factors such as rising biofuel industry, and clean energy initiatives can hinder the growth of the market. However, prime factors restraining the market growth are the low crude oil prices and the environmental sustainability of shale gas exploration activities.
The Asia-Pacific oilfield chemicals market is segmented by chemical type into biocides, corrosion & scale inhibitors, demulsifiers, polymers, surfactants, and other chemicals. By application, the Asia-Pacific oilfield chemicals market has been segmented into drilling & cementing, enhanced oil recovery, production, well stimulation, and workover & completion.
The market has also been geographically segmented into China, India, Indonesia, Malaysia, Thailand, Australia & New Zealand, Vietnam, and Rest of Asia-Pacific. Currently in 2016, in terms of consumption, China leads the Asia-Pacific oilfield chemicals market, followed by India and Indonesia.
The Asia-Pacific oilfield chemicals market is expected to grow at a moderate pace during the forecast period. The rapidly rising energy demand in countries like China and India is likely to boost the oil and gas production despite the recently plummeting crude oil prices. Also, the availability of proven Shale gas and heavy oil reserves in China and India, combined with the consistent developments in horizontal drilling and hydraulic fracturing that help in the exploration of such unconventional plays is expected to have a positive impact on the market for oilfield chemicals in the region.
Opportunities and Major Players
Factors such as new horizons opened up due to deep water drilling operations, and production opportunities provided by developing nations are projected to offer numerous opportunities for the market.
Some major companies dominating the market for its products and continuous product developments include
Key Deliverables in the Study