The demand for Asia-Pacific oilfield chemicals valued at USD 1.933 billion in 2015, it is comparatively lower than that in the other regions; however, this market is slated to emerge as the fastest growing in the near future. The oilfield chemicals market in Asia-Pacific has a prospect of posting a compounded annual rate of nearly 7.05% over 2015-2020.
Oilfield chemicals are used in various stages of oil exploration. Incidentally, this is mainly because there are, on several occasions, problems associated with water gushing into the oil-well during drilling and exploration; this accompanied by the emission of gasses like carbon dioxide and hydrogen sulphide, causes corrosion of the equipment. Fortunately, this is avoided by using corrosion inhibitor chemicals. Alternately, emulsion breakers are used to separate the oil from the well. The usage of chemicals is important to remove the metal scales, those which interfere with the machine operations, during drilling. However, there are stringent environmental norms that require the use of eco-friendly chemicals. Presently, there is a great deal of research going on into developing chemicals that are both eco-friendly and effective.
The countries such as India and China are making large investments in the energy sector as there is a growing demand for crude oil and petroleum. This, in turn, increases the demand for oilfield chemicals. Thus, Asia-Pacific has a growing market for oilfield chemicals.
Market Dynamics of the Asia-Pacific Oilfield Chemicals Market:
The increasing demand for energy and shale gas exploration increases demand for oilfield chemicals. There is also an increasing demand for environmental friendly chemicals. Theses account to be chief drivers for this market.
Development of alternate and renewable sources of energy is a possible restraint.
The Asia-Pacific oilfield chemicals market can be segmented by chemical types (biocides, corrosion & scale inhibitors, demulsifiers, polymers, pour-point depressants, surfactants and other chemicals), by their application (cementing, drilling, enhanced oil discovery, production, well stimulation, workover and completion) and by their geography (China, India, Japan, South Korea and other countries). The key players in this market are:
Key Deliverables in the Study