The global oilfield chemicals market was valued at USD 24,900 million in 2016 and projecting an estimated CAGR of XX% during 2017-2022 (the forecast period). The demand for oilfield chemicals is driven by the increased shale gas exploration & production; and growing consumption of petroleum based products in numerous end-user industries across the world.
Oilfield chemicals form an integral part of the oil & gas industry and find extensive usage in various stages of oil exploration. The problems that oilfields experience include water gushing into the oil well during drilling & 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. With the growing emphasis on non-conventional sources such as shale gas, coal-bed methane, etc. the demand for oilfield chemicals is projected to increase in the near future.
The major driver for the oilfield chemicals market is the increased shale gas exploration & production along with other non-conventional sources. Oilfield chemicals are used extensively in variety of applications including drilling & cementing, workover & completion, well stimulation, production, and enhanced oil recovery. The well stimulation segment holds the largest share of oilfield chemicals by application. The best application of these chemicals is seen in the production from unconventional resource like shale gas and tight oil where there is a requirement of technologies such as hydraulic fracturing and acidizing. The global oilfield chemicals market is also segmented on the basis of chemical type into biocides, corrosion and scale inhibitors, demulsifiers, polymers, pour-point depressants, surfactants, and others; with corrosion and scale inhibitors being the largest chemical type consumed globally.
AREAS WHERE SCOPE OF OILFIELD CHEMICALS GROWTH IS RISING
In terms of consumption, North America accounted for the largest market size (in USD million). During the forecast period, market is expected to grow with an estimated CAGR of 5.00%, the highest among the regions including North America, Asia-Pacific, Europe, South America, and Middle-East & Africa. The availability of proven Shale gas and heavy oil reserves in the region combined with the consistent developments in horizontal drilling and hydraulic fracturing that will aid in the exploration of unconventional resources is expected to have a positive impact on the market for oilfield chemicals in the region. Additionally, with the consistent rise in energy demand in developing countries such as China and India is likely to boost the oil and gas production despite the recently plummeting crude oil prices.
Source: Mordor Intelligence Analysis
NOTABLE DEVELOPMENTS IN THE MARKET
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o Schlumberger Limited
o Baker Hughes Incorporated
o Nalco (Ecolab)