global-oilfield-chemicals-market-industry
Published

July 2017

Oilfield Chemicals Market - Size, Share and Forecasts 2017-2022

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OILFIELD CHEMICALS MARKET

The global market was valued at USD 24,900 million in 2016 and projected to grow at an estimated CAGR of XX% during 2017-2022 (the forecast period). The demand for the former 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 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 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.

MARKET SCOPE

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

MARKET DEVELOPMENTS

  • In May 2017, Clariant and Huntsman have signed a definitive agreement to form merger of equals, HuntsmanClariant, which will be a leading global specialty chemical company.
  • In October 2016, Baker Hughes announced a merger with the Oil & Gas business of GE Corporation. The planned merger might lead to the formation of the second largest oilfield services company in the market.
  • In April 2016, Schlumberger announced that it has closed the merger of Cameron International Corporation and Schlumberger Limited.

WHY PURCHASE THIS REPORT?

  • Will the increasing shale gas production help grow the market
  • Know about: the latest regulations and policies
  • How the environment regulations in the oil & gas industry affecting the market
  • Analyzing various perspectives of the market with the help of porter’s five forces analysis
  • Impact of Huntsman and Clariant merger on the oilfield chemicals market
  • Which type of chemicals will dominate the market
  • Which of the regions will witness fastest growth during the forecast period
  • Identify the latest developments, market shares and strategies employed by the major market players, such as:

o   Halliburton

o   Schlumberger Limited

o   Baker Hughes Incorporated

o   Nalco (Ecolab)

o   Solvay

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