The North American oilfield chemicals market, valued at USD 16.50 billion in 2015, is a fast growing market because of the shale gas exploratory activities in these regions. The U.S.A has the largest market share in this region but Canada has the fastest-growing market because of the increased investments being made in the energy sector. There are a number of new sources for shale gas being found in these regions. Statistically, the demand for oilfield chemicals in North America is expected to maintain a CAGR of 4.94% during 2015-2020, with the United States being the largest market for oilfield chemicals in the region. The rise in the global demand for energy and unconventional sources of energy will be the drivers for the oilfield chemicals market.
Market Dynamics of the North American 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.
Development of alternate and renewable sources of energy is a possible restraint.
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 gases like carbon dioxide and hydrogen sulphide, cause 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. Usage of chemicals is important to remove the metal scales, especially 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 North American oilfield chemicals market can be segmented by their 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 geography(U.S.A and Canada). The key players in this market are:
Key Deliverables in the Study: