Oilfield Chemicals Market – Global Industry Insights and Opportunity Analysis, 2016-2024
Oilfield chemicals find major application in the exploration of natural gas and at various levels of oil & gas production process. Oilfield chemicals are used as corrosion inhibitors, emulsion breakers, cementing super plasticizers, paraffin dispersants, and drilling additives, among others. Oilfield chemicals market continues to witness strong growth as it has led to cost-effective extraction, exploration, and production of oil and natural gas. Oilfield chemicals are regarded as the essential fossil fuel elements as it helps in a feasible way of drilling reservoirs of gas or oil in various terrains along with the easy extraction of abundant fossil fuels until the amount of recovered fuel becomes too expensive to continue.
With the increase in dependency on oil & gas industries, owing to increased domestic oil consumption, upsurge in vehicle parc, growing attention towards building deep sea oil reserves, increased usage of diesel for irrigation purposes due to the weather fluctuations and irregularities of monsoon along with rising air traffic are expected to fuel growth of the global oilfield chemicals market. Oilfield chemicals find major application in drilling activities, owing to increasing need to improve and enhance the efficiency and productivity of drilling operations. For instance, oilfield chemicals are highly used in ensuring protection of the drilling equipment and pipes from corrosion by segregating the oil and water from oil which usually blend together.
Owing to the unprecedented drop in oil prices globally, the oil and gas exploration and production has slowed down in several regions. This has in turn brought down the rate of drilling activities thereby posing a major restraint for the growth of global oilfield chemicals market. Hence, the supply demand imbalance wherein the supply of oil is expected to continue whereas, the demand for oil is expected to slow down would inhibit growth of the global oilfield chemicals market.
However, drilling fluids is expected to continue to remain the dominant source of demand for global oilfield chemicals market owing to the increasing demand for advanced water-based and high value drilling fluids. Rising exploration of unconventional resources such as shale gas and coalbed methane along with growing interest in deep sea and ultra-deep water projects such as in Western Australia, in 2017, some 200 kilometres off the west coast, the largest floating off-shore production facility is about to begin its operations in Browse LNG Basin, are expected to provide the global oilfield chemicals market to grow in the near future.
Most of the oil produced in oilfields has excessive amount of water, which blends in with oil which can lead to corrosion. With an aim to reduce corrosion of pipelines, oil is separated from water through the usage of demulsifiers. Pipeline corrosion in oilfield lead to inefficiency of the oil production. Therefore, corrosion inhibitors are used which work in reaction with corrosion agents such as oxygen to inactivate them. Demulsifiers and corrosion inhibitors are very essential in oilfields as they protect the drilling equipment, containers and pipelines from damages, leakages, and corrosions.
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Oilfield Chemicals Market Outlook – North America is expected to be the most lucrative region for key players
The regional coverage for global oilfield chemicals market include North America, Europe, Asia Pacific and Rest of the World. Rapid growth in the gas and oil production activities in North America represents the highest market share for oilfield chemicals industry. Exploration and production activity has surged 12% and as reported by The North Dakota Industrial Commission since OPEC’s agreement, oil and gas operators will be shifting from running minimum number of rigs to incremental increases throughout 2017, so long as oil prices remain above US$ 50 per barrel.
Major players operating in the global oilfield chemical market include Baker Hughes, Akzo Nobel NV, Elementis Plc., NALCO Champion, Newpak Resources Inc., The Lubrizol Corporation, Halliburton Company, Solvay SA and others.
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