Market Overview
It has long been known that oil and gas are commonly associated with water, and the great importance of the water as a physical agent in the migration of the oil has been recognized in all geologic theories of the accumulation of oil. In some places ‘water sand’ occurs in the shale that separates the oil sands, and less commonly oil and water have been found in the same stratum. In sinking a well through this complex, it is difficult to prevent the water, which in places is under high head, from entering the oil sand, in which event it may drive the oil some distance back and so ruin a considerable tract of land. This is when the Oil Field Chemicals come to a rescue. Oil Field Chemicals enable oil field service companies to competitively and safely extract oil and gas without increasing water consumption delivering an array of innovating products and technologies used in drilling, cementing, stimulation, and production operations. Achieving greater oilfield efficiency and productivity depends on wellsite operations that cost effectively maximizes recovery of oil and gas reserves, while minimizing the impact on the environment. Pivotal to these operations are specialty chemicals that impart unique capabilities and functionality for well drilling, completion and intervention services.
According to a recent study report published by the Market Research Future, at present some oilfields have entered the high water-cut period, which has brought about many issues, such as difficulties in the development process and poor economic benefits. Some recovery technologies must be applied to improve recovery efficiency providing a stable production for the old oilfields and broad prospects for enhanced oil recovery; this dictates a heightened demand for Oil Field Chemicals which will result soon in gaining a rapid momentum to the growth of Oil Field Chemicals global market. MRFR further anticipates that Oilfield Chemicals Market will formulate a phenomenal growth of 5% CAGR, crossing its previous growth records by the end of the forecasted period (2016 – 2022).
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Increasing demand for oil and gas is expected to result in a rise in demand for the Oil Field Chemicals market. In recent times the oil and gas has been experiencing a significant downturn due to the continuous fall in the prices. These changes in the supply and demand dynamics is expected to induce a rise in the number of oil wells thus resulting in boosting the Oil Field Chemicals market. Increasing demand for oil and gas is also expected to fuel the demand in the Oil Field Chemicals market.
Key Players:
Fiercely competitive once; the Oilfield Chemicals market is appearing fairly stable currently; however a fierce competition will again replace this stability soon. Marketers would soon adopt different strategies such as M&A activities, collaboration, contracts, agreements, and partnerships to increase their market shares.
Some of the key players in the Oil Field Chemicals market are BASF SE (Germany), Lubrizol Corporation (U.S.),AkzoNobel N.V. (Netherlands), The Dow Chemical Company (U.S.), Schlumberger, Halliburton (U.S.), Kemira Oyj (Finland) and Clariant (Switzerland) among others.
The challenging oil price environment in the near term will favor advances that can reduce drilling and completion costs or improve oil and gas recovery. High value products — such as high-performance drilling fluids and well stimulation chemicals used in hydraulic fracturing — which can help optimize the balance between costs and productivity will benefit in particular.
Oil Field Chemicals Market – Regional Analysis
North America is the leading region for this market mainly due to the increased exploration activities in USA and Canada. The increasing exploration activities in this region have in turn resulted in an increase in the Oilfield Chemicals market. Although there exist the political instability in the Middle East, this region is expected to register a high growth rate in the forecast period due to increasing trend of deep water exploration and working in high temperatures which require much more expensive Oilfield Chemicals.
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In India, increased demand for oilfield services due to large scale oil and gas exploration and production activities are being undertaken. The Government’s decision of auctioning 69 idle oil and gas fields of state-owned ONGC and Oil India to private companies on new revenue sharing model is expected to boost oil and gas E&P over the next five years, which in turn would fuel growth in the country’s oilfield Chemicals market through 2027.
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