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Oilfield Chemicals Market In Asia Pacific To Witness A Substantial Growth From 2019 To 2025

Author : Ronak Bora | Published Date : 2019-07-03 

Oilfield Chemicals Market Asia Pacific is projected to observe the highest growth rate up to 2024. Increase in drilling, stimulation and cementing activities will drive regional industry growth. In addition, large investment in the energy sector by India and China, owing to the upsurge in demand for petroleum and crude oil is projected to increase the oilfield chemicals demand.

Increasing number of exploration across the globe will drive Oilfield Chemicals Market. Growing prominence on non-conventional sources such as coal-bed methane and shale gas will create demand for oilfield chemicals market in the coming years. Increased deep drilling and ultradeep drilling activities owing increasing demand for crude oil is anticipated to bolster the market growth.

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Enhanced oilfield chemicals usage in wide range applications including cementing & drilling, completion & workover, production, well stimulation, and improved oil recovery will fuel the market growth. Overcoming problems including water gushing in the oil well at the time of exploration & drilling and gases like hydrogen sulfide and carbon dioxide causing equipment corrosion will enhance oilfield chemicals market expansion.

Rising demand for advanced water based drilling fluids and growing interest in the deep & ultra-deep water based drilling projects paves opportunistic ways for the industry. Enhancing productivity & optimizing costs are further expected to enhance market growth. Stringent health, safety, environmental regulations are continuously opening new scope for the industry participants. However, supply demand imbalance and geopolitical tensions pressurizing production and exploration activities of oil may and hamper the market growth.

Substantial innovation in the industry leading to increased petroleum & natural gas demand will propel the oilfield chemicals market growth. Regions with declining oil production & mature assets generates key opportunities for market growth owing to use of oilfields chemical for enhancing production in volatile areas. For instance, U.S. producers have turned to oilfield chemicals to maintain production to meet sustained and growing demand.

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Based on the application, oilfield chemicals market can be classified into drilling fluids, production chemicals, well stimulations, cementing, enhanced oil recovery and workover & completion. Drilling fluids is projected as the largest segment owing to increasing deep & ultra-deep drilling activities. Moreover, well stimulations & enhanced oil recovery are further expected to witness high gains over the forecast period.

Global oilfield chemicals market share includes AMCOL International, Akzo Nobel, American Colloid, Ashland, Air Products, AES Drilling Fluids, Albemarle Corporation, Baroid Fluid Services, Baker Hughes, Berkshire Hathaway. Other major industry players include Canadian Energy Services & Technology Corporation, Chemtura Corporation, Capitol Aggregates Ltd, Dow Company, Elementis Plc, Halliburton Company, Nalco Champion & Excalibar Minerals are among the prominent players of the industry.

Mergers & acquisitions is among the key strategy adopted by the oilfield chemicals market players. For instance, Halliburton acquired Baker Hughes, the company active in drilling chemicals. Previously, Baker Hughes acquired BJ services, a company involved in cementing & stimulation activities. Schlumberger had also acquired M-I SWACO, one of the major drilling fluids company.

 

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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