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Oilfield Chemicals Market Growth & Trends By Top Key Players 2024:Halliburton, Elementis Global, DuPont, Berkshire Hathaway, Baker Huges, Albemarle Corporation, AES Drilling Fluids, LLC, Air Products, Ashland, AkzoNobel, AMCOL International, AMCOL Interna
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 market demand.
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Rising demand from applications including oil-based power plants, petro refineries, and sludge oil treatments will fuel Middle East & Africa market. Presence of several old oil wells for reconstruction coupled with continuous efforts to explore new oil wells is one of the key factor driving regional industry growth. Presence of deep water reserves, corrosive offshore fields, and shale reserves in regions will boost the product demand.
Global industry 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.
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Mergers & acquisitions is among the key strategy adopted by the industry 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.
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.
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.
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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 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 market to maintain production to meet sustained and growing demand.
By products, oilfield chemicals market can be segmented into specialty, commodity, polymers & gases chemicals. Specialty chemicals are emerged as dominating segment & are expected to continue the trend over the forecast period. Increasing application in the crude oil and petrol refinery activities has positively influenced demand in this segment. Improved recovery of oil from the oil-wells will fuel the segment demand. Various R&D activities undertaken by the companies for introducing eco-friendly rheology modifiers will further bolster demand.
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Based on the application, industry 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.
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