Oil Field Chemicals Market 2018 Global Leaders : BASF SE, Lubrizol Corporation, AkzoNobel N.V., The Dow Chemical Company, Schlumberger, Halliburton

Market Overview
Oil & Gas industry is one of the major revenue generating industries which has pushed the market for exploration and production activities, where, oil field chemicals market is one of them. In other words, the growth in the Oil & Gas industry will create a positive impact on the market for global oil field chemicals. This market is majorly influenced by the increasing crude oil production. The current oil price dynamics is anticipated to affect the overall market growth as the declining crude oil price may offset the profit margins of the specialty oilfield chemicals manufacturers. Deep-water and unconventional reserves exploration requires specialized and sophisticated chemicals. With the current oil market scenario, formulating them will be an expensive task. Therefore, the market is projected to register a moderate CAGR ~5% during the forecast period. However, the sale of production chemicals is not expected to be as affected as chemicals used in drilling, stimulation, and other applications. Additionally, the Growing concerns pertaining to energy security makes it mandatory to optimize exploration and production of hydrocarbons. With an outstanding range of specialized technologies, this need of optimization can be achieved, which is acting as the primary driver of the market.

Moreover, as the oil and gas industry is burdened by stringent timelines and environmental issues, oil field chemicals allows bacterial growth as well as foam and wax formation. Since the cost to produce oil from new sources is significantly higher than the rejuvenation of old sources, the demand for oil field chemicals is benefitted. The report also notes that the exploration of unconventional and deep-water reserves requires specialized and sophisticated chemicals. With the current oil market scenario, formulating them will be an expensive task. This factor will further augment the demand during the forecast period. Conversely, declining oil prices is expected hinder the potential of the market.

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Competitive Analysis
The market appears to be fairly stable as far as eyes can see however a fierce competition will resurge replacing the stability and prompting to the players operating in the market to take up M&A activities, collaboration, contracts, agreements, and partnerships to churn the market competition.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.

Industry/ Innovation/ Related News:
January 29, 2018 – Exxon Mobil Corporation (US) a global O&G Company, announced its plans to pump up USD 50 billion’s investments over the next five years, in view with the recent tax deduction by the US governments. The company also mentioned its plans to increase the daily production at the Permian Basin, Southwest US at a rate of 600,000 barrels a day.

January 15, 2018 – Exxon Mobil Corporation (US) announced discovering the Hydrocarbons reserves during an onshore drilling at P’nyang (South-2 well), Western Province of Papua New Guinea. The company expects that; the recent discovery will add value to its growth combining with the InterOil Corporation acquisition, and increased assessed reserves in the existing PNG LNG project.

January 10, 2018 – SNC Lavalin (US) announced that it has been awarded an exclusive agreement for rending its engineering services to a downstream petro-chemical and refining company in the US Gulf Coast. The agreement approximately values USD 100M.

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Regional Analysis of Oil Field Chemicals
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 exists political instability in the Middle East, this region is expected to register 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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