According to ChemAnalyst report, “Oilfield Chemicals Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, oilfield chemicals market has shown promising growth in the past five years and is anticipated to achieve a CAGR of 5.55% during the forecast period. Increasing shale oil extraction coupled with rise in deep water drilling operations is projected to drive the demand of oilfield chemicals for the forecast period. In addition, the rise in offshore drilling operations in Middle East is also supporting demand rise. Furthermore, the increasing need of petroleum-based fuel in the transport industry is also going to generate demand growth. Increasing efforts towards clean energy alternatives is going to hamper the demand during the forecast period.
Oilfield chemicals are chemicals that find application in oil and gas exploration. They are used in drilling operations and production facilities to increase the efficiency and effectiveness of extraction process. These chemicals also help in smooth operation of oilfield and reducing costs related to over delays and stoppages during drilling process. They are of various types including biocides, corrosion and scale inhibitors, surfactants, demulsifiers, rheology modifiers, gellants, and friction reducers. Due to various properties, oilfield chemicals find application in several areas related to oilfield operations including drilling fluids, cementing, enhanced oil recovery, production chemicals, well stimulation, and workover and completion.
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Oilfield chemicals are materials which help in operations related to oil and gas extraction. The operations include drilling and oil collection which requires low friction, corrosion resistance, low viscosity etc. for proper functioning of the drilling and collection process. Oilfield chemicals being of various types including biocides, corrosion and scale inhibitors, surfactants, demulsifiers, rheology modifiers, gellants, and friction reducers have properties like friction reduction, demulsification, corrosion resistance etc. This paves the way for oilfield chemicals to find application in almost every area related to oilfield operations. Therefore, they find application in drilling fluids, cementing, enhanced oil recovery, production chemicals, well stimulation, and workover and completion. Out of the following application areas, drilling fluids holds the major share of the oilfield chemicals market. Enhanced oil recovery which requires high corrosion and friction resistance is also another area holding major share of oilfield chemicals market.
Oilfield chemicals are related to oil and gas extraction hence their price is directly linked to the fluctuations in the demand of crude oil. In the first half of FY20 sudden outbreak of novel coronavirus followed by fall in in the demand of automotive and petroleum rendered a major downfall in the oilfield chemicals demand hence the prices remained low for oilfield chemicals during the coronavirus pandemic. Demand has picked up in the recent quarters and is projected to grow due to increasing demand from Asia Pacific and North America. Increasing shale oil extraction is another factor supporting demand rise after the pandemic.
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Regionally, North America dominates the oilfield chemicals market and holds the largest market share in FY20. Asia’s oilfield chemicals market is anticipated to grow in the economies like China due to increasing oil extraction operations. Furthermore, increasing offshore drilling operations in Middle East is also increasing the demand for oilfield chemicals in Middle East.
“Being linked to the oil and gas industry, the oilfield chemicals industry has shown a robust growth alongside growing population and subsequent growth in the demand of crude oil. United States serves as the key growth region with sufficiently installed capacities for shale oil and gas extraction. oilfield chemicals pricing curve shows strong movement in line with the crude oil demand. Rising demand for alternate renewable and cleaner energy resources might pose a challenge for demand during the forecast period. With new competitors emerging across the North America oilfield chemicals market, players anticipate that there will be sufficient supply demand gaps in future. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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