High investments from multinational oil and gas majors such as Suncor Energy, Husky Energy, Shell, Imperial Oil, Cenovus, and ExxonMobil is expected to steer drilling activities over the forecast period. Additionally, large reserves of unconventional hydrocarbon reserves in the form of shale gas, tight oil and oil sands will drive the oilfield chemicals market.
Market Size – USD 0.92 Billion in 2018, Market Growth - CAGR of 4.51%%, Market Trends – Product launches and research for advanced oilfield chemicals Market
NEW YORK, Feb. 20, 2019 (GLOBE NEWSWIRE) -- The global Oilfield Chemicals market is expected to reach USD 29.45 Billion by 2026, according to a new report by Reports and Data. Over the past few years, the global energy landscape has changed significantly as a result of technological advances in the recovery of unconventional hydrocarbon resources such as tight oil and shale gas. A number of researches have been established to examine the impacts of extraction and production of unconventional hydrocarbons on surface water, groundwater, and local air quality. The extraction and utilization of such unconventional hydrocarbons poses concerns about their contribution to the atmospheric chemistry and global climate change. Nevertheless, their application in operations including drilling, production, cementing and work over and completion is expected to drive the demand for oilfield chemicals.
Further key findings from the report suggest
- Mexico will witness significant rise valued at USD 1.6 Billion in 2023. The global oil demand is growing robustly, particularly in India and China. Furthermore, it is expected that oil demand in emerging markets will continue to grow at a remarkable rate. Additionally, the notable growth of shale gas has not only changed the energy landscape in the US, but also in the world such as competing with coal in electricity generation, and redirecting of recent growth in liquefied natural gas (LNG) supply to Europe and Asia.
- In 2015, global offshore oil production which included lease condensate and hydrocarbon gas liquids from deep-water projects reached 9.3 million barrels per day. The deep water production has increased 25% from nearly 7 million b/d a decade ago.
- The advancements in drilling technology, dynamic positioning equipment, and floating production and drilling units have made the prospects feasible that were previously unreachable. This is one of the main aspects which is triggering the growth of the oilfield chemical market. Nevertheless, deep-water projects require more investment and time compared to shallow waters or onshore developments.
- Key participants include BASF SE (Germany), Lubrizol Corporation (U.S.), AkzoNobel N.V. (Netherlands), The Dow Chemical Company (U.S.), Schlumberger (U.S.), Halliburton (U.S.), Kemira Oyj (Finland) and Clariant (Switzerland), Nalco (U.S.) and Baker Hughes Incorporated.(U.S.)
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For the purpose of this report, Reports and Data has segmented the global Oilfield Chemicals market basis of Product, Location, Applications and Region:
Product (Revenue, USD Million; 2016–2026)
- Inhibitors
- Demulsifiers
- Rheology Modifiers
- Friction Reducers
- Biocides,
- Surfactants
- Foamers
- Others
Location (Revenue, USD Million; 2016–2026)
- Onshore
- Offshore
Applications (Revenue, USD Million; 2016–2026)
- Drilling & Cementing
- Enhanced Oil Recovery
- Production
- Well Stimulation
- Workover & Completion
Regional (Revenue, USD Million; 2016–2026)
- North America
- U.S.
- Europe
- Germany
- France
- UK
- Netherlands
- Switzerland
- Italy
- Asia Pacific
- China
- India
- Japan
- South Korea
- Middle East & Africa
- Latin America
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