Oil field chemicals are used for exploration of natural resources and at various stages during the production of the gas and oil as corrosion inhibitors, drilling additives, demulsifiers and paraffin dispersants, cementing super plasticizers, and repair system for cementing failures. As the dependency on the oil and gas industry continues, and an increasing number of exploration activities across the world, the demand in the global oil field chemicals market is escalating and is expected to expand at a healthy CAGR during the forecast period of 2016 to 2024.
This report on global market for oil field chemicals is a comprehensive analysis of the market in its current state, and based on factors that will influence the demand in the next future, it presents estimations. One of the key feature of the report is the section on company profiles wherein some of the prominent players have been evaluated for their market share and analyzed for their product portfolio and regional presence, along with recent strategic developments.
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On the basis of type, the global oil field chemicals market can be segmented into inhibitors and scavengers, gellants and viscosifiers, demulsifiers, friction reducers, pour-point depressants, rheology modifiers, specialty surfactants, specialty biocides, synthetic polymers, natural polymers, and specialty chemicals. By application, the market can be segmented into drilling fluid, production chemicals, well stimulation, workover and completion, cementing, and enhanced oil recovery (EOR).
Global Oil Field Chemicals Market: Drivers and Restraints
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.
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The report also notes that the exploration of unconventional and deepwater 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.