The global oilfield chemicals market has a myriad of market players and displays an immensely competitive market, reports Transparency Market Research (TMR). Prominent players in the global oilfield chemicals market are increasingly adopting strategies such as mergers and acquisitions to strengthen their ground in the market says TMR. Some of the key players in the global oilfield chemicals market are Baker Hughes (A GE Company), Halliburton, Solvay S.A., BASF SE, Schlumberger Limited, and Newpark Resources Inc.
The
global oilfield chemicals market is encountering major technological changes
and innovations in order to keep up with the rising demand and applications of
the oilfield chemicals. Blue Gentoo has developed a new product called the
intelligent hydrate platform. This product facilitates the digital
transformation of oilfield by providing a real-time management of gas hydrates.
One of the biggest challenges of the oilfield industry is the mitigating the
risks. To tackle this issue, numerous companies are deploying advanced robotics
than can be operated by humans. The new robotic P100 snake arm built by OC
Robotics operates in confined spaces thereby, improving the inspection outputs.
The global oilfield chemicals market is expected to register a
CAGR of 7.0% from 2018 to 2016. In terms of revenue, drilling fluids segment is
expected to dominate the market owing to the growth in drilling activities. In
terms of value and volume, the well stimulation fluids segment is expected to
grow at the highest CAGR during the forecast period, on account of increasing
applications.
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Increase
in Oil Exploration to Boost the Demand for Oilfield Chemicals
An
increase in oil exploration activities has resulted in a rise in demand for
oilfield chemicals. This has led to a surge in the production of oilfield
chemicals, thus propelling the global oilfield chemicals market. Additionally,
the prevalence large amount of shale gas reserves and the soaring production of
shale gas have contributed to an expansion of oilfield chemicals market.
Moreover,
usage of the oilfield chemicals in various applications such as production,
improved oil recovery, cementing and drilling, and well stimulation has fuelled
the market’s growth. Further, an increasing demand for petroleum and natural
has expedited the growth of global oilfield chemicals market.
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Supply-demand
imbalance and environmental concerns may hinder the growth of global oilfield
chemicals market. However, technological innovations and a rise in production
of eco-friendly oilfield chemicals will spur the oilfield chemicals market’s
growth. In addition to this, numerous are engaging in research and development
activities to enhance the performance of oilfield chemicals, thus facilitating
an expansion in the market.
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Regions
with Declining Oil Production to Present Key Growth Opportunities
Regions
with declining oil production present a major growth opportunity for oilfield
chemicals market as they highly rely on oilfield chemicals for their production
activities. For example, the producers in the U.S. are increasingly using
oilfield chemicals to keep up with the growing demand. In addition to this, a
huge investment in the energy sector by India has also presented significant
growth opportunities for the market.
The
global demand for unconventional energy sources has led to a large scale
production of crude oil, thereby creating many opportunities for the global
oilfield chemicals market. The Middle East is one of the largest producers of
crude oil and the market in this region is expected to grow exponentially
during the forecast period. Additionally, an increase in horizontal drilling
activities has strengthened the growth ground for the oilfield chemicals
market.
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