Oilfield Chemicals Market - Global Industry, Size, Share, Growth And Forecast To 2020: Grand View Research, Inc.
Increasing energy demand and burgeoning hydrocarbon E&P initiatives are projected to positively drive the global oilfield chemicals market. Oilfield chemical applications are varied as they cater to a host of oilfield activities such as drilling, completion, production, cementing and enhanced oil recovery (EOR), to name a few. Growing EOR usage to squeeze out more hydrocarbons from the maturing fields along with an increasing offshore exploration drive is expected to bolster the global market. Global tendency to emulate North America’s shale gas success is slated to play a key role in the global oilfield chemicals market development.
Stringent regulations and policies regarding oilfield chemical usage and disposal are anticipated to hamper the global market. Crude oil price volatility coupled with the recent dip in oil prices is presumed to further retard market development over the forecast period. Geopolitics as well as unstable political situations resulting in high operational, financial and political risks is projected to negatively impact the market. Continued dependence on hydrocarbons as the major energy source and initiatives to explore unconventional sources of hydrocarbons offer ample opportunities for market development. Research on green, environment friendly and biodegradable oilfield chemicals promise abundant opportunities for the industry participants in the near future.
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North America dominated the global oilfield chemicals market over the last few years. Such dominance can be attributed to the massive unconventional hydrocarbon exploitation in the region. Emerging economies such as India, China and Brazil are projected to witness brisk market growth owing to their rising energy consumption and fervent hydrocarbon exploration initiatives.
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Oilfield chemicals industry is characterized by M&As, alliances and consolidated companies offering a range of services. The oilfield chemicals market participants include Dow Chemical Company, Halliburton, Schlumberger Ltd., Lamberti Group, BASF SE, Ashland Inc., Baker Hughes Corporation and Weatherford International.
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