Global Oil Field Chemicals Market: Overview
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. 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. 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.
Global Oil Field Chemicals Market: Regional Outlook
Currently, North America serves the maximum demand for oil field chemicals, which is attributed to the incremented production of tar sands. In addition to it, issues of aging wells and troubles of corrosion will further fuel the demand from the region. Asia Pacific region is also projected to expand at a healthy rate during the forecast period, owing to increasing drilling and cementing operations. The Middle East countries also make up for a lucrative market for oil field chemicals as several oil wells are old and require rejuvenation, besides continuous efforts to explore new oil wells.
Companies mentioned in the research report
Some of the key companies currently operational in global oil field chemicals market are AES Drilling Fluids, Air Products and Chemicals Inc., Akzo Nobel NV, Albemarle Corporation, AMCOL International, American Colloid, Ashland Inc., Baker Hughes Inc., Baroid Fluid Services, BASF SE, Berkshire Hathaway Inc., Canadian Energy Services & Technology Corporation, Capitol Aggregates Ltd., Chemtura Corporation, Dow Chemical Company, Elementis plc, Excalibar Minerals, Halliburton Company, and Nalco Champion.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.