Theglobal oilfield chemicals market has a myriad of market players and displays animmensely competitive market, reports Transparency Market Research (TMR).Prominent players in the global oilfieldchemicals market are increasingly adopting strategies suchas mergers and acquisitions to strengthen their ground in the market says TMR.Some of the key players in the global oilfield chemicals market are BakerHughes (A GE Company), Halliburton, Solvay S.A., BASF SE, Schlumberger Limited,and Newpark Resources Inc.
The globaloilfield chemicals market is encountering major technological changes andinnovations in order to keep up with the rising demand and applications of theoilfield chemicals. Blue Gentoo has developed a new product called theintelligent hydrate platform. This product facilitates the digitaltransformation of oilfield by providing a real-time management of gas hydrates.One of the biggest challenges of the oilfield industry is the mitigating therisks. To tackle this issue, numerous companies are deploying advanced roboticsthan can be operated by humans. The new robotic P100 snake arm built by OCRobotics operates in confined spaces thereby, improving the inspection outputs.
The global oilfield chemicals market is expected to register aCAGR of 7.0% from 2018 to 2016. In terms of revenue, drilling fluids segment isexpected to dominate the market owing to the growth in drilling activities. Interms of value and volume, the well stimulation fluids segment is expected togrow at the highest CAGR during the forecast period, on account of increasingapplications.
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Increasein Oil Exploration to Boost the Demand for Oilfield Chemicals
An increasein oil exploration activities has resulted in a rise in demand for oilfieldchemicals. This has led to a surge in the production of oilfield chemicals,thus propelling the global oilfield chemicals market. Additionally, theprevalence large amount of shale gas reserves and the soaring production ofshale 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 fuelledthe market’s growth. Further, an increasing demand for petroleum and naturalhas expedited the growth of global oilfield chemicals market.
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Supply-demandimbalance and environmental concerns may hinder the growth of global oilfieldchemicals market. However, technological innovations and a rise in productionof eco-friendly oilfield chemicals will spur the oilfield chemicals market’sgrowth. In addition to this, numerous are engaging in research and developmentactivities to enhance the performance of oilfield chemicals, thus facilitatingan expansion in the market.
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Regions with Declining OilProduction to Present Key Growth Opportunities
Regionswith declining oil production present a major growth opportunity for oilfieldchemicals market as they highly rely on oilfield chemicals for their productionactivities. For example, the producers in the U.S. are increasingly usingoilfield chemicals to keep up with the growing demand. In addition to this, ahuge investment in the energy sector by India has also presented significantgrowth opportunities for the market.
The globaldemand for unconventional energy sources has led to a large scale production ofcrude oil, thereby creating many opportunities for the global oilfield chemicalsmarket. The Middle East is one of the largest producers of crude oil and themarket in this region is expected to grow exponentially during the forecastperiod. Additionally, an increase in horizontal drilling activities hasstrengthened the growth ground for the oilfield chemicals market.
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