Hydrogen Sulfide Scavengers Market: KeyHighlights
· Theglobal hydrogen sulfide scavengers market was valued at ~US$440 Mn in 2018, and is anticipated to expand at a CAGR of ~5% from 2019to 2027. Increase in crude oil production enhances oilfield operations suchas drilling, cementing, production, workover and completion, and wellstimulation. This drives the demand for production chemicals such as hydrogensulfide scavengers.
· Thedemand for crude oil is increasing year-on-year, and is estimated to reach 100million barrels per day (including biofuels) by the end of 2019. Crudeoil prices are increasing. OPEC members have reduced their production output inorder to stabilize prices. Thus, price stability is expected to enhanceoilfield operations, and thereby, drive the hydrogen sulfide scavengers marketduring the forecast period.
Key Drivers of the Hydrogen Sulfide ScavengersMarket
· Hydrogensulfide (H2S) is a naturally-occurring gascontained in crude oils. It is also formed in the refining process due to thedegradation of sulfur-containing compounds in crude oil at high temperatures.Increasing global demand for crude oil and rising concentration of hydrogensulfide in oil & gas products formed in the processing of hydrocarbons areraising concerns related to safety, environment protection, and operations.
· A generalapproach for removing hydrogen sulfide or reducing the amount of hydrogensulfide is to subject hydrogen sulfide to a treatment containing an agent thatchemically reacts with hydrogen sulfide. This agent is called a hydrogensulfide scavenger.
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Hydrogen Sulfide ScavengersMarket: Newly-discovered and Potential Oil & Gas Reserves to OfferAttractive Opportunities
· Newdiscoveries of crude oil and natural gas reserves create opportunities forcompanies that are operating in the hydrogen sulfide scavengers market. Thenumber of new oil & gas discoveries has increased in countries of Africaover the last few years. Large untapped reserves in Africa are garnering theinterest of some of the largest exploration and production companies in theworld. This has resulted in new oil & gas discoveries in the sub-region. Thus,newly-discovered and potential oil & gas reserves are estimated to offerlucrative opportunities to the global hydrogen sulfide scavengers market.
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Environment- and Health-related Concerns RegardingUse of Non-regenerative Hydrogen Sulfide Scavengers
· Reactedtriazine byproducts are readily biodegradable and relatively non-toxic.Unreacted, excess triazine has very high aquatic toxicity, and a tendency toform carbonate scales with produced water or seawater. This can result inemulsion stabilization and increase in overboard oil-in-water (OIW) content.Unreacted triazine is also an issue for refineries, as it impacts the desaltingprocess, and it can cause accelerated corrosion in crude oil distillationunits, foaming in glycol and amine units, and discoloration of glycol units.
Asia Pacific Prominent Hydrogen Sulfide ScavengersMarket
· AsiaPacific is expected to be a highly attractive region of the global hydrogensulfide scavengers market during the forecast period. According to OPEC,almost 50% of refinery additions are expected to occur in AsiaPacific, led by China and India, in the near future. Rapid economic growth indeveloping countries, particularly in Asia Pacific, has driven oil demand inthe region.
· IncreasingGDP is augmenting the demand for oil, which has driven the oil refinerybusiness in the region in the last few years. Increase in the number of oilrefineries in the region is resulting in the emission of hydrogen sulfide. Thisis propelling the production of hydrogen sulfide scavengers in the region.
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Regenerative Process Held a Major Share of GlobalHydrogen Sulfide Scavengers Market
· Regenerativeis likely to be a highly attractive segment, in terms of share and growth rate,during the forecast period, as regenerative hydrogen sulfide scavengers are widelyused in industries for the removal of hydrogen sulfide. For example,monoethanolamine (MEA), diethanolamine (DEA), and methyl diethanolamine (MDEA)are the commonly used forms of regenerative hydrogen sulfide scavengers in gassweetening.
Hydrogen Sulfide Scavengers Market: Top FivePlayers Accounted for Major Share in 2018
· SchlumbergerLimited, Halliburton, Baker Hughes, Nalco Champion, Hexion, Arkema S.A. Lonza,and SUEZ are some of the top players operating in the global hydrogen sulfidescavengers market. The worldwide reach of these companies and their focus on awide range of end-user industries are responsible for the significant marketshare held by these companies. They are investing in the development of newproducts that are eco-friendly and recyclable.
· On July 3, 2018, Baker Hughes merged with GE’s oil & gas business segment,forming the world’s first full-stream oil & gas company. The new company isthe first to bring together market-leading equipment, services, and digitalsolutions across the entire spectrum of oil & gas development.
· In April 2018, Schlumberger Limited signed a joint venture agreement with YPF S.A. toopen a shale oil pilot in Bandurria Sur, Loma Campana, Argentina, with aninvestment of US$ 390 Mn. The joint venture aims to re-affirmYPF’s leading position in the field of developing unconventional resources, andits commitment toward achieving energy self-sufficiency.
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