The increasing population have augmented the energy requirements of the country. In order to cope with energy demands more Oil and Gas E&P initiatives are being taken to cover the household and industrial energy requirement. With the products of oil industries & Gas manufacturing process fuelling various different industries from chemical to cosmetic hence it is necessary to use ensure that only quality product with minimum wastage is available . In order to ensure easy extraction, production a rich and refined product we use oilfield chemicals. With the use of Oilfields chemicals ensure an increase in efficiency oilfield activities such as drilling, completion, production, cementing and enhanced oil recovery (EOR). The Specialty oilfield chemicals impart unique attributes and functionality to the crude product to enhance their recovery of hydrocarbons from the well. Various categories of specialty oilfield chemicals include corrosion inhibitors, emulsion breakers (demulsifiers), surfactants and advanced polymers. Emulsion breakers are used to separate oil and water from crude oil water emulsions and corrosion inhibitors are those chemicals that inhibit corrosion of mild steel equipments in any aqueous medium. Hence, such agent help in increasing the export value of the crude oil thus are essential for use of the Oil and Gas industry.
Oilfield Chemical Market: Drivers & Restraints
To meet the ever increasing demands of energy more Onshore and offshore exploration initiatives are being taken therefore driving the market for oilfield chemicals The increase drilling activity and use of technologies such as hydraulic fracturing and enhanced oil recovery (EOR) boost the demand of oilfield chemicals on global basis to ensure efficient oil and gas recovery. The development in the Oil and Gas industry will directly affect the oilfield chemical market. In order to get premium crude oil with high hydrocarbon content the usage of EOR chemicals is also increasing. These efforts will boost demand for EOR chemicals and of stimulation fluids. Crude oil price volatility could prove as a restrain to the market of Oilfield chemicals over the forecast period. With developing fields of unconventional energy sources the over dependence on hydrocarbons is decreasing and hence the research for environment friendly and biodegradable oilfield chemicals provide promising opportunities in the market for industry participants.
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Oilfield Chemical Market: Segmentation
The Oilfield chemicals can be segmented on the basis of its function as:
•Work over and Completion Fluids
Oilfield Chemical are segmented on the basis of Enhanced Oil Recovery Chemicals as:
•Alkali Surfactant Polymer Flooding
•Low-Salinity Water Injection
•Water Shut-Off Chemicals
•Carbon Dioxide Flooding
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Oilfield Chemical Market: Regional Outlook
The Middle East being one of the largest markets for crude oil applications such as oil-based power plants, petro refineries, and sludge oil treatment and with the discoveries of more fields in different regions will be one of the strongest and largest market for oilfield chemical and will project greatest growth potential over the forecast years. The growth potential for the regions of Russia will prove to be strong and positive reinforcement for the oilfield market. The shale gas production in U.S. is expected to provide a boost to the Oilfield chemical market.Growth in Latin America, particularly in Brazil and Venezuela, has been significant but could be influenced by the political instability. In Asia Pacific, the emerging economies of China and India are said to one of the most promising market for oilfield chemicals with increase in oil extraction activities.
Oilfield Chemical Market: Key players
Some of the key players in the Oilfield chemical market are Schlumberger, Stephan Company BASF SE, Dow Chemicals Co., The Lubrizol Corporation, Azko Nobel N.V.