Global Oilfield Stimulation Chemicals Market: Overview
For improving and restoring the productivity of oil wells, stimulation process is carried out. To support and enhance the stimulation process during oil extraction, oil stimulation chemicals are used. These chemicals help in the free flow of hydrocarbons from the wells. Different chemicals are used for different processes of oil extraction such as acids, corrosion inhibitors, biocides, gelling agents/viscosities, friction reducers, water control polymers, iron control agents, and breakers. Among these, gelling agents or viscosities are the most widely used oilfield stimulation chemicals and acid stimulation is the technique, which is frequently adopted in oil extraction. Problems that may arise before and during oil extraction procedure can be solved by oilfield stimulation chemicals. It saves energy consumption during fracturing and reduces consumption of water.
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Global Oilfield Stimulation Chemicals Market: Segmentation
The global oilfield stimulation market is segmented into its type, application, and geography. On the basis of type, the global market is divided into friction reducers, gelling agents, corrosion and scale inhibitors, surfactants, acids and others. Based on application, the global oilfield stimulation chemicals market is segregated into matrix oxidization, hydraulic fracturing, acid fracking, and others. Diversification of the global market on the basis of the region is seen in North America, Asia-Pacific, Europe, Latin America and the Middle East and Africa.
Global Oilfield Stimulation Chemicals Market: Growth Factors
The global oilfield stimulation chemicals market is growing at a significant pace. This growth can be attributed to reasons such as opportunity towards the progressions in the area of iron control agents, focus on providing cost effective and better results at lesser quantity and launching of new products in the global market. However, there are certain restraining factors in the global oilfield stimulation chemicals market. They include increase the cost of oil production level, limited possibility to operate at depth, increasing concerns regarding environmental impact and personnel safety and low crude oil price, which reduce the margin for oil producers.
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Global Oilfield Stimulation Chemicals Market: Regional Analysis
The largest market share in the global oilfield stimulation chemicals market is held by North America. The major demand is seen in countries such as the U.S. and Canada. Growth in North America is followed by Asia-Pacific. In this region, major demand is seen in countries such as China, South Korea, Indonesia, India, and Malaysia. More than half of the demand in Asia Pacific is seen in China. Owing to the heavy oilfield stimulation activities in the Asia-Pacific region, it is anticipated to be the fastest growing region in the coming years. In addition, a significant amount of growth is visible in Europe, Latin America and the Middle East and Africa. Countries such as Mexico, Poland, Germany, Vietnam, Germany, the U.K., France, Poland, and Brazil are the major oilfield stimulation chemicals markets in these regions.
Global Oilfield Stimulation Chemicals Market: Competitive Players
Some of the major companies in the global oilfield stimulation chemicals market are E.I. Du Pont, BASF SE, Albemarle Corp., Clariant AG, Dow Chemical, AkzoNobel N.V., Ashland Inc., Halliburton, Flotek Industries Inc., Solvay SA, Schlumberger Limited, Chevron Phillips Chemical Company, Baker Hughes Incorporated and DOW Chemical Company.
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