The process of oilfield stimulation is primarily used for recovery and improvement in the flow of hydrocarbons from drilling wells. With advancements in technology and innovations in chemical industry, oilfield stimulation process has become extremely less cumbersome. Various chemicals are applied for different processes of oil extraction, such as biocides, water control polymers, acids, gelling agents/viscosities, corrosion inhibitors, friction reducers, breaker, and iron control agents. Among these, gelling agents are the most widely used oilfield stimulation chemicals. The technique of acid stimulation is frequently adopted in oil extraction for the purpose of cleaning the existing ruptures by the process of dissolving filling materials such as drilling mud or secondary minerals and molding them for efficient removal. Problems arising before or during oil extraction procedure can be solved by oilfield stimulation chemicals. It reduces energy consumption during fracturing and reduces consumption of water. Acid treatment technique is used in bearing rock formations for many years to maintain or increase the rate of flow of oil from production wells. Owing to its vast usage in oilfields, stimulation chemicals market is expected to witness robust growth in the near future. As per stats released by the International Energy Agency (IEA), as of 2016, average global demand for oil and liquid fuels was pegged at 35 billion barrels annually.
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Global oilfield stimulation chemicals market is majorly driven by increasing application of chemicals in deeper penetration into the earth’s crust and exploring new oil basins, especially under the sea. Oilfield stimulation chemicals is regarded as an essential element of oil extraction and thus, the market is expected to witness steady growth in the foreseeable future. Owing to various advantages of oilfield stimulation chemicals such as reduction in consumption of water and low energy consumption during fracturing process, the global oilfield stimulation chemicals industry is projected gain traction during the forecast period. Moreover increasing production of crude oil is also a major factor contributing to the increased growth of global oilfields stimulation chemicals market. Increasing demand for well stimulation processes offer a major boost to the global market.
However, oilfield stimulation chemicals market growth is hampered by few restraints such as increase in production cost associated with use of oilfield stimulation chemicals, limitations in terms of operating at extreme depths, specific concerns about personnel safety from health hazards or accidents and environmental impact such as contamination of underground drinking water by the chemicals used during fracturing process.
Market Outlook- Asia pacific is expected to be the most lucrative region for the key players operating in the global oilfield stimulation chemicals market
The geographical segmentation for the global oilfield stimulation chemicals market includes North America, Europe, Asia Pacific, Latin America, Middle East, and Africa.
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North America holds the largest market share in the global oilfield stimulation chemicals market owing to the major demand generated by countries such as the U.S. and Canada. In Asia Pacific major demand is witnessed in countries such as China, India, Indonesia, South Korea, and Malaysia. Due to the heavy oilfield stimulation activities in the Asia-Pacific region, it is expected to be the fastest growing region during the future years. Moreover, a significant growth is witnessed in Europe owing to the major market in countries such as U.K., France, Mexico, Poland, Germany, Vietnam, and Brazil. Increasing oil production by OPEC further creates a highly conducive environment for growth of the market.
Global players operating in the oilfield stimulation chemicals market include BASF, Dow Chemicals, Chevron Philips Chemical Company, Du Pont, Baker Hughes Inc., AkzoNobel N.V., Ashland Inc., Solvay SA., Flotek Industries Inc., Clariant AG, and Schlumberger Limited.