Global Specialty Oilfield Chemicals Market worth $10.9 Billion by 2016
The industry is expected to grow from $7,329.2 million in 2011 to $10.9 Billion by 2016, at a CAGR of 8.3% from 2011 to 2016. North America holds the largest share; i.e. 61% in the global market for specialty oilfield chemicals in 2011 and is expected to grow at a CAGR of 7.8% to reach $6,523.2 million in 2016. This results shows the recovery in the oil and gas industry from a subpar 2009, a year of declines in oil and gas production, rig counts, and drilling activity in many of the major markets such as U.S. and Canada. Moreover, increasing in the global oil and gas prices will also create force for further drilling and well completion activity, which drives demand for specialty oilfield chemicals.
Specialty oilfield chemicals are used for improving the field operations and improve the output of drilling fluid, well stimulation, production chemicals, cementing, workover and completion, and enhance oil recovery (EOR) applications. The demand for specialty oilfield chemicals is influenced by various factors such as increasing production of crude oil, location of reservoirs, deep of drilling, oil reservoirs availability, Government policies, and trade-offs among various chemical compounds.The consumption of specialty oilfield chemicals in various applications varies from location to location. The increasing demand for specialty chemicals in the well stimulation application is due to continuous increase in the production of crude oil from the existing and new wells in U.S., Canada, Mexico, Russia, China, and other countries.
The worldwide specialty oilfield chemicals market is showing positive signs of improvement after short term fall in 2009 due to the global economic crisis. The specialty oilfield chemicals are used consequently, during the late 2008 due to the increasing energy prices and fall of global oilfield activity. The depressing supply situation and low production volume translated into high oil and gas prices across the globe. The global specialty oilfield chemicals market declined in growth but however stands stimulated with increase in natural gas and oil production, particularly in Asia-Pacific, Latin America, and Africa. Manufacturers are heavily depending on non-traditional sources such as intense offshore waters and oil sands for natural gas and oil, promising healthy prospects for specialty oilfield chemicals.
There is an increasing demand for various specilaity oilfield chemicals since there is a need for producers to tap more oil from the existing reserves as many of the newer fields are technologically challenging in terms of drilling which includes drilling in deep water or working in very high temperature, pressure and highly corrosive conditions. Oil and gas exploration and refining represents one of the most severe environments for the metal and the corrosion management as this environment requires a detailed analysis and a thorough understanding of an array of conditions expected during the life of the system. Oilfields are normally affected by redundant microbial growth during various stages such as drilling of well, stimulation, construction of the facilities, and during production as well. Biocides are used either to completely eliminate or to control microbial growth. They are used to maintain, treat, and optimize oil or gas production from reservoirs by reducing the downtime caused by corrosion and also to clean well and surface equipments. Biocides usage pattern depends upon the nature of the underlying problem and requires different treatment philosophies as per the nature of the problem.
The crude-oil naturally occurs in the form of water-in-oil emulsion during its production. Its composition depends on the water-to-oil ratio, the natural emulsifier systems contained in the oil, and also the origin of the emulsion. The naturally occuring emulsifiers in the crude-oil have a very complex chemical nature, they differ from one oil-well to another and they also depend upon the age of the oil-wells, hence to overcome their effect, petroleum-emulsion demulsifiers must be selectively developed.
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Scope of the report
This report focuses on global specialty oilfield chemicals market. This specialty oilfield chemicals market research report categorizes the global market on the basis of types, applications, and geography.
On the basis of types:
Corrosion inhibitor and scale inhibitor
On the basis of applications:
Workover and completion
Enhanced oil recovery (EOR)
On the basis of geography:
Middle East and Africa
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