Pune, India, Feb. 17, 2021 (GLOBE NEWSWIRE) — Global Oilfield Chemicals Market Overview:
Market Research Future (MRFR) projects the Oilfield Chemicals Market is anticipated to procure a market value of USD 1.56 billion while expanding at a CAGR of 4.6% by 2025, predicts Market Research Future (MRFR).
The increasing oil exploration and production activities are expected to be a significant factor that can drive the market during the forecast period. The rising demand for advanced drilling fluids and the increasing deep-water & ultra-deep-water drilling projects are other salient factors that can develop the market during the analysis timeframe. The rapid expansion of shale oil & gas drilling & production is expected to be a crucial factor that is likely to strengthen the industry in the forthcoming time. In addition, the emergence of eco-friendly oilfield chemicals is anticipated to offer significant opportunities for market expansion in the coming tenure. However, the fluctuating crude oil price and the rising concerns regarding the environment are projected to hamper industry growth.
Developments Post COVID-19 Outbreak:
The oil and gas industry has been negatively impacted due to the outbreak of COVID-19 due to the imposition of lockdown, which severely affected end-use sectors. The lockdown hampered the operation and supply chain that reduced the market size in the COVID-19 era. In addition, the import and exports were suspended, which fluctuated prices of raw material. April 2020 witnessed the demand of reduced 29 million barrels. The players of the industry are focusing on reducing capital expenditure by postponing final investment decisions (FIDs) on new oil & gas projects. For instance, ExxonMobil Corporation announced a reduction of 30% capital expenditure on upstream operations. However, with the ease of trade restrictions and favorable initiatives by the government, the market is expected to flourish in 2021.
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Market Segmentation:
The global oilfield chemicals market is segmented into application and type. In the application segment of the global oilfield chemicals market, the inhibitors & scavengers and emulsifiers segment is predicted to procure the highest market share during the forecast period. On the other hand, the corrosion inhibitors segment is estimated to acquire a market value of USD 6,909.1 million by 2025. In the application segment of the global oilfield chemicals market, the upstream segment is anticipated to record a CAGR of 5.43% while acquiring a market value of USD 22,521.7 million by 2025. The well stimulation segment is expected to procure the largest market share in the upstream segment, while drilling application is likely to record the fastest growth owing to the rising investment in oil & gas exploration activities.
Key Players Locking Horns:
The players of the region are adopting various strategies that are propelling the competition among the players of the industry. The increasing mergers, acquisitions, and partnerships have resulted in an enhanced competition among the renowned players. The recent collaboration of ADNOC with the US is likely to grow the competitor in the industry. The rising collaboration between players of different regions is also contributing notably to boost the competition. In another recent update, India’s business giant Darwin Platform Group signed an MoU with UAS’s ARJ Holdings, Westford, and Jan Bros. Darwin Group entered into multiple Joint Ventures and exclusive ties up in UAE. The partnership will help in expanding business in India and UAE, thereby developing the market in the coming time. In addition, the increasing number of new players entering the market has also resulted in an increased rivalry among players of the industry. The growing investment in startups will also spur the competition. For example, Zetwerk, and Indian B2B manufacturing platform announced that it had raised USD120 million in a Series D funding round, led by the US-based Greenoaks Capital and Lightspeed Venture Partners.
Affluent vendors in the Global Oilfield Chemicals Market are:
- Solvay (Belgium)
- Royal Dutch Shell PLC (The Netherlands)
- Schlumberger Limited (US)
- Baker Hughes, a GE Company LLC (UK)
- BASF SE (Germany)
- Ideal Energy Solutions,
- Albemarle Corporation (US)
- Croda International PLC (UK)
- Halliburton (US)
- Kemira (Finland)
- Clariant (US)
- Nalco Champion (US)
- The Lubrizol Corporation (US)
Browse In-depth Market Research Report (134 Pages) on Oilfield Chemicals: https://www.marketresearchfuture.com/reports/oil-field-chemicals-market-1755
Regional Status:
As per the regional analysis conducted by MRFR, North America is anticipated to dominate the global market during the forecast period. The increasing exploration network by players in the region is expected to be a salient cause that can drive the market during the review tenure. APAC is predicted to acquire a significant market share during the forecast period. The presence of developing countries such as; India and China are likely to make notable contributions in augmenting the market in the region. For example, Oil India Limited announced that it would widen its exploration network in the Northeast, after Assam, Arunachal Pradesh, and Mizoram, Tripura will be explored by conducting a seismic survey. The initiative is likely to positively impact the industry in the forthcoming time. In another recent news, Indian Oil Corp (IOC) bought the first cargo of Iraqi Basra Medium oil. Such initiatives are predicted to augment the market size in the region. Furthermore, China announced its plan to rail link to Burma oil and gas port as part of efforts to develop its Belt and Road Investment in the country, which is anticipated to positively impact the market growth in the region. MEA is projected to make a substantial contribution in developing the market owing to its oil exploration activities. Countries such as UAE, Saudi Arabia, among others, are some of the active participants in developing the market in the region. In a recent update, UAE oil firm Adnoc received an investment of USD900 Mn in investment in its property business from a state pension fund. In addition, Abu Dhabi, the capital of UAE, raised billions of dollars from its energy assets by selling leasing rights and stakes in some subsidiaries. Such initiatives are expected to strengthen the market in the region. Europe is predicted to procure significant market value in the coming time owing to the rising oil & exploration and development.
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