Asia-Pacific Oil Field Specialty Chemicals Market, By Type (Surfactants, Demulsifiers, Inhibitors, Biocides, Additives, Acids, Deformers, Polymers, Friction Reducers, Emulsifiers, Iron Control Agents, Dispersants, Viscosifiers, Wetting Agents, Retarders and Others), Location (Onshore and Offshore), Application (Drilling, Stimulation, Production, Enhanced Oil Recovery (EOR), Cementing, Workover & Completion and Others), Country (Japan, China, India, South Korea, Australia & New Zealand, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific) Industry Trends and Forecast to 2028.
Market Analysis and Insights: Asia-Pacific Oil Field Specialty Chemicals Market
Asia-Pacific oil field specialty chemicals market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing at a CAGR of 5.3% in the forecast period of 2021 to 2028 and expected to reach USD 1,188,544.50 thousand by 2028.
The oil field specialty chemicals are those chemicals which are commonly used in the recovery of oil efficiently from the resources with impacting the environment and equipment. Oil field specialty chemicals have several positive functions such as improved oil recovery, drilling optimization, corrosion protection, prevent mud loss in different geological formations, and stabilize drilling fluid in high pressure and high temperature environment and others.
In the extraction of crude oil, enormous machinery is used for different processes. Corrosion inhibitors are the chemicals that help prevent the corrosion of pipelines used to transport the oil in the oil field. Oxygen elements in the oil field mainly cause corrosion on the surface since water contains oxygen particles, due to which corrosion inhibitors are necessary to use in the plant.
Special chemicals absorb the oxygen particles in the water-oil emulsions. Corrosion of the pipelines in the oil field will lead to losses and higher maintenance costs. Corrosion in an oil field pipeline can be caused by the attack of oxygen, carbon dioxide or hydrogen sulfide. Several types of equipment are highly prone to oxygen particles which can only be protected through oil field specialty chemicals.
This oil field specialty chemicals market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Asia-Pacific Oil Field Specialty Chemicals Market Scope and Market Size
Oil field specialty chemicals market is segmented of the categorized into type, location and application. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of type, the oil field specialty chemicals market is segmented into surfactants, demulsifiers, inhibitors, biocides, additives, acids, deformers, polymers, friction reducers, emulsifiers, iron control agents, dispersants, viscosifiers, wetting agents, retarders and others. In 2021, the demand for the surfactants segment is more in China and India due to increasing demand for the petroleum products for running of automotive product.
- On the basis of location, the oil field specialty chemicals market is segmented into onshore and offshore. In 2021, onshore location segment is expected to dominate as large piping systems have been employed in the plant which increase the demand for the oil field specialty chemicals in the region.
- On the basis of application, the oil field specialty chemicals market is segmented into drilling, stimulation, production, enhanced oil recovery (EOR), cementing, workover & completion and others. In 2021, the drilling segment is expected to dominate the market as drilling is more used for the extraction of crude oil which makes drilling application to dominate in the region.
Asia-Pacific Oil Field Specialty Chemicals Market Country Level Analysis
Oil field specialty chemicals market is segmented of the categorized into type, location and application.
The countries covered in Asia-Pacific oil field specialty chemicals market report are Japan, China, South Korea, India, Australia and New Zealand, Singapore, Thailand, Indonesia, Malaysia, Philippines, Rest of Asia-Pacific.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of Asia-Pacific brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Increasing Extraction of Crude Oil from New and Unconventional Reserves
Advanced extraction techniques, such as oil sand mining and drilling, are being used to recover heavier oil that does not flow independently. The light tight oil (LTO) unconventional reserves are found deep below the earth's surface, primarily within low-permeability rock formations, including shale, sandstone and mudstone reservoirs. Extraction of crude oil from unconventional reserves uses horizontal drilling and hydraulic fracturing.
Competitive Landscape and Oil Field Specialty Chemicals Market Share Analysis
Asia-Pacific oil field specialty chemicals market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Asia-Pacific presence, production sites and facilities, company strengths and weaknesses, product launch, clinical trials pipelines, brand analysis, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to Asia-Pacific oil field specialty chemicals market.
The major market players engaged in the Asia-Pacific oil field specialty chemicals market are BASF SE, Solvay, DOW, Baker Hughes Company, Clariant, Evonik Industries, Kemira, Thermax Limited., Huntsman International LLC., Innospec, Stepan Company, Chevron Phillips Chemical Company LLC., Kraton Corporation., Jiaxing Midas Oilfield Chemical Mfg Co., Ltd, Versalis S.p.A., Halliburton., Albemarle Corporation and among others.
For instance,
- In March 2019, Chevron Phillips Chemical Company LLC had decided to increase the production 1-Hexene unit. The addition would expand normal alpha olefins (NAO) production. This development has helped the company to increase revenue
Collaboration, product launch, business expansion, award and recognition, joint ventures and other strategies by the market players is enhancing the company market in the oil field specialty chemicals market which also provides the benefit for organization to improve their offering for oil field specialty chemicals.
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