New York City,
07 February 2019: The
global Drilling Fluids and Chemicals Market is anticipated to reach
USD 15.66 billion by 2026 according to a new study published by Polaris Market
Research.
The slow
increase in oil prices in the past two years and expected boom post 2020 is
expected to bring about increases in demand for drilling fluids and chemicals
that are used in well drilling & completion, hydraulic fracturing and EOR
operations. This slump and rebound in drilling fluids and chemicals demand is
primarily owing to the volatility in crude prices. After reaching all time high
in 2013, the prices slumped down tremendously within a significant short
period. This resulted in dramatic decline of drilling operations all throughout
the globe dripping almost as below as only 900 rigs globally (all time low)
which eventually impacted the drilling fluids and chemicals market as well.
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Development
of several chemical formulations that can address environmental concerns will
have an important impact on its market, promoting to added demand for high
quality environmentally friendly chemicals, including less toxic biocides and
biodegradable shale inhibitors. Offshore operations are anticipated to stay
vital contributor for the market globally and the necessity for environmentally
compatible chemicals and fluids will be leading in the offshore environments.
Increasing concerns for pollution of groundwater and the environment are some
of the major concerns for the industry participants. Companies have been
investing significantly in R&D operations to constantly upgrade their
products and offer novel chemicals to the upstream sector that satisfy every
aspect of environmental regulations thus enhancing the required parameters of
operations.
However in
the short term, these products are anticipated to experience moderate growth in
terms of market value before rallying on the later by the end of forecast
period. In spite of relatively low demand for these products in the present
scenario, the entire level of activities of oilfields and consequently demand
for these products is projected to recover at a faster pace starting by the end
of 2020. Number of well completion counts is anticipated to increase during the
forecast period that will boost demand for completion chemicals. Simulation
techniques including acidizing and hydraulic fracturing will increase as well
fracturing have been increasing or else subject to other methods of simulation
ahead of initial completion.
Competitive Landscape and Key Vendors:
North
America, especially in the U.S. is anticipated to experience healthy growth the
next few years overcoming the price declines. The increase in unconventional
drilling in the U.S. is the primary development in the global oil industry,
successful of altering balance of demand and supply at the global scale and
eventually contributing to the collapse and control over oil prices in the
recent past. Hydraulic fracturing is anticipated to be one of the major
application segments globally. Despite the low crude prices, increase in average
volume of chemicals used per well during 2017 was a primary factor driving the
market.
Some of the
leading industry participants currently operating in the industry include
Clariant, Solvay, NALCO, Croda International Plc, Baker Hughes, Kemira, Halliburton,
Schlumberger Limited, Stepan Company, Akzo Nobel N.V., The Lubrizol
Corporation, BASF SE and Dow Chemical Company.
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