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.
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.
Oilfield Stimulation Chemicals Market Taxonomy
By Product Type
Global market can be segmented on the basis of product type into the following:
On the basis of application, the global market is classified into:
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.
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.
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
The primary research is conducted with the ecosystem players including, but not limited to:
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.[email protected]
Talk to our research consultant to design an exclusive report as per your research needs.
We aim to fulfil client's research demands with tailored research solutions.
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
We strive to provide most accurate and reliable research findings in our research reports.