Oilfield stimulation is the process undertaken for the recovery and improving the flow of hydrocarbons from drilling well. With the development of new technologies and innovative chemicals, stimulation has now become an easy process.
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Oilfield stimulation chemicals find majority of its applications in hydraulic fracturing, matrix acidization, acid fracking, and other processes. These processes include steam injection, CO2 injection, and so on.
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Global oil field stimulation chemicals have been segmented on the basis of applications (hydraulic fracturing, matrix acidization, acid fracking, and others), types (gelling agents, surfactants, friction reducers, corrosion & scale inhibitors, acids, and others) and regions (North America, Commonwealth of Independent States, Asia-Pacific, Europe, and RoW).
Hydraulic fracturing covers the major percent of the overall application market owing to the exploration of shale gas reserves.
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The gelling agents type was the largest market among the various types of stimulation chemicals in 2014. The friction reducers type is estimated to be the fastest-growing type between 2015 and 2020 as it is used in hydraulic fracturing, which is the largest and fastest-growing application segment.
Currently, North America is the biggest market, accounting for nearly 50% of the total market size, in terms of value, in 2014.
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North America’s hold on the oilfield stimulation chemicals market is mainly due to the large exploration of unconventional oil & gas reserves. Among all the countries, the U.S.
dominates the market. Asia-Pacific is believed to be the fastest-growing region during the projected period due to China’s interest in shale gas exploration. Regions, such as Former Soviet Union, Africa, are expected to witness decent growth during the projected period.
The leading players of the oilfield stimulation chemicals market include BASF SE (Germany), Chevron Philips (U.S.), E.I. Dupont(U.S.), Clariant AG, Dow Chemical (U.S.) and Ashland Inc. (U.S.). Clariant Oil Services, a business unit of Clariant International Ltd., adopted the strategy of launching new products that include a full line of corrosion inhibitors, hydrogen sulfide scavengers, degreasers, dispersants, surfactants, pipeline cleaners, and hydrostatic testing applications. The company developed and introduced this new portfolio to meet the midstream segment's increasing demands and growing challenges in the oil & gas industry.Rise in the number of deep drilling activities and crude oil production is driving the oil field stimulation markets.
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North America is the largest market for oilfield stimulation chemicals, globally. There has been rapid exploration of shale gas and oil reserves in North America.
This has brought about significant changes in the specialty oilfield chemicals market in the recent past. Moreover, current advances in horizontal drilling, hydraulic fracking, availability of water for fracking, and mineral rights licensing are contributing to the rapid development of shale gas and oil reserves in the North American region.
Friction reducers are the fastest-growing type of chemical in the oilfield stimulation chemicals market.
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