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Advancements in Chemical Technologies Steer Growth in Asia-Pacific Oilfield Chemicals Market, Finds Frost & Sullivan


News provided by

Frost & Sullivan

25 Sep, 2013, 08:33 BST

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- Manufacturers must offer cost-effective solutions to appeal to a wider customer base

KUALA LUMPUR, Malaysia, Sept. 25, 2013 /PRNewswire/ -- Increasing exploration and production (E&P) activities in Asia-Pacific have fuelled the growth of the oilfield chemicals market in the region. Oil producers' exploration of unconventional, mature, challenging or stranded wells has lent momentum to enhanced oil recovery (EOR) processes, hydraulic fracturing, and other stimulation techniques. This, in turn, is accelerating the need for advanced oilfield chemicals with enhanced functionality and performance.

New analysis from Frost & Sullivan (http://www.chemicals.frost.com), APAC Oilfield Chemicals Market, finds that the market earned revenues of US$2.39 billion in 2012 and estimates this to reach US$3.85 billion in 2019. The study covers drilling, cementing, completion and work-over, production, and enhanced oil recovery chemicals.

Escalating oil prices have compelled the use of aggressive EOR methods to boost productivity, thereby driving the demand for oilfield chemicals in Asia-Pacific.

"As existing wells mature, oil companies are evaluating reservoirs that were left unexplored due to challenges such as high temperature and pressure, rock texture, or depth," said Frost & Sullivan Chemicals, Materials and Food Research Analyst Soundarya Shankar. "Technology advancements made in the oil and gas industry for reviving these wells are paving the way for the expansion of the oilfield chemicals market in Asia-Pacific."

For instance, Vipel technology from AOC largely contributed to the recovery of oil from one of the oldest fields in Indonesia. The technology required low-cost surfactants, which were injected into the well to push the oil towards the production area.

Chemical manufacturers in Asia-Pacific are therefore creating a wide range of formulations to be used in challenging wells under diverse climatic and geological environments. Rising concerns over the potential environmental impact of hazardous chemicals have stimulated the development of green chemicals.

Chemical companies must also ensure that they offer products with a robust price-performance index. This will be a challenge as the Asia-Pacific oilfield chemicals market is highly fragmented with a number of market participants offering a wide range of products, leading to intense competition in terms of price, features, and supply security. Pricing pressures are further compounded as oil prices continue to climb and chemical manufacturers are unable to transfer the entire cost to customers.

Moreover, well operators' reluctance to accept new products due to fears over efficiency stall uptake. Activities in the oil E&P sector are highly complex involving vast resources, material, time and capital, and the inability of a chemical to effectively perform during the process will cause an enormous loss in time and resources.

"Chemical suppliers in Asia-Pacific should go the extra mile to conduct field tests and demonstrations, and prove the performance and capabilities of their products," noted Shankar. "In addition, they need to create multifunctional oilfield chemicals that will reduce the number of additives and be more cost-efficient for customers."

If you are interested in more information on this research, please send an e-mail to Donna Jeremiah, Corporate Communications, at djeremiah@frost.com, with your full name, company name, job title, telephone number, company e-mail address, company website, city, state and country.

APAC Oilfield Chemicals Market is part of the Chemicals & Materials Growth Partnership Service program. Frost & Sullivan's related research services include: Australian Market for Drilling Chemicals, and Enhanced Oil Recovery Chemicals Market in the United States and Europe. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.

Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

  • The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
  • The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.

For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

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APAC Oilfield Chemicals Market
P73A-39

Contact:
Donna Jeremiah
Corporate Communications – Asia Pacific
P: +61 (02) 8247 8927
F: +61 (02) 9252 8066
E: djeremiah@frost.com

Carrie Low
Corporate Communications – Asia Pacific
P: +603 6204 5910
F: +603 6201 7402
E: carrie.low@frost.com

http://www.frost.com

SOURCE Frost & Sullivan

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