HYDERABAD, India and MINNEAPOLIS, February 10, 2016 /PRNewswire/ --
According to the report, "Oilfield drilling fluid Additives Market: By Fluid Viscosifiers (Cellulosics, Acrylics, Specialty Clays, Organ Clays and Polyamides) By Corrosion Inhibitors (Oxides, Silicates, Phosphates, Hydroxides), By Dispersants (Ionic and Non Ionic), By Biocides (Glutaraldehyde, Chlorine, THPS and Others), By Surface Modifiers, By Defoamers; By Formulation (Water, Oil and Synthetic) By Geography - Forecast (2015-2020)", published by IndustryARC, the oilfield drilling fluid additives market is estimated to reach $2,323 Million by 2020 at a high CAGR.
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Browse - 90 Tables, 28 Figures spread through 179 Pages and an in-depth TOC on "Oilfield Drilling Fluid Additives"
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Oilfield Drilling Fluid additives are chemical formulations which are used for multiple functions in oil processing. The additive technologies excel with emulsification and thinning/dispersion of oil-based muds. They help to create proper fluid weighting to balance pressure formation and optimize fluid flow. Other key functions include maintaining strong boundary lubrication films in silicate-based mud systems specialized for shale drilling, which is done by lubricating agents. Among the other functions are wettability, detergency, dispersancy, and clay stabilization. Selection of drilling fluid additives requires careful consideration of several criteria, such as; well design, rock composition, potential formation pressures and temperatures, reservoir chemistry, protection of the producing zone, and environmental regulations.
The key factors owing to the growth of this industry are the increasing demand from energy sector which is creating thrust for drilling deeper to extract more oil. Another important reason for the rise in Oilfield Drilling Fluid additives, particularly in the biocides industry, is the protection of oil from various harmful organisms.
The Global Market in 2015 was $1,581 Million and is dominated by North America, which is poised to exhibit the fastest growth due to the U.S's revolutionary fracking operations. On the other hand, for APAC region China and India are the growth frontiers in the oilfield drilling fluid additives manufacturers providing a huge potential market to be tapped. Other major markets include Europe, which accounted for a significant market share. The oilfield drilling fluids market in the U.S is anticipated to grow at a CAGR of 6.6% during the forecast period 2015 to 2020.
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The supply of oil has not come down and is projected to grow by 0.68mb/day on average according to OPEC. This in return has created an over-supply against demand, which has induced the ceasing of many new oil wells. The U.S., which is one of the major markets for shale gas fracking has recently undergone the shutdown of approximately 200 new wells in a period of one year from 2014 to 2015. This has resulted in a humungous dip in the usage of drilling fluids, as they find their major application in oil field wells. But according to OPEC and other OECD countries this trend will not continue for long and the prices are forecast to recover soon, which consequently, would enhance the production of oil. On the whole, an increase in oil demand would in turn induce the growth of drilling fluid additives market according to IndustryARC.
The number of manufacturers across the world for Oilfield drilling fluid additives has increased manifold. These manufacturers are actively investing in scaling up their position in the market and are able to attract profitable deals. Some of the Major Players are AkzoNobel, BASF, Chevron Philips Chemical Company, Lubrizol, The Dow Chemical Company and many others. Major firms spent huge amounts of money in the development of efficient technologies and at the same time, new firms are coming up with cutting-edge technological innovations, resulting in tremendous increase in the degree of competition. Consequently, product launches, mergers and acquisitions and partnerships by companies, universities as well as individual researches has been frequenting the oilfield market headlines.
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The Market has been analyzed by the following Types also in the Report:
Following Key Players are also covered as part of the Market Landscape Analysis:
Dow Chemicals and BASF are the two Key Market Players in the Oilfield Biocides Industry. BASF SE holds the major share of almost 33% followed by The Dow Chemical Company holding 24% share of the overall market. The market share analysis carried out here is on the basis of developments, number of additives served for the oilfield drilling process and the overall performance of the individual companies for the current year. As the U.S. is the major consumer for oilfield drilling additives due to its revolutionary fracking operations and with Dow Company's major business presence is in the U.S., it stood as one of the global leaders in the global oilfield drilling additives market.
The overall oilfield drilling fluids market is characterized by large number of companies but top three companies account for 54% market share due to the wide distribution network and brand reputation. Rapid developments in emerging countries and use of innovative products and materials in drilling activities have supported the growth of oilfield drilling fluids additives markets. The new firms that venture into this market will need huge capital for investment in manufacturing and marketing along with offering product or pricing benefits to customers. The market is poised to exhibit new product launches and strategic acquisitions or partnerships, as major companies explore for new opportunities.
The oilfield drilling fluid additives market report is a comprehensive study of the market for different types, formulation and geography.
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