Global Market for Oilfield Chemicals to Reach $31 Billion by 2018, Petroleum Additives to Reach $16 Billion
FARMINGTON, Conn., Dec. 3, 2012 /PRNewswire-iReach/ -- Oilfield chemicals, utilized for oil and gas applications, such as drilling, completion and stimulation of wells, are posting significant growth, with demand expected to progress steadily in future. Growth in this sector is attributable to the declining oil and gas reserves, leading to an upsurge in exploration, development, and drilling activities in offshore, deepwater, as well as in developing regions. Traditionally, North America and Europe have been the major oilfield chemicals markets. However, the regions are witnessing a relatively slow growth at present, with growth emanating from the developing economies across the globe. The rapidly spreading industrialization and population growth in these regions are responsible for the demand shift.
Global Information Inc (GII) presents two important reports on the global oilfield chemicals and petroleum additives markets from our premium market research partner Global Industry Analysts, Inc.
The global market for oilfield chemicals is forecast to reach $31 billion by the year 2018. The United States is at the forefront in the global oilfield chemicals market. Declining oil reserves and maturing oilfields, depletion of existing oil and natural gas wells as well as the US Government's decision to limit the country's dependence on oil imports will drive the oilfield chemicals market. Advancements in Enhanced Oil Recovery (EOR) techniques and their usage, well simulation techniques and shale gas operations are likely to create demand for raw materials, chemical formulations, and the chemicals required for hydraulic fracturing. The Asia-Pacific region is expected to exhibit the fastest growth at a CAGR of 9.5% over the analysis period. Regionally, China is expected to lead, driven by the efforts to address native energy requirements by increasing the production of oil and gas from the old oil wells.
Major players profiled in the report include Akzo Nobel NV, Albemarle Corp., Baker Hughes, Champion Technologies Inc., Elementis Plc., Enerchem International Inc., Halliburton, Nalco Company, Newpark Resources Inc., Schlumberger Limited, M-I SWACO, and Weatherford Engineered Chemistry, among others.
An Executive Summary for this report and free sample pages from the full document are available at http://www.giiresearch.com/report/go136195-oilfield-chemicals.html
The global market for petroleum additives is projected to reach $16 billion by 2018. Petroleum additives are used for improving the operational performance of petroleum-related products such as motor oils, transmission fluids, industrial oils, metalworking fluids and fuels. Of late, demand for petroleum additives has been witnessing substantial growth driven by increase in product performance specifications, government regulations, and growing demand from developing markets. In the coming years, the market is expected to grow at a modest pace, driven by the increased emphasis on cost-efficiency and environmental conservation. The market is also benefiting from the rising fuel economy standards, adoption of stringent government mandates on tailpipe emission limitations, and the growing consumer awareness about fuel efficiency. While the economic recession of 2008 and 2009 dented demand for petroleum additives, the market is also affected by increasing government deficits, rising debts, and tightening credit markets that continue to pose considerable challenges, particularly to the European economy.
Another factor affecting the market is the usage of petroleum additives in various end-use markets. As a result, the effect of trends or instabilities in these end markets is also evident on the additives industry. With the oil and gas industry affected by economic uncertainty, the petroleum additives market is expected to face testing times due to the increasing competition from new players, and growing calls for environmental preservation and subsequent adoption of legislations in its support. Despite the uncertainty brought on by the European debt crisis and the relatively slower pace of recovery from recession, the petroleum additives market is expected to make steady progress in the long run driven by the need to comply with government regulations, and to address the escalating demand from developing nations. Growing emphasis on improving operating efficiency and the need to address environmental concerns also bodes well for market growth.
Competition in the petroleum additives market is determined by the need to offer technologically advanced yet cost-effective products to the customers, while complying with or surpassing industry specifications. Major players profiled in the report include Afton Chemical Corp., Baker Hughes Inc., BASF AG, Chemutra Corporation, Chevron Oronite Company LLC, Eni SpA, Ethyl Corporation, Evonik Oil Additives, ExxonMobil Chemical Company, Innospec Inc., OM Group Inc., Qatar Petroleum, Repsol S.A., Royal Dutch Shell Plc, and The Lubrizol Corporation.
An Executive Summary for this report and free sample pages from the full document are available at http://www.giiresearch.com/report/go138697-petroleum-additive.html
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SOURCE Global Information, Inc.