DALLAS, July 23, 2015 /PRNewswire/ --
The report, "Oilfield Stimulation Chemicals Market, By Type (Gelling Agents, Friction Reducers, Surfactants, Corrosion & Scale Inhibitors, and Acids), By Application (Hydraulic Fracturing, Matrix Acidization, Acid Fracking, and Others), and by Region - Trends and Forecasts to 2020" published by MarketsandMarkets, The market size of Oilfield Stimulation Chemicals is projected to reach $2.97 Billion by 2020, signifying a firm annualized growth rate of 10.1% between 2015 and 2020.
Browse 89 Market Data Tables and 74 Figures spread through 220 Pages and in-depth TOC on "Oilfield Stimulation Chemicals Market".
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The markets report defines and segments the oilfield stimulation chemicals market with analysis and forecast of the market size.
North America - The biggest market for oilfield stimulation chemicals
The rapid expansion in exploration of shale gas and oil reserves in North America is leading to significant changes in the oil field chemicals market recently. Moreover, current advances in horizontal drilling, hydraulic fracturing 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. This is driving the growth of oilfield stimulation chemicals market. There is significant increase in the activity level across all oilfield chemical sectors such as drilling fluids, cementing, stimulation, and production chemicals. This increasing activity in shale oil & gas reserves has also resulted in consumption of higher volumes of drilling and cementing chemicals. The North American region is, therefore, not only the largest market in oilfield stimulation chemicals, but, also in the oilfield services market.
Friction Reducers - The fastest-growing segment of oilfield stimulation chemicals
The friction reducer's type is the fastest-growing among the various segments of oilfield stimulation chemicals market. It is estimated to grow at a CAGR of 13.2% between 2015 and 2020. Friction reducers are extensively used in the hydraulic fracturing application, which is the largest application market. Boom in the shale gas exploration has indirectly helped to increase the growth rate of friction reducers.
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Hydraulic fracturing - The largest application for oilfield stimulation chemicals market
Hydraulic fracturing is the largest application segment in the global oilfield stimulation chemicals market, owing to the increased shale gas exploration activities in the green as well as brown fields of the North American region and in some parts of China.
The U.S. and China are at forefront of oilfield stimulation chemicals consumption, while Canada, Mexico, Poland, and Germany are the other key markets for oilfield stimulation chemicals consumption. China is the key market in Asia-Pacific, accounting for more than half of the demand for the oilfield stimulation chemicals in the region due to the increased exploration of the unconventional oil & gas reserves such as shale gas, followed by Indonesia, India, and Malaysia, where consumption is growing at a steady rate. Growth in other Asia-Pacific countries is steady due to the strict environmental laws and geo-political reasons. Asia-Pacific represents the fastest-growing regional market for the global oilfield stimulation chemicals market. Heavy oilfield stimulation activity undergoing in the region is driving the growth for the market. This growth is projected to continue and the share of the region in the global market is likely to increase in the next few years. The leading players of the market include BASF SE (Germany), Chevron Philips (U.S.), E.I. Dupont (U.S.), Clariant AG (Switzerland), Albemarle Corp(U.S.), Flotek Industries (U.S.), Dow Chemical (U.S.), and Ashland Inc.(U.S.). New product launch is the key strategy adopted by industry players in order to maintain growth in the global oilfield stimulation chemicals market. The oilfield stimulation chemicals market is a consumer-driven market and new product launches are paving the way for fulfilling the ever changing demand of the consumers.
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