Kenneth Research, in its repository of market research reports, has recently added a report on Oilfield Stimulation Chemicals Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Oilfield Stimulation Chemicals Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
The U.S. Market recovers fast; In a release on May 4th, 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Oilfield Stimulation Chemicals Market products.
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The global Oilfield Stimulation Chemicals market was valued at USD 2.04 billion in 2016 and is projected to reach USD 4.74 billion by 2025, growing at a CAGR of 9.8% from 2017 to 2025.
Oilfield stimulation is a process of improving the quality of oil wells to obtain high quality hydrocarbons and to improve the yield. The rise in oil exploration activities and drilling of deeper wells are the major reason for high utilization of these chemicals. The rise of alternate fuels is expected to result in a steady growth for the market demand.
1. Market Drivers
1.1 Rise in crude oil production
1.2 Rising number of deep oil exploration activities
2. Market Restraints
2.1 Low crude oil prices
2.2 Stringent environment regulations
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The global Oilfield Stimulation Chemicals market is segmented on the product, application and region.
1. By Product:
1.1 Friction Reducers
1.2 Gelling Agents
1.3 Corrosion and Scale Inhibitors
2. By Application:
2.1 Acid Fracking
2.2 Hydraulic Fracturing
2.3 Matrix Acidization
3. By Region:
3.1 North America (U.S., Canada, Mexico)
3.2 Europe (Germany, UK, France, Rest of Europe)
3.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
3.4 Latin America (Brazil, Argentina, Rest of Latin America)
3.5 Middle East & Africa
The major players in the market are as follows:
1. Baker Hughes
2. BASF SE
3. EI DuPont De Nemours
4. DOW Chemical Company
6. Flotek Industries Inc.
7. Schlumberger Ltd.
9. Chevron Philips Chemical Company
11. Albemarle Corporation
12. Solvay SA
13. Akzonobel NV
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Oilfield Stimulation Chemicals market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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