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Oilfield Process Chemicals: Global Markets

  • September 2016
  • 163 pages
  • ID: 341177

Summary

Table of Contents

Use this report to:
- Analyze the chemicals involved in oil and gas exploration and production at the chemical manufacturing sales level
- Discuss and classify the market on the basis of chemical application, chemical type, and chemical function
- Evaluate capacities of existing oil and natural gas reserves in conjunction with published projections

Highlights
- The global market for oilfield process chemicals should reach $29.6 billion by 2021 from $26.9 billion in 2016 at a compound annual growth rate (CAGR) of 2%, from 2016 to 2021.
- The drilling chemicals market should reach $10.8 billion by 2021 from $9.8 billion in 2016 at a CAGR of 2%, from 2016 to 2021.
- The enhanced oil recovery chemicals market should reach $1.2 billion by 2021 from $945.8 million in 2016 at a CAGR of 4.3%, from 2016 to 2021.

Introduction & Scope
Oilfield process chemicals support the exploration and processing of crude oil and natural gas in the field. Various factors influence the demand for oilfield process
chemicals. The world's energy needs are increasing as emerging economies such as China, India, Latin America and Africa develop their capabilities and raise the living
standards of their populations. Crude oil and natural gas are critical to the energy supply chain. For this reason, many nations are looking to be self-sufficient in energy generation across the supply chain, resulting in a drive to secure feedstocks they can control. They do not want to rely on imports from nations that may have differing political agendas or ideals that are in conflict with theirs, or are located in regions of unrest and instability that could threaten the supply of key raw materials. In addition, most of the easy-to-extract oil in locations that can be easily accessed and supported has been recovered.

All of this generates a demand for energy companies to uncover rich sources of future fuel, leading to operations that drill deeper into the Earth's substructure, explore deeper waters offshore and increase the exploitation of unconventional sources of oil and gas. In addition, companies are attempting to maximize the amount of oil and gas that can be extracted from existing reservoirs by increasing the deployment of secondary and tertiary methods of recovery. This appetite for oil and gas leads to an increased market for chemicals that enable the above activities to take place. This study was conducted to determine the future of the oilfield process chemicals industry on a worldwide scale. The forecast demand and production of oil will have a direct impact on the need for oilfield process chemicals. This study estimates the five-year forecast for the oilfield process chemicals industry from 2016 through 2021.

During this period, new oil and gas discoveries, efforts to reduce environmental impact, and the drive for energy self-sufficiency will support the growth of the industry moving forward. Based on this information, BCC forecasts the oilfield process chemicals industry will grow at a compound annual growth rate (CAGR) of 2% over the next five years. This estimate is based on projections in the oil drilling, exploration and production sectors. It does not include the value of services and other products offered by oilfield process chemical companies. Values have been confirmed with industry sources and industry experts.

REASONS FOR DOING THE STUDY
This report is an update of an earlier (2014) BCC Research study of the oilfield process chemicals industry. The last two years have been a turbulent period in the global oil and gas industry, as global economic weakness, more stringent fuel economy regulations, expanding use of alternative energy, and the development of extremely efficient engines have combined to dramatically reduce the need for oil. Meanwhile, the exploitation of new reserves, especially of shale oil, in numerous regions around the world, has glutted the market for oil. While market conditions are more favorable in the gas industry, gas production is still expected to exceed consumption in the near to mid-term. These conditions are a recipe for lower prices and decreased profits. Oil and gas companies therefore are focusing on increasing their operating efficiency to preserve their margins and maintain the reinvestment rates necessary to grow production.

In view of these trends, BCC Research has decided that this is an appropriate time to revise the 2014 report in order to provide readers with an up-to-date understanding of the value and structure of the global oilfield process chemicals industry. This study will review the chemicals that are consumed in the exploration, drilling, and production of oil and gas globally. It will highlight growing and contracting segments, technological challenges that the industry is facing, and possible solutions to those challenges. The information was obtained using standard research techniques of primary and secondary research, including but not limited to: library resources, the Internet, company quarterly and annual reports, published material, and discussions with industry experts and active players.

INTENDED AUDIENCE
This study will be of interest to chemical companies that manufacture specialty chemicals because it will identify segments of high growth and highlight the challenges that multifunctional and specialty chemicals might need to overcome. The study will also be of interest to oilfield service companies and oilfield companies active in the industry as well as university and research groups looking to exploit technology that has been developed in other industries. Finally, the study will be of interest to any company or investment firm looking at possible acquisitions or additions to their portfolio in the field of oilfield process chemicals.

SCOPE OF REPORT
The scope of this study includes only the chemicals used in the upstream part of the oilfield processes. In many cases, what material is in scope and what is out of scope is clear-cut, and materials that are classified as minerals have been excluded. Where it is not so clear (as in the case of insoluble salts or the usage of material produced on-site) judgment has been made by the analysts based on discussions with industry experts. Chemicals in scope have been categorized in three different ways: by process application, by type, and by chemical function. Both past and current market performance of oilfield process chemicals is assessed. Projected sales for the industry as a whole are forecast by application, type and function and the market is assessed on a worldwide scale. Impacts on the oil and gas industry are explained and the potential effects of political issues, environmental legislation and energy policies are also considered.

METHODOLOGY
Readers of previous versions of this BCC Research report should be aware that the present edition expresses market values at the user level rather than the manufacturer level. As a result, this report's market value estimates are much larger than those contained in its predecessors, although the underlying quantities are much closer in size. BCC Research made this change in order to facilitate comparisons between this report and other sources, most of which contain user-level market data. Both primary and secondary research methodologies were used in preparing this market research report. BCC Research evaluated each market by application, type, and function. To make projections for the future of oilfield process chemicals, the oil and gas industry was reviewed in terms of exploration, drilling and production. This was accomplished by evaluating the industry's forecast for exploration and production as well as recent oil reserve discoveries. Also taken into account were historical relationships between oilfield process chemicals and oil and gas production. EIA demand projections were also taken into account. Political situations were considered as was current and pending environmental legislation. Information directly related to the oilfield process chemicals industry was also analysed. Company annual reports were reviewed and sales values were confirmed by reliable sources. Company market shares were also confirmed and cross-referenced. The chemicals discussed in this report are those qualifying for the functions listed.

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