Oilfield Stimulation Chemicals are revolutionary products that are designed to support and enhance the stimulation process during oil extraction. Stimulation treatments are carried out to improve or restore the productivity of an oil well. Oilfield Stimulation Chemicals helps in the free flow of hydrocarbons from wells. Oilfield Stimulation Chemicals are commonly used in hydraulic fracturing treatment and matrix treatments especially in the processes of emulsification, wetting, and compatibilization. Oilfield Stimulation Chemicals are also used in high-stability foaming systems for formation blocking and foam fracturing. It is also used in down-hole stimulation fluids including slick water fracturing applications. Oilfield Stimulation Chemicals are finding high usage in various applications and new geographical areas which are driving the market. Different types of chemicals are used in the various process of oil extraction viz. acids, biocides, corrosion inhibitors, friction reducers, gelling agents/ viscosities, iron control agents, water control polymers and breakers. Out of these, gelling agents or viscosities is the most widely used oilfield stimulation chemical with largest market share. Most commonly used technique among oilfield stimulation is acid stimulation whose work is to clean existing fractures by dissolving filling materials (mostly drilling mud or secondary minerals) and molding them for an efficient removal. Acid treatment technique is used in bearing rock formations for many years to maintain or increase the rate of flow of oil from production wells or the rate of flow of oil-displacing fluids into injection wells. Because of its vast usage oilfield, stimulation chemicals market will witness an escalating demand in the oil industry.
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Oilfield Stimulation Chemicals: Market Dynamics
Oilfield Stimulation Chemicals market is mainly driven by the increasing applications of chemicals for penetrating deeper into earth’s crust and findings of new oil basins in Rocky or sea regions. Oilfield Stimulation Chemicals is an essential part of oil extraction and solves many purposes, before and during the process. It reduces consumption of water, saves energy consumption during fracturing, by considerably reducing the surface footprint of a well and no formation damage in most of the hydraulic fracturing, Pneumatic fracturing, Dynamic loading and other primary processes.
However, Oilfield Stimulation Chemicals comes along with some restraints. Oilfield Stimulation Chemicals might increase the cost of oil production level, greater concerns regarding personnel safety and environmental impact. Apart from this limited possibility to operate at depth is also a disadvantage of some specific types of chemicals. Low crude oil price is a major restraint for the market as it holds oil producers to take necessary precautions or process in oil extraction to increase their margins.
Oilfield Stimulation Chemicals market have an opportunity towards the advancements in the area of iron control agents which will give pace to the market growth of Oilfield Stimulation Chemicals for next ten years. New varieties of iron control agents are required which are cost efficient and provide better results at lesser quantity used in the process.
Oilfield Stimulation Chemicals: Market Segmentation
Oilfield Stimulation Chemicals market can be segmented on the basis of type, which include:
- Corrosion inhibitors
- Friction reducers
- Gelling agents/ viscosifiers
- Iron control agents
- Water control polymers
Oilfield Stimulation Chemicals market can be segmented on the basis of applications, which include:
- Hydraulic Fracturing
- Matrix Treatments
- Acid Fracking
Oilfield Stimulation Chemicals: Segment Outlook
Oilfield Stimulation Chemicals market can be segmented by types which include acids, biocides, corrosion inhibitors, friction reducers, gelling agents/ viscosities, iron control agents, water control polymers, breakers and others. Oilfield Stimulation Chemicals market can also be segmented by applications which hydraulic fracturing, matrix treatments, acid fracking and others.
Oilfield Stimulation Chemicals: Regional Outlook
Regional coverage for Oilfield Stimulation Chemicals market includes North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Middle East and Africa (MEA) and Japan. Oilfield Stimulation Chemicals market will witnesses a high demand in APEJ because of the large oil consumption & production and massive investment in oil extraction market. The market in the Middle East and African countries are still at growth stage which will fuel the market for next ten years in the region.
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Oilfield Stimulation Chemicals: Market Players
The market players in Oilfield Stimulation Chemicals market are Akzonobel N.V., Albemarle Corp., Ashland Inc., Baker Hughes Incorporated, BASF SE, Chevron Phillips Chemical Company, Clariant AG, DOW Chemical Company, DuPont, Flotek Industries Inc., Halliburton, Schlumberger Limited, Solvay SA and many more.