Global Oilfield Chemicals Market to Reach Around US$ 57 Bn by 2026; Rise in Development of Unconventional Oil and Gas Fields and Surge in Crude Oil Prices to Propel Market

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Rise in development of unconventional oilfields to propel the demand for oilfield chemicals 

Shale gas reserves have low permeability. In order to recover the natural gas contained in these reserves, hydraulic fracking is applied. Specialty chemicals are required to ensure that the hydraulic fracking process is efficient. Shale gas reserves extend horizontally over several kilometers and the vertical formation is very thin. Therefore, horizontal drilling is more preferred to explore shale gas from a shale reservoir. The horizontal drilling process requires technology with higher precision compared to vertical drilling. The cost of horizontal drilling is much more than conventional drilling. This increases the production cost of shale gas and hence, it is expensive than crude oil. However, this scenario is likely to change due to technological developments and drilling of more number of shale gas wells. Shale gas production calls for more amount of oilfield chemicals than crude oil production, due to low permeability of gas. According to the EIA estimates; China, Argentina, Algeria, the U.S., Canada, Mexico, Australia, South Africa, Russia, and Brazil are the top 10 countries with technologically recoverable shale gas resources. The U.S. held more than 90% share of the shale gas production in 2017. Apart from shale gas, tight oil and coal bed methane are other unconventional resources with high demand for oilfield chemicals.

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Drilling fluids application segment to dominate the global oilfield chemicals market 

Based on application, the oilfield chemicals market has been classified into production chemicals, drilling fluids, well stimulation fluids, cementing fluids, enhanced oil recovery, and workover and completion. According to the American Petroleum Institute (API), a drilling fluid is defined as a circulating fluid used in rotary drilling to perform any or all of the functions in drilling operations. It is a mixture of natural and synthetic chemical compounds that are employed to lubricate and cool the drill bit; carry cuttings to the surface; clean the hole bottom; control formation pressures; and improve the function of the drill string and tools in the hole. The drilling fluids segment has been classified into two sub-segments: water-based drilling muds and oil-based drilling muds. Type of the fluid base to be used depends on drilling and formation requirements and requirements for disposal of the fluid. Some of the drilling fluids are anti-foams, corrosion control inhibitors, dispersants, scale inhibitors, shale stabilizers, thinners and conditioners, viscosifiers, and surfactants. The drilling fluids application segment constituted a prominent i.e. more than 40% share of the global oilfield chemicals market in 2017. The share is estimated to increase by the end of the forecast period.