Production Chemicals Market Scope
Production chemicals are used for cementing, drilling fluids, improved oil recovery, stimulation, and others. There are various types of production chemicals such as demulsifiers, scale inhibitors, corrosion inhibitors, asphaltene inhibitors, biocides, scavengers, surfactants, and others. Increasing demand from emerging economies for highly developed drilling fluids is driving the market. Additionally, increasing production of crude oil and rising demand for the high quality of extraction are the factors for growing the market. However, stringent government regulation in many geographical areas and falling crude oil prices results in falling production of oil are the major factors that have been limiting the overall growth of the market. But, increasing drilling activities across the world can create an opportunity for the market in the coming years.
According to AMA, the Global Production Chemicals market is expected to see growth rate of 5.8% and may see market size of USD7823.69 Million by 2026.
The Vendors having a strong hold in the market are Akzonobel NV, BASF SE, Croda PLC, DuPont, Baker Hughes, Schlumberger Limited. Research Analyst at AMA estimates that United States and European Vendors will contribute to the maximum growth of Global Production Chemicals market throughout the predicted period.
AkzoNobel NV (Netherlands), BASF SE (Germany), Croda PLC (United States), DuPont (United States), Baker Hughes (United States), Schlumberger Limited (United States), Clariant AG (Switzerland), Ecolab Inc. (United States) and Halliburton Company (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are The Dow Chemical Company (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Production Chemicals market by Type (Demulsifiers, Scale Inhibitors, Corrosion Inhibitors, Asphaltene Inhibitors, Biocides, Scavengers, Surfactants and Others), by Application (Cementing, Drilling Fluids, Improved Oil Recovery, Stimulation and Others) and Region with country level break-up.
On the basis of geography, the market of Production Chemicals has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
There are various regulation related to the chemical as chemicals involved in various hazardous or toxic substance. For instance, Toxic Substances Control Act of 1976 (TSCA), Frank R. Lautenberg Chemical Safety for the 21st Century Act (S. 697), TSCA Modernization Act of 2015 (H.R. 2576), S. 697 and the TSCA Modernization Act of 2015 is the regulation for chemicals.
Market Trend
- Rising Trend of Circular Economy and Sustainability
Market Drivers
- Increasing Requirement and Production of Crude Oil
- Rising Demand for Highly Developed Drilling Fluids
Opportunities
- Increasing Drilling Activities across the World
- Rising Demand for High Quality of extraction
Restraints
- Stringent Government Regulation in Many Geographical Areas
Challenges
- Falling Crude Oil Prices Results in Falling Production of Oil
Key Target Audience
Production Chemical Manufacturers, Raw Material Suppliers, Suppliers and Distributors, Investors, Private Research Organization, Government Association and Others