Expansive demand in the United States of America and emerging economies pertaining to crude oil production, advancing additive and fluid technologies for deepwater projects, and a growing need for oil protection against harmful chemicals are imperative growth drivers which will impact the oilfield drilling fluid additives market according to a business intelligence report published by IndustryARC. As per the analyst of the report, the oilfield drilling fluid additives market will expand at a compound annual growth rate (CAGR) of 2.56% during the forecast period of 2018-2023. Furthermore, the analyst has evaluated the 2023 market size at $1833.14 million.
The report is titled, ‘Oilfield Drilling Fluid Additives Market: By Type (Fluid Viscosifier, Corrosion Inhibitors, Dispersants, Others); By Fluid Formulation (Water based, Oil based, Synthetic based, others); By Geography- Forecast (2018-2023).’ IndustryARC has a multitude of chemical and materials experts, one of whom have compiled this report using statistical information and deep analysis. This report includes a plethora of premium segments such as start-up companies’ scenario, industry market entry scenario, and others.
Global Oilfield Drilling Fluid Additives Market: Regional Analysis
According to the analyst of the report, the global oilfield drilling fluid additives market found its maximum demand share in the continent of North America with market revenue of $847.33 million in the year 2018. High profile synthesizers are credited with offering a diversified market for oilfield drilling fluid additives. The discovery of shale or tight oil reserves in USA has been pivotal in countering the downfall of crude oil production. In the Gulf of Mexico, USA has harbored abundant oil resources in the form of shale formations and offshore production. A majority of oilfield drilling fluid additives including surfactants, emulsifiers, foaming agents, and lubricants are largely used in the production of oil in North America, thus generating a high demand in the market.
Oilfield Drilling Fluid Additives Market - Growth Drivers and Market Opportunities
- High Crude Oil Reserves And Exploration Activities In China
Both China and North America are now abundant in crude oil and shale gas reserves which have created immense market opportunities for drilling and exploration. Discovery of gas reservoirs has added to the growth of oilfield drilling fluid additives market. Advancement in technology has enabled deep water drilling activities that has increased requirement for fluid additives.
- Adoption Of Biocides And Disinfectants For Water Treatment
There is a rising need for protection of crude oil from harmful microbes as it leads to massive financial loss. Oil and gas industries have now begun adopting biocides and disinfectants, a kind of oilfield drilling fluid additives instead of the traditional usage of water as it was a storage house for bacteria and other microorganisms. Biocides are being solicited as an optimized approach in oilfield applications, so much to the point that the government has now made it almost mandatory to use it.
Global Oilfield Drilling Fluid Additives Market: Competitive Landscape
There are several key market players who have made a mark in oilfield drilling fluid additives market and have held majority shares. According to the analyst, some of these companies are BASF SE, The Dow Chemical Company, Croda Internaitonal PLC, Du Pont De Nemours And Company, Lubrizol Corporation, Stepan Company, Akzo Nobel N.V., Clariant AG, Chevron Corporation, and Ashland, Inc.
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A. Specialty Oilfield Chemicals Market
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