The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Oilfield chemicals play a significant role in the oil and gas industry. Most common oilfield chemicals used by the industry are organic chemicals and solvents, surfactants, transition metal compounds, inorganic salts, water-soluble and oil-soluble polymers. These chemicals control the bacterial growth, foam & wax formation and corrosive action in oils and gases. Drilling additives is one of the major applications in the oilfield chemicals market.
Chemical formulations used for multiple functions in oil processing are termed as oilfield drilling additives. The additive technologies excel with emulsification and thinning or dispersion of oil-based muds. They help to create proper fluid weighting to balance pressure formation and optimize fluid flow. Other functions include maintaining strong boundary lubrication films in silicate-based mud systems specialized for shale drilling, which is done by lubricating agents. Other functions include wettability, dispersant, detergency and clay stabilization. Selection criteria of drilling additives require careful consideration of several aspects, such as pressures and temperatures, rock composition, well design, protection of the producing zone, reservoir chemistry, and environmental regulations. The focus is on performance, temperature stability and tolerance of products from contamination for drilling fluid systems.
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While there are many types of components and additives currently being used in the industry, usually the classification of fluids is based on the formulation of coatings as water based, oil based and synthetic based. Each type varies greatly and the composition is different with different technical specifications. The major chemicals used in the industry are sulfurized or chlorinated compounds, polyglycols, acrylics, esters polyamides, glutaraldehyde, alcohols and many more.
In a recent merger by The Lubrizol Corporation, a Berkshire Hathaway company, signed an agreement with Weatherford, stating that the company’s drilling fluids and additives business will now be a part of the Lubrizol Corporation. The Lubrizol Corporation has introduced a new mobile application called the Oilfield Drilling Fluids Product Guide, which is designed to help formulators of Oilfield Drilling Fluids to identify advanced Lubrizol chemistries that help achieve a wide range of performance needs. Arabian Drilling Corporation launched three new products AD41, AD42 and AD43; which have special drilling control systems equipped with Amphion Integration, a technology that provides compact and comfortable rigs.
Increasing demand from energy sector is creating thrust to drilling deeper for more oil extraction, the protection of oil from various harmful organisms in the biocides industry are some of the key factors driving the growth of the oilfield drilling additives market.
Total cost to target with environmentally acceptable fluid systems, European environmental concerns, strict environmental regulations are probable factors restraining the growth of the oilfield drilling additives market.
The global oilfield drilling additives market is broadly classified on the basis of formulation of coatings, type and geographies.
Based on formulation of coatings, the global oilfield drilling additives market is segmented into:
- Water based
- Oil based
- Synthetic based
Based on type, the global oilfield drilling additives market is segmented into:
- Fluid Viscosifiers
- Corrosion Inhibitors
- Surface Modifiers
The most significant change in the petrochemical industry over the past five years has been the rapid exploitation of shale gas and oil reserves in North America. Global oilfield chemicals market is expected to grow owing to new wells discovery in countries like China, Poland. The global oilfield drilling additives market is expected to expand at a promising CAGR during the forecast period (2015-2025).
The global oilfield drilling additives Market is expected to register a double-digit CAGR for the forecast period. Depending on geographic regions, global oilfield drilling additives market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia-Pacific, Japan, and the Middle East & Africa. As of 2015, North America dominated the global oilfield drilling additives market in terms of market revenue. Asia Pacific is projected to expand at a substantial growth and in next few years, the Middle East & Africa is expected to be the greatest market as this region is exploring new oil wells and empowering in the transformation of old oil wells. This will contribute to the global oilfield drilling additives market value exhibiting a robust CAGR during the forecast period, 2015 – 2025.
Some of the key market participants in global oilfield drilling additives market are The Lubrizol Corporation, AkzoNobel, The Dow Chemical Company, Imerys Oilfield Solutions, BASF, Chevron Philips Chemical Company
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The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types and applications.