Asia-Pacific Oilfield Chemicals Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Asia-Pacific Oilfield Chemicals Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Asia-Pacific oilfield chemicals market is expected to register a CAGR of 4.25% during the forecast period (2019-2024). One of the major factors driving the growth of the market is the increased shale gas exploration and production in the Asia-Pacific region.

Key Highlights

• Rising demand for petroleum-based fuel from the transportation industry is expected to drive the demand for the market, during the forecast period.
• Rising biofuel industry is likely to hinder the market growth.
• New horizons opened up, due to deep-water drilling operations, which is projected to act as an opportunity for the market in the future.

Key Market TrendsCorrosion and Scale Inhibitors – The Fastest Growing Segment, by Chemical Type

• Corrosion inhibitors are used to reduce corrosion in metallic pipes of oil wells. Inhibition is the preferred treatment for carbon steel pipes and vessels.
• The advantage of inhibition is that in most cases, it can be used even when the process continues. Corrosion occurs due to the reaction of oxygen with metallic parts to form oxides.
• Corrosion inhibitors act by forming a thin layer of barrier over the exposed parts. This layer prevents the contact between the vessels and the contained material, and reduces the cahances of oxidation of the vessel. Several types of corrosion inhibitors are used in oilfields.
• Furthermore, new contracts for maintenance in Asia-Pacific exhibit increased investment in corrosion and scale inhibitors, during the forecast period.

China to Dominate the Market

• China holds more than half of the oilfield chemicals market share in the region.
• Chinese domestic companies dominate the market in the field of equipment manufacturing.
• China’s state-owned enterprises (SOEs) hold nearly 66% of the market for well-drilling equipment. Small- and medium-sized private Chinese companies control 19% of the market, and foreign corporations make up 10% of the market.
• China aims to increase domestic crude oil production output to 200 million metric ton, by 2020.
• Owing to the above-mentioned reasons, China is expected to dominate the demand for oilfield chemicals in the market of the Asia-Pacific region.

Competitive Landscape

The market is moderately consolidated, and the key include Halliburton, Schlumberger, AkzoNobel NV, Huntsman International LLC, and Baker Hughes.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

AkzoNobel NV
Albemarle Corporation
Ashland
Baker Hughes Incorporated
BASF SE
Clariant
Chevron Phillips Chemical Company
DowDuPont
Elements PLC
ExxonMobil Chemical Company (ExxonMobil Corporation
Halliburton
Huntsman International LLC
Innospec
Kemira
Nalco Champion Technologies LLC (Ecolab)
New Park resources Inc.
Schlumberger Limited
Scomi Energy Services BHD (Scomi Group BHD)
Solvay

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