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

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

The Europe oilfield chemicals market is expected to record a CAGR around 5% during the forecast period of 2019–2024. The major factors driving the market studied are the increased shale gas exploration and production, and rising demand for petroleum-based fuel from the transportation industry.

Key Highlights

• Environmental sustainability in shale gas extraction is expected to hinder the growth of the market studied.
• New horizons opened up due to offshore drilling operations are likely to act as an opportunity in the future.

Key Market TrendsWell Stimulation to Dominate the Market

• The well stimulation segment holds the largest share of oilfield chemicals by application. The chemicals used in this segment, include acid corrosion inhibitors, surfactants and non-emulsifiers.
• These provide excellent protection to oil well equipment, pumps and trucks from corrosion while working with acid, for well stimulation process. Surfactants reduce the surface tension of various acids, acid additives, and water fracturing.
• The best application of these chemicals is seen in the production from unconventional resources like shale gas and tight oil where there is a requirement of technologies, such as hydraulic fracturing and acidizing.
• Europe is expected to shift its focus to the exploration of shale in the North Sea, due to an increasing requirement to attain energy self-sufficient. Hence, the well stimulation chemicals are supposed to have a very fruitful market in the near future.

Russia to Dominate the Market

• Russia is the second largest producer of crude oil, globally with verified oil reserves of about 80,000 million barrels of oil. The country is greatly dependent on the revenues obtained from the oil & gas industry, and which accounted for around 40% of the federal revenues.
• Russia is also the second largest exporter of crude oil, globally, with crude oil exports accounting to about 46% of total export revenues of the country.
• With new projects like the Nord Stream-2 pipeline, the country is looking forward to increasing its oil exports further to the European Union.
• Also, there are increasing exports of natural gas from Russia to the Asia-Pacific region, especially China due to the competitive pricing mechanism for natural gas.
• The production of crude oil in Russia has been increasing in a constant manner for a long time. To support the recovery of the oil prices, Russia along with other OPEC has agreed to cut down its crude oil production by about 300,000 barrels per day.
• Russia is expected to continue as one of the major producers of oil & gas in the long run but the recent agreement to cut the crude oil output might temporarily slow down the growth of the petroleum industry.
• Hence the oilfield chemicals are expected to witness moderate growth in Russia during the forecast period.

Competitive Landscape

The global industrial valves market is fragmented. The major companies include Nouryon, Albemarle Corporation, Huntsman International LLC, Solvay, and Chevron Phillips Chemical Company (Drilling Specialties Company), among others.

Additional Benefits:

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

Companies Mentioned

Albemarle Corporation
Ashland
Baker Hughes, a GE Company LLC
BASF SE
Chevron Phillips Chemical Company (Drilling Specialties Company)
Clariant
Croda International Plc
DowDuPont
Ecolab (Nalco Champion Technologies Inc.)
ELEMENTIS PLC
Exxon Mobil Corporation
Flotek Industries, Inc.
Halliburton
Huntsman International LLC.
Innospec
Kemira
Newpark Resources Inc.
Nouryon
Schlumberger Limited
Solvay
Zirax Limited

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