Oilfield Chemicals have been on the rise over the past few years. This steady increase in popularity is largely due to the fact that the average cost of starting an oilfield business is much less than the cost of starting an operations-based business such as a hospital or dentist's office. The average cost of starting an oilfield business is less than half of what it would cost to have the same type of equipment and supplies installed in your own business. There are also many government and private grants available to help new small businesses get started.
Growing deep drilling operations is expected to drive growth of the global oilfield stimulation chemicals market. Many oil and gas corporations worldwide are focused on oil drilling activities with rising investment in the oil & gas sector. For instance, in December 2020, ExxonMobil Corporation and PETRONAS discovered hydrocarbons at Sloanea-1 exploration well on Block 52 offshore Suriname. Furthermore, in October 2020, ExxonMobil made its final investment of US$ 9 billion in Payara field offshore development in Guyana. As a result of rising deep drilling operations across the globe, the demand for stimulation chemicals for hydraulic fracturing, acid fracking, matrix acidization, and other processes. Hence, these factors are expected to drive growth of the global oilfield stimulation chemicals market. Furthermore, increasing crude oil production is expected to propel the global oilfield stimulation chemicals market growth in the near future.
Low prices of crude oil and stringent government regulations combined with high environmental risk are expected to hamper the global oilfield stimulation chemicals market growth in the near future. However, the use of biopolymer in the stimulation and discovery of new oilfields in Latin America and Africa can provide major business opportunities in the near future. Among regions, North America is expected to witness significant growth in the global oilfield stimulation chemicals market. This is owing to the presence of a mature sector in the region. Furthermore, Asia Pacific is expected to register a robust growth rate, owing to increasing number of exploration activities in the South China Sea and Southeast Asian countries.
Key players involved in the global oilfield stimulation chemicals market are The Dow Chemical Company, BASF SE, Clariant, DuPont, Chevron Phillips, Lubrizol Corporation, Schlumberger, Halliburton, Stepan Company, and Baker Hughes.
For instance, in September 2020, BASF SE expanded its production capacity with the installation of enhanced oil recovery polymer injection plants in Argentina.
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