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Advancements in Chemical Technologies Steer Growth in Asia-Pacific Oilfield Chemicals Market Finds Frost & Sullivan - Manufacturers must offer cost-effective solutions to appeal to a wider customer base
Advancements in Chemical Technologies Steer Growth in Asia-Pacific Oilfield Chemicals Market Finds Frost & Sullivan

 

NewswireToday - /newswire/ - Kuala Lumpur, Malaysia, 2013/09/25 - Manufacturers must offer cost-effective solutions to appeal to a wider customer base.

   
 
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Increasing exploration and production (E&P) activities in Asia-Pacific have fuelled the growth of the oilfield chemicals market in the region. Oil producers' exploration of unconventional, mature, challenging or stranded wells has lent momentum to enhanced oil recovery (EOR) processes, hydraulic fracturing, and other stimulation techniques. This, in turn, is accelerating the need for advanced oilfield chemicals with enhanced functionality and performance.

New analysis from Frost & Sullivan (chemicals.frost.com), APAC Oilfield Chemicals Market, finds that the market earned revenues of US$2.39 billion in 2012 and estimates this to reach US$3.85 billion in 2019. The study covers drilling, cementing, completion and work-over, production, and enhanced oil recovery chemicals.

Escalating oil prices have compelled the use of aggressive EOR methods to boost productivity, thereby driving the demand for oilfield chemicals in Asia-Pacific.

"As existing wells mature, oil companies are evaluating reservoirs that were left unexplored due to challenges such as high temperature and pressure, rock texture, or depth," said Frost & Sullivan Chemicals, Materials and Food Research Analyst Soundarya Shankar. "Technology advancements made in the oil and gas industry for reviving these wells are paving the way for the expansion of the oilfield chemicals market in Asia-Pacific."

For instance, Vipel technology from AOC largely contributed to the recovery of oil from one of the oldest fields in Indonesia. The technology required low-cost surfactants, which were injected into the well to push the oil towards the production area.

Chemical manufacturers in Asia-Pacific are therefore creating a wide range of formulations to be used in challenging wells under diverse climatic and geological environments. Rising concerns over the potential environmental impact of hazardous chemicals have stimulated the development of green chemicals.

Chemical companies must also ensure that they offer products with a robust price-performance index. This will be a challenge as the Asia-Pacific oilfield chemicals market is highly fragmented with a number of market participants offering a wide range of products, leading to intense competition in terms of price, features, and supply security. Pricing pressures are further compounded as oil prices continue to climb and chemical manufacturers are unable to transfer the entire cost to customers.

Moreover, well operators' reluctance to accept new products due to fears over efficiency stall uptake. Activities in the oil E&P sector are highly complex involving vast resources, material, time and capital, and the inability of a chemical to effectively perform during the process will cause an enormous loss in time and resources.

"Chemical suppliers in Asia-Pacific should go the extra mile to conduct field tests and demonstrations, and prove the performance and capabilities of their products," noted Shankar. "In addition, they need to create multifunctional oilfield chemicals that will reduce the number of additives and be more cost-efficient for customers."

If you are interested in more information on this research, please send an email to Donna Jeremiah, Corporate Communications, at djeremiah[.]frost.com, with your full name, company name, job title, telephone number, company email address, company website, city, state and country.

APAC Oilfield Chemicals Market is part of the Chemicals & Materials Growth Partnership Service program. Frost & Sullivan's related research services include: Australian Market for Drilling Chemicals, and Enhanced Oil Recovery Chemicals Market in the United States and Europe. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.

About Frost & Sullivan
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APAC Oilfield Chemicals Market / P73A-39

 
 
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Advancements in Chemical Technologies Steer Growth in Asia-Pacific Oilfield Chemicals Market Finds Frost & Sullivan

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Frost & Sullivan | Oilfield Chemicals
Publisher Contact: Donna Jeremiah / Carrie Low 
+61(2) 8247 8927 / +603 6204 5910 djeremiah[.]frost.com / carrie.low[.]frost.com
 
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