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The discovery of new oil and gas fields
across different regions along with shale gas and enhanced oil recovery (EOR)
expansion activities will further augment growth prospects.
According to a senior analyst,
chemicals and materials in infrastructure and mobility, Ganesh Dabholkar, “Rapid growth and
investment by global and regional oilfield service companies, as a result of
exploration and production participants augmenting their business in high-growth
economies of China, India, Brazil, Mexico, and Southeast Asia, will fuel an
uptick in oilfield service activities and volume demand for oilfield and EOR
chemicals.”
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The research company forecasts the
global oilfield chemical market to account for US$33.94bn by 2025, with a
steady CAGR of 5.1 per cent between 2018 and 2025.
The market is currently in a growth
stage and presents extensive opportunities for oilfield chemical manufacturers.
However, to compete effectively, Dabholkar recommends participants engage in
high-level research and development to introduce tailor-made, cost-effective,
eco-friendly produce formulations that will work in extremely challenging
operational environments such as complex rock formations.
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The firm suggested that participants
should try to mirror companies such as Arkema
and Solvay SA. Further growth opportunities manufacturers can take
advantage of include:
-Offering highly
customised pre- and after-sales technical services to help customers achieve
maximum operational efficiency and effectiveness.
-Expanding organically
(through manufacturing and/or distribution facility expansions in specific
high-growth markets) to cater to the rising local demand and augment volume
sales.
-Establishing strategic
mergers and/or acquisitions to develop their business, either through a quick
development of the product portfolio or by leveraging an established
manufacturing or distribution facility base of the acquired company.
-Oilfield service
companies focusing on backward integration to develop their own portfolio of
oilfield chemicals that would cater to their captive requirements. This would
aid profitability and supply chain capabilities.
“One of the biggest
challenges facing the oilfield chemical industry is a slowdown in oil and gas
production due to prolonged rig maintenance work. This has an adverse effect on
the extent of oilfield services activities and impacts demand for oilfield
chemicals. Furthermore, economic turmoil in some countries has also curtailed
investment in oilfield services and, in turn, the demand for oilfield chemicals,”
noted Dabholkar. (Oil Review Africa)
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