Well Stimulation Materials Market will witness the significant growth owing to growing investments towards technological innovation to increase the operational efficiency of exploration & production activities. Increasing digitalization to transform the oilfield has resulted in proper usage of oilfield equipment to enhance the well production which will further enhance the business growth.
Increasing exploration & production activities pertaining to unconventional and conventional resources will drive the well stimulation materials market. For instance, in 2019, Equinor in collaboration with Ineos E&P and Faroe Petroleum made an oil & gas discovery with total volume from 3 to 60 million barrels of oil equivalent in the Norwegian Sea. Additionally, growing application for crude oil and natural gas to fulfil the surging energy demand from developing nations will enhance the industry growth.
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Growing number of matured oilfields along with rising demand for petroleum products on account of increasing industrialization will propel the well stimulation materials market growth. For instance, as per the Organization of the Petroleum Exporting Countries, the U.S., Canada, Middle East, Russia, China are expected to have an excess refined petroleum production capacity of 2.4 mb/d by 2022.
Acidizing well stimulation materials market will witness growth owing to large number of proven reserves coupled with shifting trends towards increasing offshore oil well production capacity. Rising subsea production activities along with the focus towards development of mature and aging field will further propel the business growth. For instance, as per the BP Statistical Review of World Energy, in 2018, the total proved gas reserves has reached up to 193.5 tcm in 2017 when compared to 159 tcm in 2005 witnessing a growth over 20%.
U.S. well stimulation materials market will witness growth owing to the presence of large significant low-pressure oil wells coupled with growing energy requirements. As per the BP stats review 2018, the country’s crude oil production reached 13,057 thousand of barrel per day in 2017 when compared to 12,750 thousand of barrel per day in 2015. Seasonal demand for gasoline, with comparatively higher demand during summer months, will positively impact the business outlook.
Growing concerns toward aging oil fields coupled with increased demand for natural gas will stimulate the Russia well stimulation materials market size. The ongoing efforts toward new offshore and onshore E&P activities will further drive the business growth. For instance, as per the Ministry of Energy of the Russian Federation, in 2016 the total natural gas produced in country was 640 bcm out of which around 457 bcm was supplied only for domestic applications.
Eminent market participants in global stimulation materials market comprise of Linde Group, Chevron Phillips Chemical Company, FMC Corporation, U.S. SILICA, Carbo Ceramics, AkzoNobel, All Energy Sand, Solvay, Badger Mining Corporation, Weatherford, Sierra Frac Sand LLC amongst others.
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The research process begins with extensive data mining, using authentic sources such as trade magazines, technical publications, independent studies along with paid avenues such as ICIS, Hoovers, etc. Primary objectives of data mining include:
- Definition and scope of research
- Market dynamics, growth drivers and industry pitfalls
- Regulatory and political guidelines for the industry
- Demographics and statistical data