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Shibuya-ku, Tokyo, Japan, Japan, Mar 02, 2022, 08:07 /Comserve / -- Oil and Gas Water Treatment Chemicals Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The Global Oil and Gas Water Treatment Chemicals Market is projected to register a CAGR of over 4% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. The COVID-19 pandemic has resulted in a huge drop in the demand for oil. This has resulted in decreased investments and a major scaling back in the drilling activities. As a result, the demand for water treatment chemicals in the industry has declined. Owing to the pandemic scenario, the petroleum refineries units had cut their throughput as the demand for fuel had been decreased by about 30% to 40% globally during the lockdown. For instance, Indian Oil Corporation Ltd, with refining capacity of 5 million barrels per day of crude oil, had cut its crude oil processing by about 30% to 40%, which had led to a decrease in the consumption of wastewater treatment chemicals in the oil and gas industry.
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- Over the short term, rising shale gas extraction leading to water contamination and expansion of oil refineries across the world leading to an increase in the wastewater volume are expected to drive the oil and gas water treatment chemicals market growth.
- Availability of technological alternatives for water treatment is likely to act as restraint to the market studied.
- Shifting focus toward the usage of green chemicals is likely to provide opportunities for market growth in the future.
- Asia-Pacific is likely to witness the highest growth rate during the forecast period.
Key Market Trends
Scale and Corrosion Inhibitors to Dominate the Market
- Corrosion inhibitors, when added in small amounts to the corrosive medium, reduce its corrosiveness in considerable measures. These products are extremely efficient even with a very low dosage and sufficiently inert to avoid altering the physicochemical properties of the oil.
- Additionally, the use of corrosion inhibitors in water systems improves the efficiency of the system, thus facilitating maximum heat transfer, improving process throughput, reducing the downtime for cleaning, which helps the system run for a longer time. They are designed to ensure metal protection and prevent the metal loss, which may lead to critical system failures in recirculating water piping, process cooling equipment, and heat exchangers. Corrosion inhibitors are added to the treatment systems to protect the metals, by reducing the corrosion potential associated with the cathode and anode of the corrosion cell.
- Hence, in the oil and gas industry, they are used in reinjection wells, gas plants, transportation lines, barges, etc., as their usage reduces costs and extends the working life of capital assets, such as process equipment, pipelines, and storage tanks.
- Scale inhibitors are added during the secondary recovery of oil. These chemicals improve oil and gas flow, by preventing scaling without causing any change in the crude oil characteristic.
- The usage of scale inhibitors in the oil and gas industry helps the systems maintain scale-free surfaces in pipe walls, heat exchangers, and valves.
North America Region to Dominate the Market
- North America dominated the global water treatment chemicals market share. This can be attributed to the presence of a large number of mining, oil and gas, and power generation activities in the United States.
- The United States was the single largest producer and consumer of natural gas, and particularly shale gas, accounting for a large chunk of global capacity.
- According to EIA forecasts, the production of dry natural gas in the United States was averaged to 87.8 billion cubic feet per day in February 2021, which is down from 92.4 billion cubic feet per day in December 2020, and is estimated that the overall dry natural gas production will average 91.4 billion cubic feet per day in 2021, which is 0.9 billion cubic feet per day more than the February forecast, thus led to an increase in the wastewater byproduct production, which in-turn stimulates the demand for the oil and gas water treatment chemicals.
- Adopting the new technologies and chemicals, the major producers of shale gas are increasing the production output from their existing fields as well. Some of the newly developed technologies are artificial lift systems and enhanced oil recovery.
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- According to BP Statistical Review of World Energy 2020, in the North America region, the total refinery throughput was accounted for about 18.98 million barrels per day in 2019, with a decline rate of about 1.3% compared to the previous year, thereby decreasing the production of wastewater while downstream crude oil processes, which in-turn negatively impacts the demand for the market studied.
- Therefore, the aforementioned factors are expected to show a significant impact on the market in the coming years.
Competitive Landscape
The market for oil and gas water treatment chemicals is partially fragmented in nature, as the market share is divided among several key players. Some of the key players of the market include Kurita Water Industries Ltd, Chemtex Speciality Limited, DuPont, Avista Technologies, Inc., and Veolia Water Technologies, among others.
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Rising Shale Gas Extraction Leading to Water Contamination
4.1.2 Expansion of Oil Refineries across the World
4.2 Restraints
4.2.1 Availability of Technological Alternatives for Water Treatment
4.2.2 Unfavorable Conditions Arising due to the Impact of COVID-19
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
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