Well stimulation is the process of well intervention performed on oil and gas well. The main purpose of well stimulation is to increase the productivity of oil and gas industry by improving the flow of hydrocarbons (organic compound consisting entirely of hydrogen and carbon such as alkanes, alkenes, cycloalkanes and alkyne-based compounds) from drainage area to the well bored for the extraction of oil and gases. As the oil well become old, their productivity decreases in such case well stimulation materials are useful in improving the productivity of the oil, helping in the overall reduction of crude oil price in the global market.
On the bases of process of well drilling, the global well stimulation materials market can be bifurcated into well drilling process (horizontal or multilateral), well completion process and well stimulation process (hydraulic or multistage fracturing). Hydraulic fracturing is the most used well stimulation process while digging new oil well. Product wise market can be bifurcated into proppants (sand, coated and ceramic), base fluid materials, polymer gelling agent (guar gum), biocides and surfactants.
North America has the largest market share for well stimulation materials, followed by Europe and Asia Pacific. Global well stimulation materials market is expected to witness double digit growth in the forecasted period. North American market is expected to maintain its dominance in the coming future. However, Asia Pacific region is expected to witness highest growth owing to increasing domestic demand in the emerging markets of China and India. Demand of well stimulation materials from the Gulf countries is expected to boost the global demand.
Increasing oil and gas price in the global market, demands for increasing well depths and efforts to maximize well output. This is driving the global well stimulation materials market. Additionally, increasing crude oil production to cater the increasing demand coupled with low cost natural gas resources is expected to provide growth opportunity for the manufacturers of well stimulation materials. Also, increasing demand of proppants and chemicals such as biocides, guar gum and surfactants is further expected to increase the demand of well stimulation materials in the global market.
Owing to increasing demand of well stimulation materials form oil drilling industry to maximize the productivity level is influencing the multinational companies to invest in well stimulation manufacturing. Some of the major companies operating in the global well stimulation materials market are Air Liquide Group, Ashland Incorporated, Akzo Nobel NV, Chevron Phillips Chemical Company LLC, DuPont (EI) de Nemours, FMC Corporation, Linde Group, US Silica Holdings Incorporated, Ferus Incorporated, Ecolab Incorporated, CARBO Ceramics Incorporated, BASF, The Dow Chemical Company and Air Products and Chemicals Incorporated.
Key points covered in the report
The report covers geographic segmentation