Malaysia Oilfield Chemicals Market to be Dominated by Drilling Segment through 2028
Malaysia
Oilfield Chemicals Market is expected to grow in the forecast period, 2024-2028
due to the growing demand for oil and gas.
According to TechSci Research
report, “Malaysia Oilfield
Chemicals Market- By Region, Competition Forecast and Opportunities, 2018-2028,”
the
Malaysia Oilfield Chemicals Market
is anticipated to grow at a substantial rate in the forecast period. A significant factor fueling the growth of Malaysia Oilfield
Chemicals Market is the increasing utilization of
oilfield chemicals in the exploration of oil & gas. Along with this, oilfield chemicals are
used in drilling operations and production facilities to increase the
extraction process efficiency and efficacy. These substances aid in the smooth operation
of oil fields and reduce the costs incurred by frequent breaks and delays while
drilling. Drilling
fluid is a type of oilfield chemical, also known as drilling mud, which is used
to lubricate the drill bit and carry the drill cuttings to the surface. The
drilling fluid also helps to stabilize the wellbore and prevent the collapse of
the walls which enhances the use of oilfield chemicals resulting in the growth
of Malaysia Oilfield Chemicals Market.
For instance, Yara’s Petro Care prevents the formation of H2S
that helps in preventing acidification in the oil tank, as well as in the drilling
fluids.
Furthermore, the market is
being further stimulated by increasing demand for eco-friendly oilfield
chemicals, advanced techniques for resource extraction, and government initiatives
to promote sustainable products and solutions.
However, crude oil price
fluctuation and stringent regulatory policies regarding specific chemicals used
in environments can be negatively impacted or adversely affected, thereby restraining
the market growth. Also, improvements in fuel efficiency, considerably higher
electric vehicle penetration, and new rules to limit oil consumption in the
power sector further slow down the market growth.
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Malaysia Oilfield
Chemicals Market is segmented based on type, oil
field type, application, region and competitive landscape.
Based on the type,
the market is divided into commodity oilfield chemicals and special oilfield
chemicals. Commodity oilfield chemicals segment is
expected to hold the largest market share in the forecast period. As they are
simply common chemicals like acetone or alcohol that are primarily produced and
purchased in bulk by chemical industries.
Based on the oil
field type, the market is divided into onshore, and offshore. Onshore segment is
expected to hold the largest market share in the forecast period. As oilfield
chemicals such as demulsifiers, corrosion inhibitors, and others are widely
utilized for onshore oil and gas processes because these chemicals easily
separate the water from the crude oil, which reduces the cost of subsequent
water treatment steps.
Based on the application,
the market is categorized into drilling, completion method, cementing,
stimulation, enhanced oil recovery, and others. Drilling segment is expected to
hold the largest market share in the forecast period. This is due to an increase in oil gas operations through
the development of hydraulic fracturing and drilling processes.
Major
companies operating in the Malaysia Oilfield Chemicals Market are:
- OneSubsea Malaysia Systems Sdn. Bhd.
- Halliburton Asia Energy Services (M) Sdn
Bhd
- Baker Hughes (M) Sdn. Bhd.
- BASF (Malaysia) Sdn. Bhd.
- Dow Chemical Pacific Ltd
- Petroliam Nasional Berhad (PETRONAS)
- UZMA Berhad
- Hextar KCS Sdn Bhd.
- ACME Chemicals (Malaysia) Sdn. Bhd.
- Clariant (Malaysia) Sdn Bhd
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“Malaysia
Oilfield Chemicals Market has seen significant growth in recent years, driven
by the increasing use of oilfield chemicals in the drilling process which helps
to enhance drilling performance, prevent wellbore instability, and improve
fluid properties. Moreover, these chemicals are used as drilling fluid
additives in the form of drilling muds. Also, these chemicals are
used as production chemicals which maintain the quality of the produced fluids
and prevent corrosion, scaling, and bacterial growth resulting in creating
huge prospects for market growth during the forecast period,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Malaysia Oilfield
Chemicals Market By Type (Commodity Oilfield Chemicals, Special Oilfield
Chemicals), By Oil Field Type (Onshore, Offshore), By Application (Drilling,
Completion Method, Cementing, Stimulation, Enhanced Oil Recovery, Others), By
Region, Competition Forecast & Opportunities, 2018-2028F,”
has
evaluated the future growth potential of Malaysia Oilfield Chemicals Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision-makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Malaysia Oilfield Chemicals Market.
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