Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Fluid loss additives, widely known as filtrate reduction agents, are the chemical additives employed to regulate fluids that move through a porous zone created in the trenching and well-operating systems. These additives are employed for maintaining a constant water/solid ratio in cement slurries downhole by controlling the rate of water loss as loss of fluids leads to significant alteration in set time, viscosity, displacement of mud and low comprehensive force. Also, these additives have low solubility in hydrocarbons and minimum plastic flow in all grades and impart excellent filtrate control in oil based drilling fluid systems. Fluid loss control additives are available in various special grades, including LGT, MGT and HGT.
Asia Pacific is anticipated to witness a lucrative growth over the forecast period (2021-2027) owing to rapid industrialization and expansion of oil and gas industry. The increasing oil and gas exploration activities in the region is adding fuel to the market growth. Also, the countries like India and China have increased the oil production. Moreover, the increasing focus on deep and ultra-deep water drilling is contributing to the market growth. However, the growing demand for electric vehicles would restrict the crude oil production and hamper the market growth.
The outburst of COVID 19 had a significant impact on many market including fluid loss additive market. The rising COVID cases in the region, especially in India and China forced the government to impose lockdown. This halted the drilling activities which decreased the demand for fluid loss additives. Also, the various stringent rules imposed led to the break in supply chain and also reduced the production due to temporary closure of the industries. Moreover, the overall economic loss also had a significant impact on the market.
The fluid loss additives market in Asia Pacific is segmented based upon the types and applications
Based on types, the market in Asia Pacific is segmented into synthetically modified natural additives, synthetic additives and natural additives. Among these, the synthetically modified natural additives segment holds the largest share in the market and is anticipated to register highest growth over the forecast period owing to its high demand due to its high performance at extreme conditions including high temperatures and pressure. The chemical formulations and alterations in the synthetically modified natural additives allows it to withstand the extreme conditions.
Based on applications, the market in Asia Pacific is segmented into drilling fluids and cement slurry. Among these, the drilling fluid segment holds the largest market share owing to increasing drilling activities. The increasing exploration activities and crude oil production is driving the segment growth.
The various countries studied across the Asian region are China, India, Japan, Australia. The China and India is witnessed to show lucrative growth over the forecast period. The increasing drilling activities and demand for crude oil as a primary source of energy in China is driving the market. Also, in India, the increasing offshore drilling activities in the region is adding fuel to the market growth.
The various key players in the region are Schlumberger Limited, BASF SE, Halliburton, Newpark Resources Inc., Clariant, Solvay, Nouryon, Global Drilling Fluids and Chemicals Limited, Tytan Organics Pvt. Ltd, Kemira OYJ, The Dow Chemical Company, Omnova Solutions, Chevron Phillips Chemical Company, Innospec, Ashland, Universal Drilling Fluids, Sekisui Specialty Chemicals America.
Fluid loss additives, widely known as filtrate reduction agents, are the chemical additives employed to regulate fluids that move through a porous zone created in the trenching and well-operating systems. These additives are employed for maintaining a constant water/solid ratio in cement slurries downhole by controlling the rate of water loss as loss of fluids leads to significant alteration in set time, viscosity, displacement of mud and low comprehensive force. Asia Pacific is anticipated to witness a lucrative growth over the forecast period (2021-2027) owing to rapid industrialization and expansion of oil and gas industry. The increasing oil and gas exploration activities in the region is adding fuel to the market growth. Also, the countries like India and China have increased the oil production.
Based on types, the market in Asia Pacific is segmented into synthetically modified natural additives, synthetic additives and natural additives. Among these, the synthetically modified natural additives segment holds the largest share in the market and is anticipated to register highest growth over the forecast period. The chemical formulations and alterations in the synthetically modified natural additives allows it to withstand the extreme conditions. Based on applications, the market in Asia Pacific is segmented into drilling fluids and cement slurry. Among these, the drilling fluid segment holds the largest market share owing to increasing drilling activities. The various countries studied across the Asian region are China, India, Japan, Australia. The China and India is witnessed to show lucrative growth over the forecast period.
The various key players in the region are Schlumberger Limited, BASF SE, Halliburton, Newpark Resources Inc., Clariant, Solvay, Nouryon, Global Drilling Fluids and Chemicals Limited, Tytan Organics Pvt. Ltd, Kemira OYJ, The Dow Chemical Company, Omnova Solutions.
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