Drilling Fluids Market to represent US$14.92 bn Opportunity Globally by 2020

The global market for drilling fluids is expected to reach USD 14.92 billion by 2020, according to a new study by Grand View Research, Inc. Increasing drilling activities mainly in South America and Asia Pacific is expected to drive the market for drilling fluids. Grand View Research also observes that depleting natural has been prompting industry players to shift their focus towards exploring and developing unconventional gas reserves which promotes the use of horizontal drilling and is expected to translate into enhanced fluid demand.
Water based fluids (WBF) were the most consumed drilling fluids around the world and accounted for 56% of the total market revenue in 2013. WBFs are also expected to be the fastest growing drilling fluid products, at an estimated CAGR of 8.8% from 2014 to 2020. WBFs were followed by oil-based fluids (OBF) which accounted for just over 30% of the total market for the same year. However, the growing environmental concerns regarding the use of OBFs in drilling activities is expected to hamper its market growth over the forecast period.

View summary of this report @ http://www.grandviewresearch.com/industry-analysis/drilling-fluids-market-analysis

Further key findings from the study suggest:

• The global market for drilling fluids was estimated to be USD 8.16 billion in 2013, and is expected to grow at a CAGR of 8.2% from 2014 to 2020.

• North America continued its dominance in the global market and accounted for 55.5% of total market revenue in 2013. However, increasing drilling activities in Latin America and Asia Pacific is expected to boost the demand for drilling fluids in these two regions over the next six years. The demand for drilling fluids in Central and South America is expected to grow at an estimated CAGR of 10.3% from 2014 to 2020.

• Drilling fluids are majorly used for onshore oil & gas drilling owing to large number of onshore oil and gas reserves around the world. Onshore oil & gas accounted for 71.6% of total market revenue in 2013. Increasing deep sea drilling activities in Gulf of Mexico, Brazil offshore and West Africa is expected to boost the demand for drilling fluids in offshore applications.

• The global market for drilling fluids is highly concentrated as top four companies including Schlumberger, Halliburton, Baker Hughes and Newpark accounted for over 70% of the total market in 2013. Weatherford International, Tetra Tech, Canadian Energy Services, China Oilfield and Anchor Drilling were amongst other significant market participants.

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For the purpose of this study, Grand View Research has segmented the global drilling fluids market on the basis of product, application and region:

Global Drilling Fluids Product Outlook (Revenue, USD Million, 2012 - 2020)
            • Oil-Based Fluids (OBF)
            • Water-Based Fluids (WBF)
            • Synthetics-Based Fluids (SBF)
Global Drilling Fluids Application Outlook (Revenue, USD Million, 2012 - 2020)
            • Onshore
            • Offshore
Drilling Fluids Regional Outlook (Revenue, USD Million, 2012 - 2020)
            • North America
            • Europe
            • Asia Pacific
            • Middle East & Africa
            • Central & South America

Naphtha Market Is Expected To Grow Significantly Owing To Its Tremendous Use In Various Chemical And Petrochemical Industries Till 2022

Global naphtha market size was 270.7 million tons in 2014 and is anticipated to grow at a CAGR of 3.4% from 2015 to 2022. Increasing global demand for transportation fuel is expected to drive growth. Demand is also being driven by its robust use for hydrocarbon cracking process in the petrochemical industry.

Naphtha is an essential part of hydrocarbon cracking process, which is conducted under extreme pressure and heat, as it exhibits superior heat resistant properties. Various environmental regulations and region dependent pricing also make the choice for usage of naphtha materials in the production process.The global demand is estimated to be worth USD 183.38 billion by 2022.

Chemical feedstock was the largest application of naphtha accounting for 65% of the total market share in 2014 and is anticipated to grow at a CAGR of 7.7% over the forecast period. Chemical feedstock is used for steam cracking process which produces gasoline. Growing demand for gasoline is expected to subsequently bolster demand. Lighter grades of the product are used for petrochemical steaming process, which produces rubber, olefins, polymers and aromatics.

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North America naphtha market volume by application, 2012-2022 (Million Tons)

 

Further key findings from the report suggest:

·         The global market is also being driven by increasing demand of plastics in electronics, packaging and construction industries in future. Energy & fuel contributed to over 25% of the total market revenue in 2014. Rising energy & fuel consumption, particularly in Asia Pacific on account of rapid industrialization as well as expansion of cities, is anticipated to fuel growth. Increasing demand for automobiles is also anticipated to play a vital role in augmenting demand for fuel, which in turn is expected to have a positive impact on the market over the forecast period.

·         Asia Pacific naphtha demand was 121.7 million tons in 2014 and is likely to witness significant gains over the forecast period. Over the past few years, the region has emerged as the largest exporting hub of petroleum products and the trend is expected to continue over the forecast period. Development of the transport and electrical sectors in the region on account of increasing trade activities coupled with adoption of technological advancement by consumers is expected to drive demand.

·         The North American market has attained maturity and is expected to witness stagnant growth at a CAGR of 3.0%, in terms of volume, over the projected period. The Middle East market is characterized by consolidation of refineries, which is expected to result in local companies expanding their presence in the global market.

·         CNPC, British Petroleum, Shell, Chevron and ExxonMobil together accounted for more than 50% of the global industry in 2014.These companies have a strong hold in the market on account of their efficient worldwide-distribution networks. Companies including Reliance Industries and Mitsubishi Chemical are integrated in their operations for crude oil and natural gas production which has resulted in increasing their overall economic profitability.

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Vetiver Oil Market Is likely To Grow At A CAGR Of 17.0% From 2015 To 2022

The global vetiver oil market is expected to reach USD 169.5 million by 2022, according to a new report by Grand View Research, Inc. The market is expected to witness significant growth over the forecast period on account of its profound usage in applications including fragrance, pharmaceutical, and food & beverage.
Growing use of the oil in fragrance industry on account of its unique odor is expected to propel demand over the forecast period. The product has widespread usage in various applications including perfumes, deodorants, cosmetics, lotions as well as soaps. In addition, the compound has extensive usage in the aromatherapy applications owing to its smooth & light fragrance, thus promoting its growth over the next seven years.
The product is available in various grades based on its place of origin including Haiti, Java, and India. Haitian vetiver dominated the market in terms of production volumes followed by Java and India. The increasing use of Java vetiver in fragrance & flavor industry is expected to propel demand which in turn is likely to boost production volumes. However, high product cost associated with the product on account of complex production techniques is expected to hamper growth over the next seven years.

View summary of this report @ http://www.grandviewresearch.com/industry-analysis/vetiver-oil-market

Further key findings from the report suggest:

·         Fragrance segment accounted for over 45% of the overall market share in 2014. The product has widespread usage in perfumery applications on account of its chemical composition, odor, and high solubility. Increasing demand for the essential oil in fragrance industry on account of its smoky and earthy aroma is expected to favorably impact growth.

·         Food & beverage segment accounted for over 25% of the overall market in 2014. Rising demand for the product as a flavoring agent in syrups & ice creams and food preservation is likely to have a positive impact on market growth. Growing demand for the compound in new cuisines which utilizes various essential oils in food & beverage application is expected to promote growth over the next seven years.

·         Asia Pacific is expected to witness substantial growth, growing at a CAGR of over 17.0% from 2015 to 2022. Vetiver oil is used to manufacture perfumes and varied fragrant materials which include aromatic wax, aromatic kaolin, potpourri, and aromatic soap. Furthermore, increasing use of vetiver oil in the pharmaceutical industry owing to its anti-inflammatory, vulnerary and healing properties of the product is expected to have a positive impact on market growth.

·         Leading companies such as Frager SA emphasize on harvesting and processing of plants in compliance with sustainable farming techniques. The company emphasizes on strategies such as low operating costs, direct distribution, and technological advancements, which enables it to cater demand from emerging economies such as China, and Brazil.

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Grand View Research has segmented the vetiver oil market on the basis of application and region:
Vetiver Oil Market Application Outlook (Volume, Tons; Revenue, USD Million, 2012 - 2022)

·         Fragrance

·         Pharmaceutical

·         Food & Beverage

Vetiver Oil Market Regional Outlook (Volume, Tons; Revenue, USD Million, 2012 - 2022)

·         North America

·         U.S.

·         Europe

·         France

·         UK

·         Asia Pacific

·         India

·         China

·         Rest of the World (RoW)

·         Brazil

Paraxylene Market Is Expected To Grow Significantly Owing To Its Tremendous Use In Various Chemical And Petrochemical Industries Till 2022

The global paraxylene (PX) market is anticipated to reach USD 66.93 billion by 2022 owing to increasing demand for fiber and polyester resin in numerous end-use applications across various industries. Growing utilization of purified terephthalic acid (PTA) for polyester production, particularly in Asia Pacific is expected to fuel growth in paraxylene market over the forecast period

Demand for PTA has been increasing exponentially over the past years owing to its efficient conversion rate coupled with lower costs associated with polyester production. The global utilization rate of PET has been adversely affected due to the fast growth of PTA production capacity. PTA manufacturers are now required to lower capacity utilization on account of the oversupply of PET. PTA producers in Asia Pacific have been adversely affected by sudden fall in PTA import in China due to increased domestic production, and this is expected to hamper market growth.

View summary of this report @ http://www.grandviewresearch.com/industry-analysis/paraxylene-market

Further key findings from the report suggest:

·         Rising demand for bio-based alternatives and increasing consumer awareness subject to non-biodegradable nature of petrochemical products is expected to be the major obstacles for market participants. Also, campaigns involving sensitizing consumers about the harmful effects of PX production is supposed to impede the future market demand.

·         In 2014, global paraxylene demand was estimated at 36.83 million tons and is estimated to exceed 62.98 million tons at a CAGR of 7.0% from 2015 to 2022.

·         PTA occupied over 95.0% of the overall PX demand on account of increasing utilization of polyester across various end-use industries. It is anticipated to remain the largest application segment for PX in the global market.

·         Asia Pacific was the dominant regional market in 2014 with 79.2% of the share. Increasing consumption of PET and polyester fiber in developing countries including India and China is expected to augment the market. Asia Pacific is anticipated to observe the fastest growth of nearly 7.3% in the next seven years.

·         Rapid Industrialization together with increasing polyester demand in textile and packaging is expected to propel growth over the forecast period. South Asian countries such as Vietnam, Thailand, and Indonesia are likely to witness expansion in the next seven years owing to high demand for polyester. Growing PET demand in industrial applications, sheets and films are anticipated to drive the regional market.

·         Key industry players include BP, JX Nippon Oil & Energy Corp., CNPC, S-Oil, Reliance Industries Ltd, Dragon, NPC Iran, FCFC, GS Caltex, KPPC, ONGC, Orpic, China National Offshore Oil Corporation (CNOOC), Jurong Aromatics Corp., PTT, Yanbu Aramco Sinopec Refining Company Ltd., Lotte KP Chemical, ExxonMobil, Dalian Fujia Dahua, Teijin Fibers, Toyo, Idemitsu Kosan Co., Ltd., Pertamina and Saudi Aramco.

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Grand View Research has segmented the global paraxylene market on the basis of application and region:
Paraxylene Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)

·         Dimethyl Terephthalate (DMT)

·         Purified Terephthalic Acid (PTA)

·         Others

Paraxylene Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)

·         North America

·         U.S.

·         Europe

·         Germany

·         France

·         UK

·         Asia Pacific

·         China

·         India

·         Japan

·         Middle East & Africa

·         Central & South America