Global barium petroleum sulfonate market is projected to witness rapid growth owing to increased drilling activities over the forecast period. Growing energy demand has prompted hydrocarbon exploration & production companies to increase their drilling activities. Such a trend is presumed to positively impact the market over the next seven years. Wide acceptance across diverse industries is another major factor projected to aid the global market.
This chemical is produced from sulfonic acid and is neutralized with barium hydroxide. It is majorly used as a component in hydrocarbon drilling fluids. It is used to increase the fluid density of drilling fluid. Barium petroleum sulfonate has several other applications across diverse industries. Corrosion or rust inhibition is a prominent application.
Other prominent uses include demulsifying agent, non-staining agent, wetting agent, paper brightener, dispersant in engine oils and for formulating hydraulic fluids and slushing oils. A few niche applications include soil testing, colorimetry, metal casting, brake linings, powder coatings, and root canal fillings. Barium petroleum sulfonate is also used for grease and metal working fluid manufacture and as a detergent in fuel additives.
It provides good protective coating films and high resistance to humidity & saline water. Barium petroleum sulfonate is extensively used in drilling fluids during hydrocarbon drilling operations. Growing energy demand leading to increased drilling operations across the globe is expected to complement the barium petroleum sulfonate market.
Shifting drilling trend towards deeper and harsher formations necessitates the use of higher density drilling fluids, thereby requiring more barium petroleum sulfonate per well. Such favorable trends are expected to further aid the industry. Recent spurt in unconventional hydrocarbon exploration is a major factor that is expected to favor growth over the near future. Owing to its applications as a rust inhibitor across various industries, rapid industrialization, particularly in the emerging economies is presumed to complement the market over the forecast period.
Regulations related to drilling fluids and environmental concerns regarding the drilling fluid disposal are anticipated to negatively impact the global barium petroleum sulfonate market over the next seven years. Volatile hydrocarbon prices lead to fluctuating investment levels by oil & gas companies in hydrocarbon exploration & production activities. Such fluctuations are expected to hinder market growth in the near future.
Government initiatives to address the energy deficit concerns are presumed to encourage the hydrocarbon exploration and development activities. Such favorable initiatives promise huge opportunities for the global barium petroleum sulfonate market participants. R&D initiatives to develop superior products with wide applications offer ample opportunities for industry growth and development.
North America dominated the global barium petroleum sulfonate consumption market over the recent years. This trend is presumed to continue on account of extensive drilling operations being carried out in these regions. Fervent shale gas exploration in North America is expected to assist the regional market. Middle East & Africa are presumed to witness rapid rise in consumption owing to massive onshore and offshore hydrocarbon discoveries. Ardent initiatives by governments to develop their domestic hydrocarbon scenario, especially in countries with high energy consumption such as China, India, Brazil, and the U.S., are expected to drive the respective regional markets.
Barium petroleum sulfonate industry is characterized by both global and regional companies. Recently, regional companies have played a critical role in fuelling regional drilling activities and catering to the industrial demand. Distributors and suppliers play a major role in the value chain in linking the producers with the end-users. There is a pretty high level of integration between producing and distributing steps in the value chain in the regional markets. Economies such as China have seen rapid rise in the number of regional manufacturers over the recent past.
Prominent barium petroleum sulfonate industry participants include Unicorn Petroleum Industries Pvt. Ltd., Eastern Petroleum Pvt. Ltd., Ganesh Benzoplast Ltd., Moresco Corporation, Gars Lubricants, and Serix.
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The ongoing pandemic has led to a decline in exploration activities in the oil & gas sector. A number of EPC projects have also witnessed an indefinite pause that has transpired into a slump in the requirement for drilling and excavation services. Economic repercussions of the trend are expected to be highly evident in the Middle East. The report will account for Covid19 as a key market contributor.