According to a recent market study published by Growth Market Reports (GMR), titled, "Global Sulfonated Asphalt Market by types, applications, and by regions: Size, Share, Trends and Opportunity Analysis, 2017-2027", the market was valued at USD 328.7 Million in 2019 and is expected to grow at a healthy growth rate of 3.8% by the year 2027. The global sulfonated asphalt market is anticipated to grow significantly during the forecast period. Rapid growth in drilling activities, rapid growth in drilling activities, and increasing awareness about the benefits associated with sulfonated asphalt are some of the factors contributing to market growth.

The global sulfonated asphalt market has been segmented based on types, applications, and region. In terms of types, the sulfonated asphalt market is categorized as regular sulfonated asphalt and potassium sulfonated asphalt. Based on applications, the market is categorized as drilling fluid emulsifier and drilling fluid lubricant. By regions, the global sulfonated asphalt market is segmented as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA).

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Increasing investments by the government in oil & gas explorational activities are anticipated to fuel the demand for sulfonated asphalt in the oil & gas industry. For instance, according to the Canadian Association of Petroleum Producers (CAPP), over 3,300 oil & gas wells are likely to be drilled in 2021, as compared to 3,000 wells that were drilled in 2020. Moreover, according to the International Energy Agency (IEA), the global oil demand is anticipated to increase by 5.7 million barrels per day (mb/d) between 2019 to 2025. These factors are in turn, expected anticipated to fuel the demand for drilling fluids, thus driving the sulfonated asphalt market growth.

As per Growth Market Reports industry analyst Rajat Verma, the spread of the COVID-19 pandemic has had a serious impact on the society and overall economy of the world. The impact of COVID-19 is growing by the day and affecting the supply chain of the industries. The coronavirus pandemic is increasing uncertainty among consumers buying behavior, thus slowing the supply chain, increasing panic among customers, and reducing business confidence. The oil & gas sector is a major part of the economy. Certain discrepancies in production and supply chain are creating mild disruption across some areas in the supply chain of the sulfonated asphalt market. Moreover, the economic downturn decreases the demand for sulfonated asphalt in the local and export markets. This, in turn, is anticipated to hamper the sulfonated asphalt market.

Key Takeaways from the Study:

  • The market in the Asia Pacific is expected to grow at a rapid pace owing to increasing demand for sulfonated asphalt from developing economies such as India and China. This growth may be attributed to increasing government support through subsidies for oil & gas companies for increasing production.
  • The sulfonated asphalt market in Latin America is anticipated to grow at a substantial pace during the forecast period owing to the surge in drilling activities in countries such as Venezuela and Brazil.
  • The sulfonated asphalt market in North America is expected to grow significantly during the forest period owing to increasing shale gas exploration activities in this region.
  • The regular sulfonated asphalt segment accounts for a major share of the market and is anticipated to expand at a considerable CAGR during the forecast period.
  • The demand for potassium sulfonated asphalt is increasing worldwide, as it is utilized in high pressure and temperature operations.

Report Scope:

Report Metric

Details

Market Value in 2019

USD 328.7 Million

Market Growth Rate (from 2020 to 2027)

3.8%

Historical Data

2017 & 2018

Base Year

2019

Forecast Period

2020 – 2027

Market Segments

Types, Applications, and Regions.

Region Scope

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)

Key Companies Profiled

Schlumberger Limited, Chevron Phillips Chemical Company LLC, Henan Xinxiang No.7 Chemical Co., Ltd., Halliburton Energy Services, Inc., United Mud-Chem Pvt. Ltd., Gumpro Drilling Fluids Pvt. Ltd., Xinxiang Kolanky Technical CO., Anhui Toplus Impex Co., Ltd., Tianjin Summite Chemical Co., Ltd., The Zoranoc Oilfield Chemical.

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience:

  • Demand Side: Oil & gas companies, exploration & production companies, well servicing companies, among others.
  • Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies. Associations and Industry Bodies: Canadian Association of Petroleum Producers (CAPP), International Energy Agency (IEA), among others.