Swellable packer is an isolation device that relies on elastomers to expand and form an annular seal when immersed in certain wellbore fluids. Elastomers used in these packers are either oil- or water-sensitive. Their expansion rates and pressure ratings are affected by a variety of factors. For instance, oil-activated elastomers work on the principle of dissolution and absorption and are affected by concentration, fluid temperature, as well as the specific gravity of the hydrocarbons in a fluid.
The global market for swellable packers is severely impacted by the outbreak of the COVID-19 pandemic.
The COVID-19 pandemic saw a decline in the economic growth in almost all the major countries, thus affecting consumer spending patterns.
Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
Thus, insufficiency in raw material supply is expected to hamper the production rate of swellable packers, which negatively impact the market growth.
However, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities.
Top impacting factors: market scenario analysis, trends, and drivers
Growing population and economic development around the world combined with rising energy demand among residential, commercial, and public services, and transport sector, the global Swellable Packers Market is estimated to witness vigorous growth over the forecast period.
Many government bodies introduced strict policies and regulations to reduce carbon emissions and their adverse impact on the environment, these factors are also contributing to the growth of the Global Swellable Packers Market. Moreover, the growing awareness related to climate change and environment degradation is encouraging many manufacturers to implement sustainable energy strategies and invest in environment friendly power generation technologies, which is further estimated to promote sustainable development among various nations across the globe.
The onshore segment is expected to remain the largest market for swellable packer during the forecast period.
The global swellable packers market is studied across major four regional markets including North America, Europe, Asia-Pacific, and LAMEA. North America is expected to be the largest market over the coming years in response to the rise in unconventional oil and gas drilling activities such as shale oil and tight gas and offshore E&P activities in the region. In addition to this, the recovery of global crude oil prices benefits improved profitability for upstream oil and gas companies which will increase the number of oil and gas E&P and this is further expected to complement the growth of this region.
Key benefits of the report:
- This study presents the analytical depiction of the global swellable packers market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global swellable packers market share.
- The current market is quantitatively analyzed to highlight the global swellable packers market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global swellable packers market analysis depending on competitive intensity and how the competition will take shape in coming years.
Swellable Packers Market Report Highlights
By Packaging Type
By End Use Industry
Key Market Players
BASF SE, Weatherford International plc, Asia-Pacific Swellable Packers, Utopia Resins Pvt. Ltd., Baker Hughes, Mitchell Keepin Company, Kaneka Corporation, Halliburton Company, Dow Chemical Company, Schlumberger Technology Corporation