High demand for energy production, expansive growth of the oil and gas industry, and extensive drilling and deep-drilling applications are key factors contributing to the steady CAGR of Specialty Oilfield Chemicals during the forecast period.
The global Specialty Oilfield Chemicals market was valued at USD 10.98 Billion in 2020 and is expected to reach USD 14.95 Billion by 2028, at a CAGR of 3.90%, According to the current analysis of Reports and Data. These chemicals have many dynamic applications and find extensive use in the oil and gas industry. The growth in oil drilling and extensive demand and production of crude oil are major reasons behind the flourishing state of specialty oilfield chemicals. Most chemicals under the specialty oilfield type are employed for specific purposes throughout the production lifecycle of an oilfield chemical. Those that can solve more than one purpose are usually preferred, like surfactant chemicals.
An increasing trend for supply centers shifting is observed due to the arrival of shale gas in the US as compared to the coals or olefins from China. The key raw materials for oilfield chemicals are getting scarce. The regulatory requirements are exponentially increasing as the environmental impact of the emissions and waste become more and more harmful. Another major factor that will hamper the growth of the market over the forecasted period is the shift of the consumers towards sustainable products which completely avoids the use of plastics as well as other specialty oilfield chemicals.
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Market Dynamics
The global chemicals and materials have a wide range of application areas such as crop protection, animal nutrition, dietary supplements, preservatives, flame retardants, surface ingredients, active pharmaceutical ingredients, and matting agents among others. Population explosion along with rapid economic growth is expected to propel market growth. Moreover, the growing urbanization, rapid industrialization, and high investment in infrastructure development create market demand over the forecast period.
Competitive Landscape:
The global Specialty Oilfield Chemicals market research report provides a competitive strategy analysis portfolio to provide a better understanding of the competitive landscape. The report further discusses in depth the business strategies undertaken by key manufacturers on mergers and acquisitions, joint ventures, and collaborations. It sheds light on the companies holding the largest market share in terms of revenue in the global Specialty Oilfield Chemicals market.
Key market players include BASF SE, Solvay, Akzo Nobel NV, Huntsman International LLC, Thermax Global, Sadara, Global Drilling Fluids & Chemicals Limited, Roemex Limited, Schlumberger, Ashland Inc.
Further key findings from the report suggest-
Increasing application of specialty oilfield chemicals in drilling fluid activities and production chemicals is increasing their demand in several world markets. The ultra-deep drilling activities are also providing several opportunities for these chemicals.
Oil recovery increases the oil production efficiency while exploiting infrastructure efficiently. The surging need for sufficient oil extraction is likely to push the demand of the market in the future.
Most of the specialty oilfield chemicals in use today are of synthetic origin. Synthetic chemicals are preferred owing to lower prices, steady availability, and customizability. This trend is expected to continue over the forecast period as the natural-based chemicals are costlier and subject to seasonal availability.
Well, stimulation is a good intervention performed on an oil or gas well to increase production by improving the flow of hydrocarbons from the drainage area into the wellbore. This segment under the applications of Specialty Oilfield Chemicals is expected to grow at a significantly high CAGR during the forecast period.
Demulsifiers held the largest share under the product segmentation for Specialty Oilfield Chemicals. This share is expected to grow at a CAGR of 4.7% during the period of forecast because of heavy application.
Drilling activities are expanding fast under the application segmentation of the global market are expected to register a CAGR of 4.7% during the forecast period.
Corrosion and scale inhibitors are a popular product category under specialty oilfield chemicals which is finding greater use in several product applications. Its share in the product market will grow at a CAGR of 4.4% during the forecast period.
The Middle East region is facing an increasing demand from petro-refineries and oil-based power plants. This in turn is driving demand for specialty oilfield chemicals in this region.
Saudi Arabia, Kuwait, and Iran are the main drivers of market growth in the Middle East. They are the major oil-producing nations and face an insane demand from their consumer base, thus requiring specialty oilfield chemicals for their operational purposes.
The Asia Pacific is expected to witness the fastest growth over the forecast time frame on account of increasing government spending in China to meet energy demands. Countries like India and Malaysia are also important contributors to the market.
Latin American region is exploiting lower factor costs and lenient worker health and environment regulatory norms to increase its share in the specialty oilfield chemicals market.
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For the purpose of this study, Reports and Data have segmented the Specialty Oilfield Chemicals market on the basis of product, application, and region:
Product
Demulsifier
Deoiler
Biocide
Fluid Loss Additive
Corrosion and Scale Inhibitors
Clay Stabilizer
Pour Point Depressant
Others
Application
Drilling
Cementing
Production
Enhanced Oil Recovery
Well Stimulation
Regional Outlook
North America
Europe
Asia Pacific
Middle East and Africa
Latin America
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