Market Research Future Published a Half-Cooked Research Report on Global Specialty Oilfield Chemicals Market Research Report – Forecast to 2023
Global Specialty Oilfield Chemicals Market is witnessing a constant rise in its revenue gains, mainly due to the skyrocketing demand for energy. The rising demand for these high value, well-stimulated chemicals for O&G exploration, Enhanced Oil Recovery (EOR), and energy production (E&P) activities drive the growth of the market. Increasing oil & gas exploration initiatives across the globe is a key driving force behind the market growth.
According to Market Research Future (MRFR), the Global Specialty Oilfield Chemicals Market expected to witness significant growth by 2023, registering an impressive CAGR throughout the assessment period (2018 – 2023). Increasing crude oil production and deep drilling activities in offshore & onshore oilfields are some of the major tailwinds pushing the growth of the market, excellently.
Additionally, factors such as increasing investments made in the areas of improving or advancing the performance of Oilfield Chemicals boost the growth of the market. Besides, the growing expenditures to meet the rising demand for increased octane rating of fuel are anticipated to create substantial growth opportunities for market players during the forecast period.
Conversely, price volatility and the demand-supply gap in raw materials needed for the production of Specialty Oilfield Chemicals are predicted to impede the growth of the market over the projected period. Nevertheless, growing shale gas exploration activities and technological advances would support market growth throughout the estimated period, providing substantial opportunities to the market players.
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Global Specialty Oilfield Chemicals Market – Segments
The report has been segmented into three major dynamics.
By Application:Cementing, Drilling, Production, Enhanced Oil Recovery EOR.
By Type:Deoiler, Demulsifier, Biocide, Fluid Loss Additive, Dewatering Additive, Corrosion Inhibitor, and others.
By Regions: Americas, Europe, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Specialty Oilfield Chemicals Market – Competitive Analysis
Highly Competitive, the Specialty Oilfield Chemicals Market appears to be fragmented due to the presence of many notable players. The market competition is anticipated to intensify further with several new players entering the market with their advanced technologies. This, as a result, will replace the stability in the market, encouraging the players to take up strategic initiatives such as mergers & collaborations and acquisitions & partnerships to expand their production capabilities and thus to churn the market competition.
Players Leading the Global Specialty Oilfield Chemicals Market include Global Drilling Fluids & Chemicals Limited (India), Huntsman International LLC (US), BASF SE (Germany), Thermax Global (India), DowDuPont (US), Solvay (Belgium), Shrieve (US), Akzo Nobel NV (Netherlands), SMC Roemex Limited (UK), Oilfield Chemicals (US), KMCO LLC (US), and Sadara (Saudi Arabia), among others.
Industry/ Innovation/ Related News:
February 25, 2020 —– FMR LLC (the US), a leading fidelity investments & financial services corporation, announced the boosting of its stake in shares of a US-based specialty chemicals company – Innospec Inc. by 11.4%. Several other large investors also recently added their stakes in the stock. For instance, Tower Research Capital LLC TRC raised its stake in Innospec by 63.5%.
Browse Key Industry Insights spread across 100 pages with 36 market data tables & 12 figures & charts from the report, “Specialty Oilfield Chemicals Market Information: By Application (Drilling, Cementing, Production, EOR), Type (Demulsifier, Deoiler, Biocide, Dewatering Additive, Fluid Loss Additive, Corrosion Inhibitor, Other) and Region – Growth Potential, Price Trends, Competitive Market Share & Forecast 2023” in detail along with the table of contents: https://www.marketresearchfuture.com/reports/specialty-oilfield-chemicals-market-6307
Global Specialty Oilfield Chemicals Market – Regional Analysis
North America Dominates the Global Specialty Oilfield Chemicals Market, witnessing the increasing consumption of these chemicals in the oil & gas industry. Also, the largest market share of the region attributes to the increased exploration activities in the USA and Canada. Besides, the rising demand for energy in the region fosters the growth of the market, consuming a massive amount of Specialty Oilfield Chemicals. Furthermore, increasing crude oil production and investments in shale gas exploration activities in the US drives the growth of the regional market. The North American Oilfield Chemicals Market is projected to retain its dominance throughout the assessment period, creating a huge revenue pocket.
The Middle East & Africa region stands second in the Global Specialty Oilfield Chemicals Market. The market growth majorly attributes to the augmenting demand and consumption of these chemicals in key oil-producing countries such as Saudi Arabia, Kuwait, and Iran. Besides, unfavorable geological conditions (extreme heat/cold) in the Middle Eastern region that demand more advanced & expensive Oilfield Chemicals in the O&G extraction process foster the growth of the market, excellently.
The Asia Pacific region is a promising market for Specialty Oilfield Chemicals. The market growth attributes to the rapid industrialization & urbanization and increasing population, leading to increasing the demand for energy & fuel. Rising government support and the recent decision to auction government-owned sixty-nine inactive O&G fields to private companies on a new revenue-sharing contract is projected to fuel the growth of the APAC Specialty Oilfield Chemicals Market, reinforcing increase in O&G exploration activities. Heading with the increasing investments, the APAC Specialty Oilfield Chemicals Market is estimated to witness the fastest growth during the assessment period.
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