Global research report called Specialty Oilfield Chemicals market was recently published by Reports and Data. to provide guidance for the business. The new research study on Specialty Oilfield Chemicals market sheds light on the current scope as well as on the upcoming opportunities in the future.
According to the current analysis of Reports and Data, 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%. 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.
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The report presents important market statistics based on quantitative and qualitative research conducted by our analysts. It offers an overview of the materials & chemicals industry, highlighting the key dynamics including industry growth drivers, restraints, opportunities, challenges, and threats. The report further throws light on the leading products offered by the industry players, and highlights the pricing structure, profit margins, sales statistics, end-use industries, and distribution channels of these products. Other aspects explained in the report include fluctuating demand & supply, production & consumption patterns, import/export analysis, paradigm shifts in consumer preferences, and various macro-economic and micro-economic factors.
This industry faces hurdles and upheavals due to the unstable prices of crude oil and the ongoing geopolitical issues in some parts of the world. These form serious threats that can hamper the overall global market growth.
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 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 well intervention performed on an oil or gas well to increase production by improving the flow of hydrocarbons from the drainage area into the well bore. 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.
- While there are many important drivers for this market, the environmental concerns for these chemicals have to be addressed side by side. Development of new environment friendly products and solutions that comply with the regulations laid down by global and regional regulatory authorities will help in propelling market growth.
- Shale oil and gas industry expansion in the U.S. is driving the North American market for specialty oilfield chemicals. The market players are looking for ways to expand their footprints in the market and are readily exploring these fields for the same.
- 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.
- 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 (Revenue, USD Million; 2018–2028)
- Fluid Loss Additive
- Corrosion and Scale Inhibitors
- Clay Stabilizer
- Pour Point Depressant
Application (Revenue, USD Million; 2018–2028)
- Enhanced Oil Recovery
- Well Stimulation
Regional Outlook (Revenue in USD Million; 2018–2028)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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