The global specialty oilfield chemicals market is expected to witness significant growth over the next seven years owing to increasing application in drilling fluid activities, production chemicals, and workover & completion. Increasing crude oil production coupled with growing demand from enhanced oil recovery application is anticipated to augment market growth significantly over the next seven years. In addition, increasing deep drilling and ultra-deep drilling activities for oil and gas have been driving the market over the past few years and trend is expected to continue over the forecast period. Recent boom in shale gas innovation in North America coupled with increasing demand for energy across the world is one of the key factors, expected to trigger the market growth over the projected period. In addition, use of specialty chemicals prolongs the industrial equipment life by removing unwanted deposited metal scales, eventually minimizing equipment maintenance costs. This advantage in reducing maintenance costs is further expected to have a positive impact on market growth over the forecast period. However, increasing environmental concerns is expected to hinder market growth.
Based on product type, the specialty oilfield chemicals market can be segmented into specialty chemicals and advanced polymers. Specialty chemicals are further segmented into corrosion & scale inhibitors, biocides, depressants, surfactants, pour-point depressants, and demulsifiers among many others. Demulsifiers emerged as the dominating product segment in 2013 followed by corrosion & scale inhibitors and trend is expected to continue over the forecast period. Demand for demulsifiers is expected to grow significantly over the next seven years on account of its increasing application in crude oil and petrol refinery activities. In addition, demulsifiers are extensively used to separate oil from water, thus increasing the export value of crude oil produced, which is expected to drive the market. Corrosion & scale inhibitors held the second largest market share owing to its major benefits in reducing equipment maintenance costs. Surfactants are also expected to witness considerable growth over the forecast period on account of its increasing application in enhanced oil recovery activities.
Major applications of specialty oilfield chemicals market include drilling fluids, well stimulations, production chemicals, cementing, workover & completion, and enhanced oil recovery. Drilling fluids was the largest application segment for specialty oilfield chemicals in 2013 owing to increasing deep and ultra-deep drilling activities. Other segments including enhanced oil recovery and well stimulation are expected to witness significant growth over the forecast period.
North America was the largest regional market for specialty oilfield chemicals in 2013 followed by Europe. Expansion of shale oil and gas industries in the U.S. is the key factor expected to drive the oilfield chemical market in North America. Middle East was the second-largest market in the same years on account of increasing demand from applications including petro refineries, oil-based power plants, and sludge oil treatments. Asia Pacific is expected to witness the fastest growth over the next seven years on account of increasing government spending in China to meet energy demands.
Major companies operating in specialty oilfield chemicals market globally include Akzonobel NV, BASF SE, DuPont, Baker Hughes, Halliburton, The Dow Chemical Company, The Lubrizol Corporation, and Schlumberger Limited.
GET A FREE SAMPLE
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
ESOMAR certified & member
Leading SME award by D&B
"The quality of research they have done for us has been excellent."
The ongoing pandemic has led to a decline in exploration activities in the oil & gas sector. A number of EPC projects have also witnessed an indefinite pause that has transpired into a slump in the requirement for drilling and excavation services. Economic repercussions of the trend are expected to be highly evident in the Middle East. The report will account for Covid19 as a key market contributor.
We value your investment and offer free customization with every report to fulfil your exact research needs.