Global Specialty Oilfield Chemicals Market - Overview
Specialty oilfield chemicals are useful for recovering oil and for reducing environmental impact in the process efficiently. Market Research Future (MRFR) has published a research report about the global specialty oilfield chemicals market that predicts growth for this market between 2020 and 2028.
The key market driver for the global specialty oilfield chemicals market growth is the increasing demand for specialty oilfield chemicals in the oil & gas industry and the use of specialty oilfield chemicals in various industries. Other factors driving the market growth include prevention of corrosion, prevention of scale formation in pipelines, and reduction of losses. Some other benefits that specialty oilfield chemicals offer microbial control in oil refining, such as sulfate growth control that can minimize the formation of H2S. The global specialty oilfield chemicals market has been segmented on the basis of application, type, and lastly, region. The application-based segmentation has segmented this market into cementing, drilling, enhanced oil recovery (EOR), production, and stimulation. By type, the market has been segmented into biocide, clay stabilizer, corrosion inhibitor, demulsifier, deoiler, fluid loss additive, pour point depressant, scale inhibitor, and others.
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Global Specialty Oilfield Chemicals Market – Prominent Players
Some of the leading players in the global specialty oilfield chemicals market are BASF SE (Germany), Solvay (Belgium), Akzo Nobel NV (Netherlands), Huntsman International LLC (US), Thermax Global (India), Sadara (Saudi Arabia), DowDuPont (US), Shrieve (US), SMC Oilfield Chemicals (US), Roemex Limited (UK), KMCO LLC (US), and Global Drilling Fluids & Chemicals Limited (India).
Market Boosters and Barriers
The regional segmentation of the global specialty oilfield chemicals market segments the global market into regional markets namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa (MEA). North America holds the largest market share in the global market due to the increased use of these chemicals in the oil & gas industry. In this region, the crucial country-specific markets are the USA and Canada.
The MEA region and Asia Pacific region are the other substantial markets. The MEA region is the second-largest market due to the increasing product demand in major oil-producing countries such as Iran, Kuwait, and Saudi Arabia. Other important country-specific markets in this region are Bahrain, Iran, Israel, Kuwait, Oman, Qatar, Turkey, and United Arab Emirates (UAE), followed by the remaining countries of the MEA region. In the Africa segment of the MEA region, most of the relevant market is in North Africa. In the Asia Pacific region, the primary country-specific markets are Australia, China, India, Japan, and New Zealand, followed by the remaining countries of the Asia Pacific region. Presence of growing economies is the reason for market growth in the Asia Pacific region.
During the forecast period, the markets in Europe and Latin America are expected to witness moderate growth. The most important country-specific markets in Europe are France, Germany, Italy, Russia, Poland, Spain, and the UK. Important country-specific markets in Latin America are Argentina, Brazil, and Mexico, followed by the remaining the remaining countries of Latin America.
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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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.
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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.
Latest Industry News
Oilfield chemical provider Innospec Inc. has announced a series of investments designed to further expand its capabilities in research, development and technical service for its performance chemicals business. 21 JAN 2019
Halliburton, one of the world's largest oil field service firm, has acquired Houston based Athlon Solutions. Athlon is a now a part of Halliburton's specialty oilfield chemicals business division, Multi-Chem. 22 AUG 2019
Versalis, Mazrui Energy Services (a Mazrui International Company), a leading service company in the Oil & Gas industry in the Middle East, and Petrochem (a Mazrui Energy Services Company), a leading manufacturer of drilling fluids, have signed an agreement to establish Versalis Petrochem Mazrui (VPM), a joint venture for the commercialization of innovative chemicals for the Oil & Gas industry in the Abu Dhabi. 15 NOV 2018
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