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Specialty Oilfield Chemicals Market - Forecast(2022 - 2027)
Specialty Oilfield Chemicals Market - Forecast(2022 - 2027)
Specialty Oilfield Chemicals Market size is forecast to reach $11.5 billion by 2025, after growing at a CAGR of 4.5% during 2020-2025.
Specialty Oilfield Chemicals Market size is forecast to reach $11.5 billion by 2025, after growing at a CAGR of 4.5% during 2020-2025. The rising demand for oil and related derivatives requires a high level of crude oil production. 
 
There was growth in global crude oil production in 2019, as most countries focused on extracting more from existing as well as new and unconventional reserves. Increases in crude oil demand are likely to drive the specialty oilfield chemicals market during the forecast period, following an expected decrease in the COVID-19 effect in the near future.

 
Specialty Oilfield Chemicals Market Report Coverage

The “Specialty Oilfield Chemicals Market report – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Specialty Oilfield Chemicals Industry
 
By Type: Corrosion & Scale Inhibitors, Polymers, Biocides, Demulsifiers, Surfactants, Pour-point Depressants and Others.
 
By Functions: Cementing Chemicals, Stimulation and Drilling Fluids.

By Application: Drilling, Production, Fracturing, Stimulation, Packer Fluids, Completion and others.

By Geography: North America, South America, Europe, APAC and RoW.
 
Key Takeaways

The global demand for the development of the specialty oilfield chemicals market is driven by the increasing interest in fracking procedures for such chemicals. As part of oilfield activities, demand for specialty oilfield chemicals is often used to boost well execution and recovery from stores in the long run. The demand is led by the expansion of unrefined petroleum generation, the advancement of deep penetration exercises, and the growth of exploration and production processes for oil and gas.

The current operations to satisfy global energy demand have added more petroleum crude oil wells to the worldwide output state, growing demand for chemicals from the oilfield.

The current pandemic has led to a downturn in the oil & gas sector’s exploration operations. There has also been an indefinite delay in a variety of EPC projects that have culminated in a slump in the requirement for drilling and excavation services. In the Middle East, the economic consequences of the trend are likely to be particularly visible.

Specialty Oilfield Chemicals Market Segment Analysis - By TypeDemulsifiers 
 
Methylamines holds the largest share for Specialty Oilfield Chemicals market in 2019. During the forecast era, the Demulsifiers Segment is projected to lead the global market for specialty oilfield chemicals, led by inhibitors & scavengers.
 
In the isolation of water and oil from crude water-oil emulsions, demulsifiers find substantial applications and thereby reduce the risk of adulteration in the extracted oil. Demulsifiers are making an immense contribution to rising the export value of crude oil. In the demulsifiers segment, these trends are projected to boost the specialty oilfield chemicals industry.

 
Specialty Oilfield Chemicals Market Segment Analysis - By ApplicationProduction
 
segment holds the largest share for specialty oilfield chemicals market by growing at a CAGR of 5.8% during forecast period. During the forecast era, production is expected to lead the global specialty oilfield chemicals industry. Higher concentrations of specialty chemicals are used by ageing and mature oil fields, heavy oil, and offshore oil fields.
 
The factors that are expected to drive the specialty oilfield chemicals market during the forecast period are the increasing demand for energy and the expected rise in crude oil production after the expected decrease in the COVID-19 effect in the near future.

Specialty Oilfield Chemicals Market Segment Analysis - Geography

North America dominated the Specialty Oilfield Chemicals Market share with more than 38.9%, followed by APAC and Europe. The countries that dominate the demand for specialist oilfield chemicals in North America are the United States, Canada and Mexico. 
 
The main application in this area of specialty oilfield chemicals is development. The recent boom in shale gas innovation in North America, combined with rising worldwide energy demand, has created a lucrative opportunity to expand the market for specialty oilfield chemicals. In addition, by eliminating unnecessary deposited metal scales, the use of specialty chemicals prolongs the life of manufacturing machinery, ultimately minimizing the cost of repair of machinery. 
 
It is also anticipated that this benefit in reducing maintenance costs would have a positive effect on business development over the projected period. The increase in the number of exploration activities in the area, following the planned reduction in the effect of COVID-19 in the near future, is expected to drive the demand for specialty oilfield chemicals.

Specialty Oilfield Chemicals Market Drivers

High popularity for energy generation The global demand for specialty oilfield chemicals is largely powered by the high degree of popularity for producing electricity. For most commercial operations and other household activities, oil is the essential source of fuel worldwide.
 
In addition, the existing shale gas boom is projected to further expand the worldwide popularity of specialty oilfield chemicals. The expansion of new affordable products and solutions in the environment that comply with the regulations developed by regional and global regulatory authorities may present potential opportunities for further growth of demand.

Specialty Oilfield Chemicals Market Challenges

Changing chemical regulations Changing chemical regulations are the main factor limiting the development of the demand for specialty oilfield chemicals. According to enforcement criteria, chemical laws are complex and are continuously evolving.
 
 Many nations have their own collection of laws and standards, making complying with them impossible for foreign businesses. Countries like China, Japan, and Indonesia are now working on revising their current laws on chemicals. As a result, changing laws and legislation are limiting the development of the sector.


Specialty Oilfield Chemicals Market Market Landscape
 
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Specialty Oilfield Chemicals Market. In 2019, the market of specialty oilfield chemicals has been consolidated by the top five players accounting for xx% of the share. Major players in the Specialty Oilfield Chemicals Market are BASF SE, Baker Hughes Inc., AkzoNobel NV, DOW Chemical Company, Albemarle Corporation, Chemcon Speciality Chemicals Pvt. Ltd., Catalyst Speciality Chemicals Limited, Dorf Ketal, Emery Oleochemicals GmbH, Lonza AG, Lubrizol Corporation, KMCO LLC, Kemira OYJ, Halliburton Company, Schlumberger Limited, Solvay S.A., Stepan Company, Nalco Champion, E.I. DuPont De Nemours & Company, Weatherford International Ltd., Clariant AG, and among others.
 
 
Acquisitions/Product Launches:

In March 2018, Stepan Company acquired surfactant production facility and a portion of their associated surfactants business of BASF SE in Ecatepec, Mexico. The production plant has a capacity of 50,000 metric tons. The acquisition will help the company to enhance its product portfolio of surfactant chemicals.

In November 2018, Halliburton Company released a new technology, Cerebro in-bit sensor package. The new technology helps in obtaining the high-performance data and increase the drilling efficiency of the system. This innovation helped the company to enhance the products performance.

In July 2018, Nalco Champion, an Ecolab company launched a metal corrosion inhibitor for cooling water systems. The product reduces the environmental impact and improves the stability of the production system. The product is developed to function under conditions of high-stress.
 

In September 2017, Roemex Limited launched a RX-5255 dyed, a 4 in 1 liquid hydrotest cocktail comprising corrosion inhibitor. The main aim for this launch is will reduce pumping spread and it will also provide cost benefits and also deck space benefits.

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