Specialty oilfield chemicals embrace ample specialty chemicals used for a wide variety of purposes like institutional cleaning chemicals and industrial, construction chemicals and pesticides, specialty superior polymers, and more. These chemicals are used throughout processes in oil recovery from oilfield namely, drilling, production, stimulation, cementing, and enhanced oil recovery (EOR). Moreover, these chemicals are additionally accustomed to prevent the wax formation in oil, oil-water emulsion, and scaling and corrosion of pipe walls. Also, within the after processes specialty chemicals are utilized as flocculants and coagulants in process water, waste oil, and oil sludge treatment. Therefore, the consumption of those specialty oilfield chemicals is directly proportional to crude oil production and new oil drilling.
According to the report analysis,’ Global Specialty Oilfield Chemicals Market to reach USD 15.86 billion by 2027’ Some of the major players operating in this market are Badische Anilin und Soda Fabrik (BASF) SE (Germany), Ecolab Inc. (US), Clariant AG (US), DuPont de Nemours, Inc. US), Solvay SA (Belgium), Schlumberger (US), AkzoNobel NV (Netherlands), Halliburton (US), Baker Hughes (US) and Albemarle Corporation. The market is further segmented on the basis of type and application. On the basis of type fragmented into Demulsifiers, Inhibitors & Scavengers, Rheology Modifiers, Friction Reducers, Specialty Surfactants, Specialty Biocides, Pour-point Depressants and Others. On the basis of application fragmented into Production, Well Stimulation, Drilling Fluids, Workover & Completion, Enhanced Oil Recovery (EOR) and Cementing.
Additionally, in the after processes, specialty chemicals are utilized as flocculants and coagulants in process water, waste oil, and oil sludge treatment. Therefore, the consumption of these specialty oilfield chemicals is directly proportional to crude oil production and new oil drilling. Hence the increasing crude oil production because of the rising demands for oil and related derivatives across the world. As in 2017 the growth registered for world crude oil production was 0.4 million barrels/day while the crude oil production in the Middle East rose by 1.7 Mb/day. Furthermore, the increasing oil explorations and search for new oil fields has led to the adoption of Specialty Oilfield Chemicals across the forecast amount.
The regional analysis of the global Specialty Oilfield Chemicals market is accounted for the key regions like Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is that the leading region across the world in regards to market share due to the presence of various key producers of specialty oilfield chemicals in the region and rising exploration activities for shale gas & oil reserves. While North America is additionally predicted to exhibit the highest rate of growth over the forecast amount. Factors like rising consumption of well stimulation chemicals and the recent boom in shale gas innovation together with rising demand for energy would create moneymaking expansion prospects for the Specialty Oilfield Chemicals market around the North America region.
Moreover, increasing deep drilling and ultra-deep drilling activities for oil and gas have been propelling the market over the past few years, and the trend is predicted to continue over the forecast amount. Increasing demand for specialty oilfield chemicals for the extraction process of oilfields is driving the expansion of the global specialty oilfield chemicals market. Thus, it is expected that the market of Global Specialty Oilfield Chemicals Market will boost up throughout the forecast amount.
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Ankur Gupta, Head Marketing & Communications