Specialty Oilfield Chemicals Market

SKU: DMCH632 | Last Updated On: Sep 12 2022 | Available Formats

> Global Specialty Oilfield Chemicals Market Expected to reach a high CAGR of 3.10% By 2029: DataM Intelligence

Global Specialty Oilfield Chemicals Market is segmented By Type (Demulsifiers, Inhibitors & Scavengers, Friction Reducers, Rheology Modifiers, Friction Reducers, Specialty Biocides, Specialty Surfactants, Pour Point Depressants, Others), By Application (Production, Drilling Fluids, Well Stimulation, EOR, Cementing, Workover & Completion), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

[195 Pages Report] The Global Specialty Oilfield Chemicals Market is expected to grow at a high CAGR of 3.10% during the forecasting period (2022-2029).

  • Specialty oilfield chemicals are used in oilfields to maximize productivity and meet growing energy requirements on a global scale. The compounds improve the functionality or performance of the oilfield, assisting in increasing innovative customer service to targeted individuals or industries.

Metrics

Details

Market CAGR

3.10%

Segments Covered

By Type, By Application, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Market Dynamics

– Market Opportunities, Drivers, and Restraints 

  • The increasing demand for a higher production volume of crude oil, coupled with the benefits offered by specialty oilfield chemicals such as prevention of corrosion in pipelines and wax formation in oil, is expected to drive the market growth of specialty oilfield chemicals.

  • The shifting trend towards the exploration of alternative resources such as shale oil further increases the demand for specialty oil chemicals, as the end-products help in providing support during horizontal drilling and hydraulic fracturing.

  • Additionally, the end-products are also used in microbial control in oil refining techniques and developing perceptive penetrating oil drilling exercises.

  • The declining crude oil prices act as a significant barrier to market growth, coupled with stringent environmental regulations adopted by various regional governments.

  • The disposal of chemicals after use also poses a considerable threat, as the procedures of chemical disposition without affecting the surrounding environment are costly in themselves. 

  • The disruptions and disturbances caused in the Middle East region owing to complex socio-political issues are moderately hampering the growth of the market, as productivity rates of oilfields are reduced, and transportation routes of specialty oilfield chemicals are getting targeted.

  • The exploration and discovery of newer oilfields and innovation in extraction techniques are expected to present more unique opportunities for business expansion to significant market players.

Market Industry Segmentation

  • The specialty oilfield chemicals market is segmented by type into demulsifiers, inhibitors & scavengers, rheology modifiers, friction reducers, specialty biocides, specialty surfactants, pour point depressants, and others.

  • The specialty biocides segment is expected to grow at a robust rate owing to its application as an anti-fouling agent in controlling sulfate-reducing and slime-forming bacteria during the drilling of well.

  • For instance, in September 2017, BASF SE announced the expansion of its specialty biocide production facility in Nanjing, China for serving oilfield exploration customers.

  • By application, the market is segmented into production, well stimulation, drilling fluids, enhanced oil recovery (EOR), cementing, and workover & completion.

  • The workover & completion segment holds a significant market share, owing to the increased demand for specialty chemicals during the repair of corrosion-affected production tubing or increasing the declining productivity of the reservoir.

  • Also, specialty oilfield chemicals help in creating favorable flow paths to optimize oilfield productivity. The Workover & Completion segment is calculated to be 4,478.74 USD Million in 2017.

Market Geographical Analysis – Regional Trends, Market Share

  • The global specialty oilfield chemicals market is segmented geographically by region into North America, South America, Europe, Asia-Pacific, and the Rest of the World (RoW).

  • North America leads the market by geography owing to the presence of key players in the region focusing on the expansion of business opportunities by looking for newer oilfields and shifting focus towards the exploration of alternative resources such as shale oil.

  • The innovation in techniques such as horizontal and vertical drilling and hydrogen fracking is also expected to drive regional market growth.

  • The region of Asia-Pacific is expected to witness a robust growth rate owing to the rise in demand for specialty oilfield chemicals in oilfield exploration fields in the South China Sea, mainland China, India, and Southeast Asian countries.

Market Key company profiles

  • The market is highly competitive, with the presence of global oil companies looking to optimize oil extraction procedures to minimize losses and increase productivity. The key market players include BASF SE, Baker Hughes, DowDuPont Inc., Halliburton Company, and Schlumberger Limited.

  • The companies are looking to expand their product portfolio and business reach by forming strategic collaborations and partnerships.

  • For instance, in July 2018, Halliburton Company and Tetra Technologies, Inc. announced that the companies have entered into a global joint marketing and development agreement for the sale and distribution of TETRA’s proprietary family of TETRA CS Neptune® completion fluids for deepwater and complex high-pressure wells.

Market Report Insights

• The workover & completion segment is a leading segment by application owing to the increased demand for specialty chemicals during the repair of corrosion-affected production tubing or increasing the declining productivity of the reservoir.

• North America is the leading geographical segment owing to the presence of key players in the region focusing on the expansion of business opportunities by looking for newer oilfields and shifting focus towards the exploration of alternative resources such as shale oil.

• The companies focus on collaborations and vendor supply agreements to expand business operations. For instance, in April 2018, Kemira Oyj signed a multi-year contract with Chevron North Sea Limited for the supply of specialty polymers for oilfield exploration.

The scope of the Report

  • The report covers the factors impacting the market, Porter 5 Forces, Competitive Scenario, Product Benchmarking, and company profiles. Specialty Oilfield Chemicals Market is segmented by type into demulsifiers, inhibitors & scavengers, rheology modifiers, friction reducers, specialty biocides, specialty surfactants, pour point depressants, and others.

  • By application, the global Specialty Oilfield Chemicals market is segmented into production, well stimulation, drilling fluids, enhanced oil recovery (EOR), cementing, and workover & completion. Geographically, the market is segmented into North America, South America, Europe, Asia Pacific, and the Rest of the World.

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