Specialty Oilfield Chemicals Market is set to grow at a high CAGR owing to increasing product demand in the oil & gas industry 2023 - 2030

Pune, India, August, 2018 /press release/- Market Research Future Published a Half-Cooked Research Report on Global Specialty Oilfield Chemicals Market Research Report.

 Specialty Oilfield Chemicals Market Size was valued at USD 10.65 Billion in 2022. The Specialty Oilfield Chemicals market industry is projected to grow from USD 10.98 Billion in 2023 to USD 14.6 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 3.3% during the forecast period (2023 - 2030). 

Market Overview

The chemicals used to improve the efficiency of oil recovery from oil wells and reduce the environmental impact during the process are referred to as specialty oilfield chemicals. These chemicals find application in the oil & gas industry during drilling, cementing, production, stimulation, and enhanced oil recovery (EOR). Moreover, these chemicals are applicable for avoiding the scaling and corrosion of pipe walls, wax formation in oil, and oil-water emulsions. These chemicals are used in applications such as drilling, cementing, production, EOR, and stimulation. The enhanced oil recovery (EOR) segment is expected to lead the global specialty oilfield chemicals market, by application, during the forecast period. EOR maximizes the use of the existing infrastructure and increases the efficiency of oil production. These chemicals are used in the extraction of oil during the three phases of the EOR process—primary, secondary, and tertiary. Thus, the surging need for efficient and economic oil extraction is likely to boost the demand for these chemicals during the forecast period.

Based on type, the global specialty oilfield chemicals market has been divided into demulsifier, deoiler, biocide, dewatering additive, fluid loss additive, corrosion inhibitor, scale inhibitor, clay stabilizer, pour point depressant, lubricant, paraffin control agent, and others. The biocide segment accounts for the largest share of the global specialty oilfield chemicals market in 2017. Biocides are used in the oil refining process to control the growth of sulfate-reducing bacteria and minimize the formation of H2S. The increasing demand for biocides in the pharmaceuticals, water treatment, and oil & gas industries is likely to drive market growth during the review period. 

Market Segmentation

The global specialty oilfield chemicals market has been categorized based on application, type, and region.

By application, the global specialty oilfield chemicals market has been divided into drilling, cementing, production, enhanced oil recovery (EOR), and stimulation.

According to type of chemical, the global specialty oilfield chemicals market has been segmented into demulsifier, deoiler, biocide, dewatering additive, fluid loss additive, corrosion inhibitor, scale inhibitor, clay stabilizer, pour point depressant, lubricant, paraffin control agent, and others.

Regional Analysis

The global specialty oilfield chemicals market has been classified into five key regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. In 2017, North America captured the largest share of the global specialty oilfield chemicals market owing to the increased need for effective and economical oil extraction process and technological advances in the oil & gas industry. The Middle East & Africa accounted for the second largest market share due to the increasing product demand in major oil-producing countries such as Saudi Arabia, Iran, and Kuwait. Asia-Pacific is another important region in the global specialty oilfield chemicals market. India and China are the major contributors to the regional market considering the increased demand for these chemicals in the oil & gas industry. The markets in Latin America and Europe are expected to gain significance during the forecast period due to the broad investment potential and growth opportunities in the oil & gas industry.

Competitive Analysis

The key 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), SMC Oilfield Chemicals (US), Roemex Limited (UK), KMCO LLC (US), Catalyst (India), and Global Drilling Fluids & Chemicals Limited (India).

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