Specialty oilfield chemicals refer to the chemical components of different compounds for oil and gas extraction processes. These chemicals are necessary to facilitate the handling, transportation, and production of crude oil.
Sizing and Forecast
The specialty oilfield chemicals market size has grown strongly in recent years. It will grow from $11.21 billion in 2023 to $11.79 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to increasing complexity of oilfield operations, growing demand for oil and gas, shift towards unconventional reservoirs, focus on enhanced oil recovery (EOR), deepwater exploration and drilling.
The specialty oilfield chemicals market size is expected to see strong growth in the next few years. It will grow to $14.34 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to demand for drilling fluids and completion fluids, market penetration in emerging economies, asset integrity and corrosion prevention solutions, water management solutions, growing deepwater and ultra-deepwater exploration. Major trends in the forecast period include enhanced oil recovery (EOR) techniques, shift towards unconventional oil & gas exploration, focus on environmental sustainability, rise in deepwater and ultra-deepwater exploration, technological advancements in chemical formulations.
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Segmentation & Regional Insights
The specialty oilfield chemicals market covered in this report is segmented –
1) By Type: Demulsifiers, Inhibitors And Specialty Oilfield Chemical Scavengers, Rheology Modifiers, Friction Reducers, Biocides, Specialty Surfactants, Other Types
2) By Terrain Type: Onshore, Offshore
3) By Application: Production Chemicals, Well Stimulation, Drilling Fluids, Enhanced Oil Recovery, Other Applications
North America was the largest region in the specialty oilfield chemicals market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the specialty oilfield chemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing oil and gas demand is expected to boost the growth of the specialty oilfield chemicals market going forward. Specialty oilfield chemicals are used in well drilling, production facilities, and workover fluids to achieve peak performance and increase oil recovery efficiency. These chemicals are necessary to facilitate the handling, transportation, and production of crude oil. The growing crude oil production leads to an increase in petroleum operations, which is expected to propel the specialty oilfield chemicals market. For instance, in October 2021, according to International Energy Agency (IEA), a France-based autonomous intergovernmental organization, the capacity of global oil production is anticipated to rise by 5 mb/d by 2026. To satisfy the anticipated rebound in demand in the absence of stronger policy action, global oil output would need to increase by 10.2 mb/d by 2026. Therefore, the increasing oil and gas demand is driving the growth of the specialty oilfield chemicals market.
Key Industry Players
Major companies operating in the specialty oilfield chemicals market report are China National Petroleum Corporation, Badische Anilin- und Sodafabrik, The Dow Chemical Company, Schlumberger Limited, Baker Hughes Incorporated, DuPont de Nemours Inc., Huntsman International LLC, Albermarle Corporation., The Lubrizol Corporation, Clariant India Ltd, SNF Group, Calumet Specialty Products Partners, Weatherford International, ChampionX Corporation, Kemira Oyj, Solvay Specialities India Private Limited, Stepan Company, Croda INDIA COMPANY PRIVATE LIMITED, Ashland Inc., Kraton, Innospec Inc., CES Energy Solutions Corp, Thermax Limited., Nalco Champion, Elementis plc, TETRA Technologies Inc., Dorf Ketal Chemicals, Halliburton India Operations Private Limited., Kemistry, Oil Flux Americas
The specialty oilfield chemicals market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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