The report "Specialty Oilfield Chemicals Market by Type (Demulsifiers, Inhibitors & Scavengers, Rheology modifiers, Friction reducers, Specialty biocides, Specialty surfactants, Pour point depressants, and Others), Application, and Region - Global Forecast to 2027", is approximated to be USD 11.8 billion in 2022, and it is projected to reach USD 14.5 billion by 2027, at a CAGR of 4.2%.
Browse 376 market data Tables and 40 Figures spread through 277 Pages and in-depth TOC on "Specialty Oilfield Chemicals Market by Type (Demulsifiers, Inhibitors & Scavengers, Rheology modifiers, Friction reducers, Specialty biocides, Specialty surfactants, Pour point depressants, and Others), Application, and Region - Global Forecast to 2027"
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Rising population, improving living standards, and increasing developmental activities, lead to an increase in the energy demands from several end-use industries. As a result of this, the production of crude oil rises which drives the market of specialty oilfield chemicals during the forecast period. In addition to this, these chemicals have beneficial characteristics which improve the productivity of the oil wells, which supports the growth of the specialty oilfield chemicals market in the forecast period. The fluctuation in crude oil prices, and geopolitical issues in the Middle East region are the main restraining factor of this specialty oilfield chemicals market. However, the increasing aging of oil reservoirs and exploration of new oil fields are come out to be a better opportunity for the specialty oilfield chemicals market. The presence of strict environmental norms is the major challenge of this market.
By Type, Demulsifiers accounted for the largest share in 2021
Demulsifiers are the chemical compounds which are used to break down the emulsions, which are the mixtures of oil and water which are occurred in the oil and gas industry. Demulsifiers are used in a wide range of oil and gas operations, including drilling, production, transportation, and refining process to produce crude oil-derived products. The most desirable qualities of an ideal demulsifier are the ability to rapidly break down into water or oil with a minimal amount of residual water and a good shelf-life.
By Application, Production accounted for the largest share in 2021
The specialty oilfield chemicals are used in the production of crude oil, predominantly include the aliphatic, alicyclic, and aromatic hydrocarbons. The production process is very complex, and sometimes the oilfield chemical compounds do not contain the pure form of compounds, however, instead of this, a mixture of reaction products, reactants, and diluents is present. In addition to this, these chemicals are designed especially for each oilfield, and within the oilfield, for each oil-well. Apart from this, these chemicals are also used while transporting the oil from one place to another.
North America accounted for the largest share as well as the fastest growing market for specialty oilfield market in 2021
North America accounts for the largest share in 2021, in this market. This is attributed to the rapid exploration of shale gas and oil reserves in the region, however, the market of specialty oilfield chemicals is dominated by the oil & gas industries. The US witnesses a high demand for specialty oilfield chemicals, which is projected to continue in the future. Moreover, there is a significant increase in the use of these chemicals in applications, such as drilling fluids, cementing, well stimulation, and production. Hence, increasing the exploration of oil reserves will support the growth of specialty oilfield chemicals during the forecast period.
The specialty oilfield chemicals market comprises major players such as BASF SE (Germany), Ecolab (US), Clariant (Switzerland), Dow (US), Solvay (Belgium), SLB (US), Halliburton (US), Baker Hughes Company (US), Kemira (Finland), Arkema (France), and others are covered in the specialty oilfield chemicals market. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the specialty oilfield chemicals market.
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