Specialty Oilfield Chemicals Market

New Product Developments and Acquisitions are Among the Key Strategies Adopted by the Leading Players to Strengthen Their Position in the Specialty Oilfield Chemicals Market.

The specialty oilfield chemicals market is expected to grow from USD 11.36 Billion in 2018 to USD 13.88 Billion by 2023, at a CAGR of 4.1% between 2018 and 2023. Expansions, acquisitions, and new product launches are the key strategies adopted by the major players to strengthen their position in the specialty oilfield chemicals market. The North American and European regions witnessed the maximum number of strategic developments undertaken by various players between 2013 and 2017.

The key players operating in the specialty oilfield chemicals market are BASF (Germany), Ecolab (US), Clariant (US), DowDuPont (US), Solvay (Belgium), Schlumberger (US), AkzoNobel (Netherlands), Halliburton (US), and Baker Hughes (US), among others.

BASF (Germany) is one of the leading manufacturers of specialty oilfield chemicals. The company offers products, which are used for the construction of oil wells and chemicals for the continuous and cost-effective production of oil & gas from these wells. The company has a strong presence in major regions, which helps it to enhance its penetration in the specialty oilfield chemicals market across the globe. In September 2015, the company launched a series of new chemical technologies for the upstream oil & gas industry. The company launched high-temperature performance enzymes, H2S scavengers, corrosion inhibitors, fluid loss additives, and enhanced oil recovery chemicals, which enabled it to establish a strong foothold in the specialty oilfield chemicals market.

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Ecolab (US), and Clariant (US) are other major players in the specialty oilfield chemicals market. Nalco Champion, which operates under Ecolab, is a leading provider of high-performance chemicals for the oil & gas industry. Nalco Champion is known to be the fastest-growing specialty oilfield chemicals company in the world. It offers innovative and environmentally acceptable solutions to the oil & gas industry, thereby giving its parent company, Ecolab a strong growth opportunity in the specialty oilfield chemicals market. The company’s strong capability of providing on-site, technological solutions to the upstream and downstream market makes it a top player in the specialty oilfield chemicals market. In November 2016, Ecolab launched five unique chemistries to achieve production sustainability, reduce lease operating expenses, increase operational efficiency, and eliminate CAPEX.

Clariant (US) extensively focuses on the development of chemicals for varied applications in the upstream oil & gas industry. The company undertook several acquisitions and launched numerous new products to strengthen its position in the specialty oilfield chemicals market. The company has manufacturing capabilities spread across the world and operates in Europe, North America, Asia Pacific, and the Middle East & Africa. In September 2016, Clariant acquired Kel-Tech Inc. (US) and X-Chem LLC (US) to aid its oil & mining services, thereby becoming one of the leading oilfield chemicals providers in the North American region. This acquisition helped the company to gain a substantial share in the specialty oilfield chemicals market.

Related Reports:

Specialty Oilfield Chemicals Market by Type (Demulsifiers, Inhibitors & Scavengers, Friction Reducers, Rheology Modifiers), Application (Production, Drilling Fluids, Well Stimulation, EOR), and Region - Global Forecast to 2023

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Report Code
CH 2574
RI Published ON
6/5/2018
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