Global Specialty Oilfield Chemicals Market: Information by Application (Drilling, Cementing, Production, EOR), Type (Demulsifier, Deoiler, Biocide, Dewatering Additive, Fluid Loss Additive, Corrosion Inhibitor, Other), and Region—Forecast till 2023
Noted players in the market that have been recorded in MRFR’s competitive analysis include KMCO LLC, Sadara, Thermax Global, Akzo Nobel NV, Global Drilling Fluids & Chemicals Limited, Huntsman International LLC, DowDuPont, Roemex Limited, Solvay, SMC Oilfield Chemicals, Shrieve, and BASF SE. These market players employ product launches, expansion and various other market strategies to secure their market position whilst creating new opportunities.
Specialty oilfield chemicals are commonly used to recover oil and reduce environmental impact in the process efficiently. The global specialty oilfield chemicals market is poised to experience growth at a significant pace during the forecast period from 2018 to 2023. Market Research Future has made this projection among others in its newest report on the subject.
Used during production, enhanced oil recovery, drilling, and other oil & gas activities, specialty oilfield chemicals are also used to prevent wax formation in oil, and for the scaling and reduced corrosion of pipe walls. Many other applications for these chemicals exist in the oil & gas industry. The broad scope of application and variety of chemicals used for various necessary purposes drives market growth considerably. Moreover, the high demand for energy and fuel is growing continuously with the population. Several industries are growing at a swift pace and often require oil & gas. For instance the high demand for fuel from consumers who are increasingly buying automotive vehicles. Research and innovation to ensure a reduced negative impact of oil & gas activities on the environment are likely to reveal key market opportunities in the coming years.
MRFR’s report segments the market on the basis of application, type, and region. By application, the market is segmented into cementing, drilling, production, enhanced oil recovery, and stimulation. Among these segments, the enhanced oil recovery segment accounts for well over a third of the market share.
By type, the market is segmented into demulsifier, deoiler, biocide, fluid loss additive, corrosion inhibitor, sale inhibitor, clay stabilizer, pour point depressant, and others.
Global analysis of the market divides the market in to key regions which include North America, Latin America, Europe, Middle East & Africa, and the Asia Pacific.
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North America accounts for the largest share of the global specialty oilfield chemicals market. The region is significant for its demand of oil & gas as well as growing oil & gas pipeline projects. It has been observed that the North American regional market has an increased demand for specialty oilfield chemicals due to their extensive use. Stringent environmental regulations regarding the reduction of the impact caused by oil & gas activities are key in the increased use of these chemicals as well as the ongoing research and development on the part of the market players in the region.
The Middle East & Africa is another substantial market for the region largely due to the presence of major oil producing countries in the Middle Eastern region. The increasing product demand for specialty oilfield chemicals in major oil producing countries such as Iran, Kuwait, and the Kingdom of Saudi Arabia have contributed to the regions status as the second largest market in the global specialty oilfield chemicals market. Asia Pacific also has increasing demand for oilfield chemicals, while Europe and Latin America are expected to display moderate growth during the forecast period.
Post time: Aug-19-2019