The market for specialty oilfield chemicals 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%. Out of eight types (Demulsifiers, Inhibitors & Scavengers, Rheology modifiers, Friction reducers, Specialty biocides, Specialty surfactants, Pour point depressants, and Others), Demulsifiers have the largest market share because it is used to break emulsions that are present in the oil reservoirs, as well as during oil production, transportation, and processing. However, the major factor which drives the market for demulsifiers is the rise in crude oil production which is expected to grow in the forecast period.
By Type, Specialty Biocides accounted for the highest CAGR during the forecast period.
Specialty biocides are used either to completely eliminate or to control microbial growth. They are used to maintain, treat, and optimize oil & gas production from reservoirs by reducing the downtime caused by corrosion and also to clean the well and surface equipment. The biocide usage patterns depend upon the nature of the underlying problem and require different treatments accordingly. With the increasing production of crude oil, the demand for specialty biocide is projected to increase which also supports the growth of the overall specialty oilfield chemicals market in the forecast period.
By Application, Well stimulation segment accounted for the second-highest CAGR during the forecast period
Well stimulation is carried out to increase the productivity of wells, and thereby, enhance the flow of hydrocarbons at or above the projected rate in both new and existing oil wells. This process can be carried out at any time over the lifespan of the well. The increased need to stimulate oil production from the mature oil wells drives the demand for hydraulic fracturing or fracking fluids in the well stimulation process. Hence, this drives the market of specialty oilfield chemicals during the forecast period.
North America is projected to account for the fastest-growing in the specialty oilfield chemicals market during the forecast period
The fastest-growing specialty oilfield chemicals market is expected to occur in the North America region. The various countries which are covered in this region are US, Canada, and Mexico. Countries such as US and Canada, are expected to rise in the specialty oilfield chemicals market due to growing drilling activities. In addition to this, the demand for specialty oilfield chemicals is driven by the oil & gas industries. There is a rising exploration of shale gas and oil reserves in the region, which is projected to increase during the forecast period and also supports the growth of specialty oilfield chemicals in the same period.
Further in-depth interviews were conducted with the Chief Experience Officer (CXO), Managers, Marketing Officers, Production Officers, and other related key executives from various key companies and organizations operating in the specialty oilfield chemicals market.
- By Company Type: Tier 1: 45%, Tier 2: 22% and Tier 3: 33%
- By Designation: C-level: 50%%, Director: 10%, and Others: 40%
- By Region: North America: 28%, Europe: 18%, Asia Pacific: 18%, Middle East & Africa: 18%, and South America: 9%.
Companies Covered: BASF SE (Germany), Ecolab (US), Clariant (Switzerland), Dow (US), Solvay (Belgium), SLB (US), Halliburton (US), Baker Hughes Company (US), Kemira (Finland), Arkema (France).
The market study covers the specialty oilfield chemicals market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on application, type, and region. The study also includes an in-depth competitive analysis of key players in the market, their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to improve their position in the specialty oilfield chemicals market.
Key Benefits of Buying the Report
The report is expected to help the market leaders/new entrants in this market share the closest approximations of the revenue numbers of the overall specialty oilfield chemicals market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses, and plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities. Moreover, the report provides insights on the following pointers:
- Analysis of key drivers (Increasing the production of crude oil and favorable characteristics of the specialty oilfield chemicals)
- Product Development/Innovation: Detailed insights on current technologies, research & development activities, and new product & service launches in the specialty oilfield chemicals market.
- Market Development: The report analyses the specialty oilfield chemicals market across varied regions
- Market Diversification: Exhaustive information about new products & services, recent developments, and investments in the specialty oilfield chemicals market.
- Competitive Assessment: In-depth assessment of market rankings, growth strategies, and product offerings of leading players like BASF SE (Germany), Ecolab (US), Clariant (Switzerland), Dow (US), Solvay (Belgium), among others in the specialty oilfield chemicals market.