The Global Specialty Oilfield Chemicals Market is valued at USD 8.82 Billion in 2020 and is anticipated to grow with a CAGR of 3.87% during the forecast period from 2020 to 2028. The major factors that will contribute to the growth of the market include increasing application in drilling activities, production chemicals, and workover & completion. Further, growing deep drilling and ultra-deep exploration activities for oil and gas have been driving the demand over the last few years and are expected to continue to do so over the forecast period.
Specialty oilfield chemicals are widely used for oil recovery and to reduce the environmental effects of the oil extraction process. The extraction process is mainly followed by drilling, production, stimulation, enhanced oil recovery, and others, and specialty chemicals are used in each stage of the process. Specialty oilfield chemicals are also used in the prevention of wax formation in oil as well as in the scaling and elimination of corrosion of pipe walls. These chemicals are used as coagulants and flocculants in waste oil, process water, and oil sludge treatment as well. Apart from these, there are many other applications of specialty oilfield chemicals in the oil & gas sector.
Specialty oilfield chemicals consist of a broad variety of specialty chemicals used for a wide range of applications. The most significant products within these chemicals include institutional and industrial cleaning chemicals, specialty superior polymers, construction chemicals, and pesticides, among others. The main justification for using specialty oilfield chemicals is to make progress in the recovery of oil from oil wells.
Global Specialty Oilfield Chemicals Market, by Type
Based on the type, the market has been segmented into demulsifiers, inhibitors & scavengers, rheology modifiers, friction reducers, specialty biocides, specialty surfactants, pour point depressants, iron control agents, polymers, wetting agents, additives, retarders, and others. Among these, demulsifiers are the most commonly used chemicals in oilfields, as they perform the basic function of oil and water separation. These chemicals are toxic and have a negative effect on the environment, which is why green demulsifiers are being produced, which are non-toxic and environmental friendly.
Global Specialty Oilfield Chemicals Market, by Application
Based on application, the market has been divided into Production, Well Stimulation, Drilling Fluids, Enhanced Oil Recovery, Cementing, Workover & Completion, and Others. Among these, the production segment is expected to be the fastest-growing application of specialty oilfield chemicals in the coming years. Growing energy demand and the projected increase in crude oil production due to the anticipated reduction in COVID-19 impact in the near future are the factors that are expected to drive the specialty oilfield chemicals market during the forecast period.
Global Specialty Oilfield Chemicals Market, by Region:
In terms of region, North America is projected to register the largest share in the global specialty oilfield chemicals market, followed by the Middle East and Africa, both in terms of volume and value, during the forecast period. The presence of massive offshore and onshore reserves is the main driver for the market in these two regions.
Some Major Findings of Specialty Oilfield Chemicals Market Report Include:
Detailed scope covering all the major segments in the market
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Market recommendations supporting decision making processes
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