LONDON, May 4, 2016 /PRNewswire/ -- "The increasing oil production in some of the regions is expected to drive the market for specialty oilfield chemicals"
The global specialty oilfield chemicals market is projected to reach USD 13.65 billion by 2020, registering a CAGR of 5.5% between 2015 and 2020. The increasing oil production in North America and some countries of the Middle East is expected to propel the demand of specialty oilfield chemicals during the forecast period.
"Production chemicals, followed by EOR are the fastest-growing applications in the specialty oilfield chemicals market"
With recent developments in increasing oil production and improving oil recovery from existing as well as new fields, newer specialty oilfield chemicals and processes are being developed. The production of oil is anticipated to increase due to the active participation of the countries in the Middle East and North America leading to the highest growth rate for production chemicals during the forecast period. On the other hand, EOR process helps to improve the wellbore productivity in a new as well as a mature oilfield. The property of the EOR process to maximize the yield and to improve product quality gives this application an impetus for growth during the forecast period. Because of these factors, production chemicals and EOR account for to be the fastest-growing applications in the specialty oilfield chemicals market.
"The Middle East & Africa is the fastest-growing region in the specialty oilfield chemicals market"
The reserves in certain countries of the Middle East & Africa are nearly unexplored and offer immense potential for growth for the region. Nigeria, Angola, and other parts of Africa have huge amount of unexplored oil & gas reserves that may provide an upsurge to the specialty oilfield chemicals, leading to the market growth during the forecast period. The uplifting of the international sanctions on Iran is definitely expected to provide an impetus to the oil & gas exploration activities in the country.
This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided under three categories: By Company Type; By Designation; and By Region.
- By Company Type- Tier 1- 22%, Tier 2- 33%, and Tier 3- 45%
- By Designation- C Level- 12%, Director Level- 25%, and Others- 63%
- By Region- North America- 56%, Europe- 22%, Asia-Pacific- 11%, and RoW- 11%
"Increased drilling and exploration of oil in Venezuela and China are the new growth avenues for the market"
In Venezuela, huge oil reserves have been discovered in the Orinoco Belt. Developing this oilfield will include drilling 10,500 wells, building two refineries and a new coastal export terminal, and upgrading another one. The potential offshore reserves as well as shale reserves discovered in China are expected to drive the demand of specialty oilfield chemicals as these would help to enhance oil production, control corrosion, and prevent wax or paraffin deposition.
The report also provides company profiles and competitive strategies adopted by the major market players such as BASF SE (Germany), AkzoNobel N.V. (Netherlands), The Dow Chemical Company (U.S.), Kemira oyj (Finland), Schlumberger (U.S.), Halliburton (U.S.), Lubrizol Corporation (U.S.), Clariant (Switzerland), Nalco Champion (U.S.) among others.
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the specialty oilfield chemicals market comprehensively and provides the closest approximations for the overall market and subsegments across different verticals and regions.
2. This report will help stakeholders to better understand the competitor and gain more insights about the business. The competitive landscape section includes competitor ecosystem, expansions, new product developments, agreements/collaborations, joint ventures, and mergers & acquisitions.
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