DUBLIN, June 13, 2018 /PRNewswire/ --
The "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" report has been added to ResearchAndMarkets.com's offering.
The specialty oilfield chemicals market is projected to grow from USD 11.36 Billion in 2018 to USD 13.88 Billion by 2023, at a CAGR of 4.1% from 2018 to 2023.
The use of specialty oilfield chemicals helps oilfield companies achieve maximum productivity from oilfields to cater to the growing energy requirements of consumers. Advanced techniques used in horizontal drilling and hydraulic fracturing are making drilling and extraction of oil from unconventional shale reserves possible.
The increase in fracking and horizontal drilling, especially, in the North American region has been fueling the demand for specialty chemicals in the region. The increased exploration activities for shale oil using fracking technique provide immense opportunities for the growth of the specialty oilfield chemicals market across the globe.
The specialty oilfield chemicals market has been classified based on type into demulsifiers, inhibitors & scavengers, rheology modifiers, friction reducers, specialty surfactants, specialty biocides, pour-point depressants, and others. Among types, the specialty biocides segment of the market is projected to grow at the highest CAGR during the forecast period, in terms of value.
Oilfields are normally affected by the redundant microbial growth during various stages such as drilling of oil wells, their stimulation, construction of facilities, and during oil production. Biocides are used either to completely eliminate or control the microbial growth in oilfields. They are used to maintain and optimize oil & gas production from reservoirs by reducing the downtime caused by corrosion. These chemicals are also used to clean oil wells and the surface equipment.
Based on application, the specialty oilfield chemicals market has been segmented into production, well stimulation, drilling fluids, workover & completion, Enhanced Oil Recovery (EOR), and cementing. The production application segment is projected to lead the specialty oilfield chemicals market during the forecast period, in terms of value.
The production of crude oil has increased in the recent years in countries such as the US and Saudi Arabia. Thus, the continuous increase in the production of crude oil is expected to boost the demand for specialty oilfield chemicals during the forecast period. The production application is also projected to grow at the highest CAGR between 2018 and 2023, in terms of value.
The North American region is the largest consumer of specialty oilfield chemicals across the globe. The North America specialty oilfield chemicals market is projected to grow at the highest CAGR between 2018 and 2023, in terms of value. The growth of the North America specialty oilfield chemicals market can be attributed to the presence of various key producers of specialty oilfield chemicals in the region and increased exploration activities for shale gas & oil reserves.
The US is witnessing increased demand for specialty oilfield chemicals, which is projected to continue in the future as well. The increasing consumption of the well stimulation chemicals has a significant impact on the exploration activities of shale oil & gas in the North American region.
The major factor restraining the growth of the specialty oilfield chemicals market is the declining crude oil prices and ongoing geopolitical issues in the Middle East.
Some of 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).
Competition among these players is high, and they mostly compete with each other on the prices and quality of their products, after sale services, and customized products, among others.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Specialty Oilfield Chemicals Market
4.2 Specialty Oilfield Chemicals Market, By Type
4.3 Specialty Oilfield Chemicals Market in North America, By Application and Country
4.4 Specialty Oilfield Chemicals Market, Developed vs Developing Economies
5 Market Overview
5.2 Market Dynamics
18.104.22.168 Increasing Crude Oil Production
22.214.171.124 Declining Crude Oil Prices
126.96.36.199 Geopolitical Issues in the Middle East
188.8.131.52 Discovery of New Oilfields
184.108.40.206 Stringent Environmental Regulations
5.3 Porter's Five Forces Analysis
5.3.1 Bargaining Power of Suppliers
5.3.2 Threat of New Entrants
5.3.3 Threat of Substitutes
5.3.4 Bargaining Power of Buyers
5.3.5 Intensity of Competitive Rivalry
5.4 Macroeconomic Indicators
5.4.2 Trends and Forecasts of GDP
5.4.3 Trends of Production & Drilling
220.127.116.11 Oil Production (Thousand Barrels Daily)
18.104.22.168 Oil & Gas Wells Drilled, By Region
6 Specialty Oilfield Chemicals Market, By Type
6.3 Inhibitors & Scavengers
6.4 Rheology Modifiers
6.5 Friction Reducers
6.6 Specialty Biocides
6.7 Specialty Surfactants
6.8 Pour Point Depressants
7 Specialty Oilfield Chemicals Market, By Application
7.3 Well Stimulation
7.4 Drilling Fluids
7.5 Enhanced Oil Recovery (EOR)
7.7 Workover & Completion
8 Specialty Oilfield Chemicals Market, By Region
9 Competitive Landscape
9.2 Market Ranking Analysis
9.3 Competitive Scenario
9.3.3 Agreements & Joint Ventures
9.3.4 New Product Launches
10 Company Profiles
10.9 Baker Hughes
10.11 Additional Company Profiles
10.11.4 Chevron Philips Chemical Company
10.11.6 National Oilwell Varco
10.11.7 Geo Specialty Chemicals
10.11.13 Purechem Energy Services
10.11.14 Stepan Company
For more information about this report visit https://www.researchandmarkets.com/research/fdk9cp/global_specialty?w=5
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