Specialty Oilfield Chemicals Market Worth 13.88 Billion USD by 2023
PUNE, India, June 5, 2018 /PRNewswire/ --
The report "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", published by MarketsandMarkets™, the 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.
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The growth of the Specialty Oilfield Chemicals Market can be attributed to the increased demand for specialty oilfield chemicals in the production, well stimulation, drilling fluids, workover & completion, Enhanced Oil Recovery (EOR), and cementing applications across the globe. The growth of the Specialty Oilfield Chemicals Market is also driven by the increased use of these chemicals in demanding and dynamic applications in the upstream oil & gas industry. Different types of drilling, completion, and workover fluids impart different and unique properties to specialty oilfield chemicals and improve their functionality in the wellbore and production processes. The consumption of specialty oilfield chemicals can be directly related to the production of crude oil and drilling of new oil & gas wells across the globe.
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In terms of value, the specialty biocides type segment of the Specialty Oilfield Chemicals Market is projected to grow at the highest CAGR during the forecast period.
Based on type, the Specialty Oilfield Chemicals Market has been segmented into demulsifiers, inhibitors & scavengers, rheology modifiers, friction reducers, specialty surfactants, specialty biocides, pour-point depressants, and others. In terms of value, the specialty biocides type segment of the Specialty Oilfield Chemicals Market is projected to grow at the highest CAGR during the forecast period. Oilfields are normally affected by the redundant microbial growth during various stages such as drilling of the well, oil well stimulation, construction of the 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 wells and surface equipment. These characteristics help specialty biocides to be used extensively in the oil & gas drilling and production.
The production application segment is estimated to account for the largest share of the Specialty Oilfield Chemicals Market in 2018, in terms of value.
The production application segment is estimated to account for the largest share of the Specialty Oilfield Chemicals Market in 2018, in terms of value. Specialty oilfield chemicals are used in various applications, ranging from production, well stimulation, drilling fluids, workover & completion, Enhanced Oil Recovery (EOR), and cementing. Decreasing oil prices are expected to affect the crude oil production and drilling activities across the globe. This, in turn, is expected to drive the growth of the Specialty Oilfield Chemicals Market. The increasing production of crude oil in regions such as the Middle East and North America and the rising use of EOR techniques to explore mature oilfields across the globe are expected to propel the market for specialty oilfield chemicals in production application during the forecast period.
The North America Specialty Oilfield Chemicals Market is projected to grow at the highest CAGR during the forecast period, in terms of value.
The Specialty Oilfield Chemicals Market has been studied for North America, the Middle East & Africa, Former Soviet Union (FSU), Asia Pacific, South America, and Europe. The North America Specialty Oilfield Chemicals Market is projected to grow at the highest CAGR during the forecast period, in terms of value. The major driving factor for the growth of the North America Specialty Oilfield Chemicals Market is the presence of huge onshore and offshore shale gas reserves in the region.
The US is witnessing increased demand for specialty oilfield chemicals, which is projected to continue in the future as well. Moreover, there is a significant increase in the use of specialty oilfield chemicals in various applications such as drilling fluids, cementing, well stimulation, and production. 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. This trend is expected to continue due to the discovery of new reserves of shale gas in the region, thereby leading to continued shale gas exploration and production activities in the North American region.
BASF (Germany), Ecolab (US), Clariant (US), DowDuPont (US), Solvay (Belgium), and Schlumberger (US), among others, are the key players operating in the Specialty Oilfield Chemicals Market.
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