The global specialty oilfield chemicals market size was USD 10.98 Billion in 2020 and is expected to reach a value of USD 14.95 Billion by 2028, and register a CAGR of 3.90% during the forecast period. Market revenue growth is driven by rising demand for petroleum and crude oil from the energy industry, increasing deep drilling activities for oil and gas, and increasing extraction from existing as well as new and unconventional reserves.
Oil field chemicals are widely used in processes such as oil recovery, drilling, equipment protection, and overall function during these activities. Positive functions of oilfield specialty chemicals include oil recovery optimization, corrosion protection, prevention of mud loss in varying geological formations, stabilizing drilling fluid in high pressure and high temperature environments, and others
Top Companies Operating in the Global Specialty Oilfield Chemicals Market:
BASF SE, Solvay, Akzo Nobel NV, Huntsman International LLC, Thermax Global, Sadara, Global Drilling Fluids Chemicals Limited, Roemex Limited, Schlumberger, and Ashland Inc.
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Major Factors Contributing to the Global Materials and Chemicals Market Revenue Growth
Major technological advancements in oil well drilling fluids and equipment has been resulting in increasing exploration of new oil and gas resources to cater to rising global energy demand. Development and deployment of newer technologies are driving rapid energy production and increasing oil and natural gas production volumes from existing wells. For instance, combination of extended reach drilling with cutting-edge simulation technology in oilfields allows oil gas companies to optimize interaction of simulation fluid with rocks, thus leading to sustained oil and gas extraction rates throughout the life cycle of oil wells. In addition, technological advancements is enabling easy gathering of data related to oilfield life cycle, and deployment of data visualization and integration software that aids oil companies in mature oil field secondary and tertiary recovery. Increasing exploration and production activities are expected to continue to drive demand for specialty oilfield chemicals, and the trend is expected to continue during the forecast period.
Table of Contents:
- Report Overview
1.1 Research Scope
1.2 Key Specialty Oilfield Chemicals market segments
1.3 Major players
1.4 Market analysis by product type
1.5 Market analysis by application
1.6 Report timeline - Global Growth Trends
2.1 Global Specialty Oilfield Chemicals market size
2.2 Latest regional market trends
2.3 Emerging growth trends - Competitive Outlook
3.1 Global Specialty Oilfield Chemicals market key players
3.2 Global Specialty Oilfield Chemicals size by manufacturers
3.3 Products of major players
3.4 Entry barriers in the Specialty Oilfield Chemicals market
3.5 Mergers, acquisitions, joint ventures, and other strategic alliances
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Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
Specialty Oilfield Chemicals Market Segmentation
By Product Outlook:
- Demulsifier
- Deoiler
- Biocide
- Fluid Loss Additive
- Corrosion and Scale Inhibitors
- Clay Stabilizer
- Pour Point Depressant
- Others
By Application Outlook:
- Drilling
- Cementing
- Production
- Enhanced Oil Recovery
- Well Stimulation
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