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The global demand to the specialty oilfield chemicals market development is driven by the rising interest for such chemicals in fracking procedures. Demand to specialty oilfield chemicals are utilized as a part of the oilfield operations mostly to enhance well execution and in the long run the recuperation from stores. The market is driven by expanding generation of unrefined petroleum, developing profound penetrating exercises, and growing oil and gas drilling and production processes.
On the basis of type, the specialty oilfield chemicals market can be categorized as advanced, natural and synthetic polymers, pour-point depressants, demulsifiers, surfactants, corrosion and scale inhibitors, biocides, and others. Biocides type is projected to grow at the highest CAGR during the forecast period. Biocides are used to control the microbial growth in oilfields. They are also used to maintain and optimize oil and gas production from reservoirs by reducing the downtime caused by corrosion. These characteristics help specialty biocides to be used extensively in the oil and gas drilling and production. Hence, with the increase in demand for biocides, the market growth is also increasing.
Based on application, the specialty oilfield chemicals market can be segmented as cementing, workover and completion, production, enhanced oil recovery, drilling fluids, and well stimulation. Decreasing oil prices are anticipated to affect the crude oil production and drilling activities worldwide. This, in turn, is expected to drive the growth of the market. The increasing production of crude oil in regions such as the Middle East and North America and the rising use of enhanced oil recovery techniques to explore mature oilfields across the globe are expected to propel the market in production application during the forecast period.
Driven by the rapidly growing population, increasing consumer spending, and promising growth opportunities, the specialty oilfield chemicals market is expected to witness a good growth in the coming years. The growing middle-class population in the region and rising industrialization in the field of food, agriculture, cosmetics, and many other manufacturing sectors, are creating the demand of these oilfield chemicals in the region. Along with that, rising disposable income in these countries are speeding up the demand of specialty oilfield chemicals.
The major factor restraining the growth of the specialty oilfield chemicals market is the changing chemical regulations. Chemical regulations are dynamic and are constantly changing as per the compliance requirements. Most of the countries have their own sets of regulations and requirements, which makes it difficult for international companies to comply with them. Countries such as China, Japan, and Indonesia are also focusing on revising their existing chemical regulations. Hence, changing rules and regulations are restraining the market growth.
Recent boom in shale gas innovation in North America coupled with increasing demand for energy across the world has provided lucrative opportunity to the specialty oilfield chemicals market growth. In addition, use of specialty chemicals prolongs the industrial equipment life by removing unwanted deposited metal scales, eventually minimizing equipment maintenance cost. This advantage in reducing maintenance cost is further expected to have positive impact on market growth over the forecast period.
Insights by geography
North America dominates the specialty oilfield chemicals market. The U.S., the U.K., Canada, Russia, and China are the significant nations that are widely adopting these oilfield chemicals. Asia-Pacific market is assessed to be the quickest developing area as boring, solidifying, and incitement exercises are enlisting a high development in the region. The Middle East is one of the biggest markets for unrefined petroleum applications, for example, oil-based power plants, petro-refineries, muck oil treatment, and a few others.
Some of the major players operating in the global specialty oilfield chemicals market are BASF SE, The Dow Chemicals Company, Ecolab Inc., The Lubrizol Corporation and Schlumberger Limited, Baker Hughes, a GE company, Clariant International AG, AkzoNobel N.V., Albemarle Corporation, and Halliburton Company.