$14.98+ Billion Worldwide Specialty Oilfield Chemicals Market to 2028 - Identify Growth Segments for Investment | Specialty Oilfield Chemicals Industry - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2028)

NEW YORK, United States, April 13, 2023 (GLOBE NEWSWIRE) -- According to Zion Market Research has published a new research report titled “Specialty Oilfield Chemicals Market By Type (Deoiler, Additive, Demulsifier, Fluid Loss Additive, Biocide, Corrosion Inhibitor, And Others), By Application (Cementing, Drilling, Enhanced Oil Recovery, And Production), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028” in its research database.

“According to the latest research study, the demand of global Specialty Oilfield Chemicals Market size & share in terms of revenue was valued at USD 11 billion in 2021 and it is expected to surpass around USD 14.98 billion mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 3.15% during the forecast period 2022 to 2028.”

What are Specialty Oilfield Chemicals? How big is the Specialty Oilfield Chemicals Industry?

Specialty Oilfield Chemicals Market Coverage & Overview:

Specialty oilfield chemicals have large applications in the oil & gas sector where they are used to improve the operational efficiency of the oil extraction process due to their huge applications in processes like production, drilling, and other related affairs. Specialty oilfield chemicals are a part of the new innovation regime witnessed in the oil & gas industry. One of its uses is in the cementing process which involves preparing oil wells for production, drilling, or abandonment.

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The compounds are used to ensure the wells are sufficiently prepared to tackle problems like fluid loss, lost circulation control, and gas migration control. During drilling, which is a time-bound activity to deliver a higher rate of return, which is why drilling fluids are extremely important. The global market cap generates high revenues due to production innovation adopted by various players. For instance, oilfield chemicals produced by BASF, a leading chemicals business, provide compounds or additives that can be used in drilling operations along with production, stimulation, and cementing

Our Free Sample Report Consists of the Following:

• Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
• The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
• About 199+ Pages Research Report (Including Recent Research)
• Provide detailed chapter-by-chapter guidance on Request
• Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
• Includes Tables and figures have been updated
• The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
• Zion Market Research Methodology

(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)

Global Specialty Oilfield Chemicals Market: Dynamics

During Covid-19, the demand for specialty oilfield chemicals reduced drastically due to the decrease in oil consumption during the first 3 quarters of 2020; however, the global market size picked up growth momentum once the economies slowly started opening up creating a more convenient channel for goods transportation. The global specialty oilfield chemicals are projected to grow owing to increased drilling activities witnessed in oil-rich nations as well as high investment in off-shore activities. The global market is projected to benefit due to rapid growth in exploration activities to meet the exponentially rising demand for crude oil.

The US is known to consume around 20.59 million barrels per day out of which around 39.9% is used for powering vehicles. As per official reports, demand for crude oil in India may rise from 4.75 million barrels per day (mbd) in 2019 to 9.19 mbd in 2050. There is a steady rise in the number of players conducting encouraging offshore activities.

The Safaniya field, the world's largest offshore oil field, can produce around 1.2 mbd. The field is operated by Saudi Aramco, a state-owned oil company. Since oil & gas have proven to play a crucial role in determining global powers, every nation along with key market players invests as much as possible in finding more ways of either procuring or supporting the producers of oil & gas, which may be a leading factor during global market growth. The stringent government regulations pose hindrances during global market growth while the changing power dynamics are expected to provide growth opportunities with some challenges due to the high cost of the compound.

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Report Scope

Specialty Oilfield Chemicals Market: Segmentation Analysis

The global specialty oilfield chemicals market is segmented based on application, type, and region.

Based on application, the global market is divided into cementing, drilling, enhanced oil recovery, and production with drilling leading the global market segment. In 2017, Saudi Aramco, one of the biggest players in the oil & gas sector, was claimed to be operating more than 220 drilling rigs which was a result of increased investment even though oil prices were high during this year. Enhanced oil recovery (EOR) tails the drilling segment. It refers to the process through which companies can access the oil in wells that were not reached during the primary and secondary oil extraction process.

Based on type, the global market segments are deoiler, additive, demulsifier, fluid loss additive, biocide, corrosion inhibitor, and others. The segment witnesses the highest growth rate in the corrosion inhibitor section owing to the wide applications of the compound in protecting pipeline and refinery structures against corrosion.

Although deterioration due to corrosiveness is a common aspect, it can be inhibited with the use of specialty oilfield compounds. As per a study on 66 marine environment failures, 42 were due to corrosion. Fluid loss additive also generates high revenue. It is also known as a filtrate-reducing agent. Fluid loss may occur when the liquid comes in contact with a porous substance.

The global Specialty Oilfield Chemicals market is segmented as follows:

By Type

• Deoiler
• Additive
• Demulsifier
• Fluid Loss Additive
• Biocide
• Corrosion Inhibitor
• Others

By Application

• Cementing
• Drilling
• Enhanced Oil Recovery
• Production

Browse the full “Specialty Oilfield Chemicals By Type (Deoiler, Additive, Demulsifier, Fluid Loss Additive, Biocide, Corrosion Inhibitor, and Others), By Application (Cementing, Drilling, Enhanced Oil Recovery, and Production), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.”- Report at https://www.zionmarketresearch.com/report/specialty-oilfield-chemicals-market

Competitive Landscape

Some of the main competitors dominating the global Specialty Oilfield Chemicals market include - 

• Akzo Nobel NV
• Solvay
• Huntsman International LLC
• SMC Oilfield Chemicals
• BASF SE
• KMCO LLC

 Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Specialty Oilfield Chemicals market is likely to expand at a CAGR of around 3.15% during the forecast period (2022-2028).        
• In terms of revenue, the Specialty Oilfield Chemicals market size was valued at around US$ 11 billion in 2021 and is projected to reach US$ 14.98 billion by 2028.
• Based on application segmentation, drilling was predicted to show maximum market share in the year 2021.
• Based on type segmentation, corrosion inhibitor was the leading type in 2021.
• On the basis of region, Asia-Pacific was the leading revenue generator in 2021.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Specialty Oilfield Chemicals industry?
• What are the main driving factors propelling the Specialty Oilfield Chemicals Market forward?
• What are the leading companies in the Specialty Oilfield Chemicals Industry?
• What segments does the Specialty Oilfield Chemicals Market cover?
• How can I receive a free copy of the Specialty Oilfield Chemicals Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2022−2028
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Type, Application and Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

North America is projected to lead the global specialty oilfield market due to high offshore activities conducted in the coastal areas of the US and Canada, which are also two of the world’s most powerful countries dominating the oil & gas sector. The political alliance between the US and Ukraine, a major supplier of crude oil, plays a major role in generating high revenue in the US market.

The Middle-East market may grow considerably due to the presence of some of the world’s biggest key market players that have the capacity to fulfill most of the world’s oil & gas requirements. Asia-Pacific may also register a high CAGR due to a shift in the alliance between Russia, India, and China with the latter two increasing imports of Russian oil.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

• In February 2022, FMR LLC increased its shareholdings in a US-based specialty chemicals company called Innospec Inc.
• In January 2019, the world witnessed a high-impact merger between BASF and Solenis

To know an additional revised 2022 list of market players, request a brochure of the report: https://www.zionmarketresearch.com/requestbrochure/specialty-oilfield-chemicals-market

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