Dublin, April 19, 2023 (GLOBE NEWSWIRE) -- The "Specialty Oilfield Chemicals Market by Type (Demulsifiers, Inhibitors & Scavengers, Rheology modifiers, Friction reducers, Specialty biocides, Specialty surfactants, Pour point depressants, and Others), Application, and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The market for specialty oilfield chemicals is approximated to be USD 11.8 billion in 2022, and it is projected to reach USD 14.5 billion by 2027 at a CAGR of 4.2%.
Out of eight types (Demulsifiers, Inhibitors & Scavengers, Rheology modifiers, Friction reducers, Specialty biocides, Specialty surfactants, Pour point depressants, and Others), Demulsifiers have the largest market share because it is used to break emulsions that are present in the oil reservoirs, as well as during oil production, transportation, and processing.
However, the major factor which drives the market for demulsifiers is the rise in crude oil production which is expected to grow in the forecast period.
By Type, Specialty Biocides accounted for the highest CAGR during the forecast period.
Specialty biocides are used either to completely eliminate or to control microbial growth. They are used to maintain, treat, and optimize oil & gas production from reservoirs by reducing the downtime caused by corrosion and also to clean the well and surface equipment. The biocide usage patterns depend upon the nature of the underlying problem and require different treatments accordingly. With the increasing production of crude oil, the demand for specialty biocide is projected to increase which also supports the growth of the overall specialty oilfield chemicals market in the forecast period.
By Application, Well stimulation segment accounted for the second-highest CAGR during the forecast period
Well stimulation is carried out to increase the productivity of wells, and thereby, enhance the flow of hydrocarbons at or above the projected rate in both new and existing oil wells. This process can be carried out at any time over the lifespan of the well. The increased need to stimulate oil production from mature oil wells drives the demand for hydraulic fracturing or fracking fluids in the well stimulation process. Hence, this drives the market of specialty oilfield chemicals during the forecast period.
North America is projected to account for the fastest-growing in specialty oilfield chemicals market during the forecast period
The fastest-growing specialty oilfield chemicals market is expected to occur in the North American region. The various countries which are covered in this region are US, Canada, and Mexico. Countries such as US and Canada, are expected to rise in the specialty oilfield chemicals market due to growing drilling activities. In addition to this, the demand for specialty oilfield chemicals is driven by the oil & gas industries. There is a rising exploration of shale gas and oil reserves in the region, which is projected to increase during the forecast period and also supports the growth of specialty oilfield chemicals in the same period.
Market Dynamics
Drivers
- Growth in Crude Oil Production
- Unique Characteristics of Specialty Oilfield Chemicals
Restraints
- Fluctuations in Crude Oil Prices
- Geopolitical Issues in Middle East
Opportunities
- Rise in Aging Oil Reservoirs
- Exploration of New Oilfields
Challenges
- Strict Environment Regulations
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 262 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $11.8 Billion |
| Forecasted Market Value (USD) by 2027 | $14.5 Billion |
| Compound Annual Growth Rate | 4.2% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Specialty Oilfield Chemicals Market, by Application
7.1 Introduction
7.2 Production
7.2.1 Growing Production of Crude Oil to Propel Market
7.3 Well Stimulation
7.3.1 Growing Fracking Activities to Boost Market
7.4 Drilling Fluids
7.4.1 Need to Maintain Wellbore Stability to Drive Segment
7.5 Enhanced Oil Recovery
7.5.1 Need to Recover Oil from Declining or Matured-Stage Reserves to Drive Segment
7.6 Cementing
7.6.1 Need to Overcome Numerous Oil Well-Related Problems and Lost Operation Time to Drive Segment
7.7 Workover & Completion
7.7.1 Requirement for Control of Formation Pressures to Drive Segment
8 Specialty Oilfield Chemicals Market, by Type
8.1 Introduction
8.2 Demulsifiers
8.2.1 Increasing Crude Oil Production to Drive Demand for Demulsifiers
8.3 Inhibitors & Scavengers
8.3.1 Increased Demand for Inhibitors & Scavengers in Aging Wells to Boost Market
8.4 Rheology Modifiers
8.4.1 Increase in Drilling Activities to Drive Segment
8.5 Friction Reducers
8.5.1 Well-Stimulation Activities to Drive Segment
8.6 Specialty Biocides
8.6.1 Nee to Reduce or Completely Eliminate Microbial Growth to Drive Segment
8.7 Specialty Surfactants
8.7.1 Enhanced Oil Recovery Activities to Drive Segment
8.8 Pour Point Depressants
8.8.1 High Wax Content of Asian Crude Oil to Drive Market
8.9 Others
9 Specialty Oilfield Chemicals Market, by Region
10 Competitive Landscape
11 Company Profiles
12 Adjacent Market
13 Appendix
Companies Mentioned
- Albemarle Corporation
- Arkema
- Ashland
- Baker Hughes Company
- BASF SE
- Cargill, Incorporated
- Chevron Phillips Chemical Company LLC
- Clariant
- Dow
- Ecolab
- Elementis PLC
- Flotek Industries Inc.
- Geo
- Halliburton
- Innospec
- Kemira
- Nouryon
- Oleon Nv
- Purechem Services
- Slb
- Smc Global
- Solvay
- Stepan Company
- The Lubrizol Corporation
- Thermax Limited
For more information about this report visit https://www.researchandmarkets.com/r/idh3j3
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