According to the current analysis of Reports and Data, the global Specialty Oilfield Chemicals market was valued at USD 10.98 Billion in 2020 and is expected to reach USD 14.95 Billion by 2028, at a CAGR of 3.90%. These chemicals have many dynamic applications and find extensive use in the oil and gas industry. The growth in oil drilling and extensive demand and production of crude oil are major reasons behind the flourishing state of specialty oilfield chemicals. Most chemicals under the specialty oilfield type are employed for specific purposes throughout the production lifecycle of an oilfield chemical. Those that can solve more than one purpose are usually preferred, like surfactant chemicals.
An increasing trend for supply centers shifting is observed due to the arrival of shale gas in the US as compared to the coals or olefins from China. The key raw materials for oilfield chemicals are getting scarce. The regulatory requirements are exponentially increasing as the environmental impact of the emissions and waste become more and more harmful. Another major factor that will hamper the growth of the market over the forecasted period is the shift of the consumers towards sustainable products which completely avoids the use of plastics as well as other specialty oilfield chemicals.
The top companies profiled in the report include BASF SE, Solvay, Akzo Nobel NV, Huntsman International LLC, Thermax Global, Sadara, Global Drilling Fluids Chemicals Limited, Roemex Limited, Schlumberger, Ashland Inc.
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Major factors driving revenue growth of the global materials chemicals industry are rise in global population, tremendous increase in demand for essential consumer products such as food beverages, cosmetics, and personal care hygiene products, and extensive use of chemicals and raw materials in industries including buildings construction, automotive, agriculture, textiles, packaging, electronics, and several other industries. Other major factors bolstering market revenue growth are the increasing focus of manufacturers on using eco-friendly and sustainable materials chemicals for reduced environmental impact, the introduction of organic and highly sustainable chemicals, and increasing demand for high-performance agrochemicals and specialty chemicals.
Global Specialty Oilfield Chemicals Market: Regional Segmentation
- North America
- U.S.
- Canada
- Mexico
- Europe
- Russia
- U.K.
- Germany
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East Africa
- Saudi Arabia
- U.A.E.
- Israel
- Rest of Middle East Africa
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For the purpose of this study, Reports and Data have segmented the Specialty Oilfield Chemicals market on the basis of product, application, and region:
Product
- Demulsifier
- Deoiler
- Biocide
- Fluid Loss Additive
- Corrosion and Scale Inhibitors
- Clay Stabilizer
- Pour Point Depressant
- Others
Application
- Drilling
- Cementing
- Production
- Enhanced Oil Recovery
- Well Stimulation
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