December 02, 2019
According to the latest study titled ‘Global Oilfield Specialty Chemical Market: By Chemical Type, By End User Type (2018 Edition): Forecast to 2022 -- By Chemical Type (Corrosion Inhibitors, Demulsifiers, Viscosifiers, Friction Reducers, Rheology modifiers, Biocides, Dispersants), By End User Type (Drilling Fluid, Well stimulation, Production Chemicals, Cementing, EOR)’ available at MarketStudyReport.com, the global oilfield specialty chemical market is estimated to grow with a CAGR of 4.8% through the year 2022.
Oilfield specialty chemical is used in the oil & gas industry to improve the well performance by making exploration and production more economical as well as environment friendly. Increasing application in cementing, drilling, production, and well stimulation are factors that propel the growth of oilfield specialty chemical market. Moreover, escalating crude oil production, along with growing demand from enhanced oil recovery application is presumed to augment the market growth.
Additionally, activities such as ultra-deep drilling and deep drilling activities for O&G sector have been driving the market in the recent past and will likely aid the future market outlook. The study examines the market for revenue shares of each segment and offers information about the growth patterns. Information about the market dynamics influencing the industry growth is also given in the report.
Based on chemical type, oilfield specialty chemical market is segmented into corrosion inhibitors, friction reducers, viscosifiers, biocides, demulsifiers, rheology modifiers, and dispersants. Considering the geographical landscape, the global oilfield specialty chemical market is divided into four major regions, namely, North America, Europe, APAC, and LAMEA.
The report cites that North America oilfield specialty chemical market holds the largest regional share presently and is estimated to continue this dominance over the forecast period, owing to extensive shale oil production and deep drilling exploration.
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However, APAC oilfield specialty chemical market is also slated to grow substantially in the upcoming years, owing to rising E&P activities in countries such as China, India, Australia, and Indonesia. Rise in production and development of crude oil wells supported by increasing investment in exploration and upstream segments will further boost the regional market outlook.
Some of the vendors that operate in the global oilfield specialty chemical market are The DOW Chemical Company, BASF SE, Halliburton Company, Schlumberger Limited, Solvay S.A., AkzoNobel NV, Kemira OYJ, Clariant, Stepan Company, ECOLAB, and Albemarle Corporation.
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