DUBLIN--(BUSINESS WIRE)--The "Specialty Oilfield Chemicals Market by Type (Demulsifiers, Inhibitors & Scavengers, Rheology Modifiers, Friction Reducers, Specialty Biocides, Specialty Surfactants, Pour Point Depressants), Application, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The market size of specialty oilfield chemicals was USD 11,824.7 million in 2019 and is projected to reach USD 13,363.4 million by 2025, at a CAGR of 4.2%.
Specialty oilfield chemicals are used to achieve higher productivity and increase the yield of an oil & gas field. The consumption of these chemicals varies according to the oil well specifications and imparts unique capabilities and functionality to well drilling, completion, and intervention or stimulation activities. North America is the largest market, followed by the Middle East & Africa.
A projected increase in crude oil production after an expected decrease in the COVID-19 impact in the near future is expected to drive the market during the forecast period. Stringent environmental regulations and geopolitical issues in the Middle East region are the factors restraining the market. The discovery of new oilfields and an increase in aging oil reservoirs are expected to provide high growth opportunities to manufacturers.
Demulsifiers to be the largest type segment in the global specialty oilfield chemicals market
Demulsifiers is projected to be the largest type segment in the global specialty oilfield chemicals market from 2020 to 2025. They find extensive application in the separation of water and oil from water-oil emulsions, and thereby, reduce the chance of adulteration in the produced oil. They act on the emulsion by flocculation of oil droplets, dropping of water, and coalescence of water droplets. The major factor driving the demulsifiers type is an expected increase in crude oil production after an expected decrease in the COVID-19 impact in the near future.
Production to be the largest application of specialty oilfield chemicals during the forecast period
Production is expected to be the largest application segment of the global specialty oilfield chemicals market from 2020 to 2025. The increase in the production of crude from major oil-producing countries around the globe is expected to propel the demand for specialty oilfield chemicals during the forecast period. Conventionally, drilling and production applications have the highest consumption of oilfield chemicals, but the decrease in drilling activities in various regions due to the declining oil prices have resulted in production as the largest application of specialty oilfield chemicals, globally. These factors are expected to boost the demand for these chemicals in the production application.
North America to be the leading market during the forecast period, in terms of both volume and value
North America is the largest specialty oilfield chemicals market as the region holds considerable growth potential for extensive oil and gas production and even drilling activities, which plays an important role in propelling the demand for specialty oilfield chemicals in the country. The exploration of shale gas reserves in the region presents growth opportunities for the specialty oilfield chemicals market. This trend is expected to continue due to the discovery of new resources and continued exploration and production activities in this region.
- Expected Increase in Crude Oil Production in the Near Future
- Unique Characteristics of Specialty Oilfield Chemicals
- Declining Crude Oil Prices
- Geopolitical Issues in the Middle East
- Discoveries of New Oilfields
- Increase in Aging Oil Reservoirs
Stringent Environmental Regulations
- BASF SE
- The DOW Chemical Company
- Baker Hughes Company
- Chevron Philips Chemical Company
- National Oilwell Varco
- Geo Specialty Chemicals
- Purechem Energy Services
- Stepan Company
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