PUBLISHER: The Business Research Company | PRODUCT CODE: 1436706
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436706
Specialty oilfield chemicals encompass crucial chemical compounds used in the extraction processes of oil and gas. These chemicals facilitate handling, transportation, and production of crude oil.
Specialty oilfield chemicals encompass a range of products such as demulsifiers, inhibitors, scavengers, rheology modifiers, friction reducers, biocides, surfactants, among others. Demulsifiers, specifically, serve to separate emulsions in fuels and chemicals. These chemicals are applied across different terrains, both onshore and offshore, within various sectors including production chemicals, well stimulation, drilling fluids, and enhanced oil recovery to support different oilfield applications.
The specialty oilfield chemicals market research report is one of a series of new reports from The Business Research Company that provides specialty oilfield chemicals market statistics, including specialty oilfield chemicals industry global market size, regional shares, competitors with a specialty oilfield chemicals market share, detailed specialty oilfield chemicals market segments, market trends and opportunities, and any further data you may need to thrive in the specialty oilfield chemicals industry. This specialty oilfield chemicals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The specialty oilfield chemicals market size has grown strongly in recent years. It will grow from $11.21 billion in 2023 to $11.79 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth observed in the historical period can be linked to several factors including the increasing complexity of oilfield operations, a rising global demand for oil and gas, a shift towards unconventional reservoirs, a heightened focus on enhanced oil recovery (EOR) techniques, and significant developments in deepwater exploration and drilling.
The specialty oilfield chemicals market size is expected to see strong growth in the next few years. It will grow to $14.34 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. Anticipated growth in the upcoming period is expected to be fueled by several factors, notably the increasing demand for drilling fluids and completion fluids, expanding market reach into emerging economies, the adoption of asset integrity and corrosion prevention solutions, the implementation of water management solutions, and the continuous growth in deepwater and ultra-deepwater exploration activities. Major trends projected for the forecast period encompass the advancement and application of enhanced oil recovery (EOR) techniques, a notable shift towards unconventional oil and gas exploration, a heightened focus on environmental sustainability initiatives, the rise in deepwater and ultra-deepwater exploration endeavors, and ongoing technological advancements in chemical formulations used in the industry.
The specialty oilfield chemicals market anticipates growth due to increased demand in the oil and gas sector. These chemicals are vital in various stages of oil extraction, from drilling to production facilities, enhancing efficiency and optimizing oil recovery. This surge is linked to the growing crude oil production and the projections shared by the International Energy Agency (IEA) in October 2021, estimating a 5 mb/d capacity rise in global oil production by 2026. To meet the rebounding demand, a 10.2 mb/d increase in global oil output is anticipated. Thus, the escalating oil and gas demand fuels the specialty oilfield chemicals market's expansion.
The specialty oilfield chemicals market anticipates growth due to the rising production of crude oil. These chemicals play a pivotal role in various phases of crude oil extraction, ensuring improved extraction, optimized flow, and well integrity. In 2022, global crude oil production saw a significant surge of 5.4%, primarily led by substantial growth in the Middle East and notable gains in North and Latin America, despite challenges such as sanctions impacting Russia. Hence, the upsurge in crude oil production propels the specialty oilfield chemicals market's growth.
In the specialty oilfield market, a prominent trend involves major industry players focusing on innovative product development to maintain their market position. Notably, in April 2022, Ingevity Corporation, a US-based chemical manufacturing company, introduced EnvaWet UHS 3100 and EnvaDry P-FL, novel bio-based oilfield products. These offerings, derived from pine-based tall oil, boast unique sustainability advantages and specialized performance characteristics. EnvaDry P-FL, a 100% active spray-dried technology, exhibits multifunctional properties, enhancing fluid loss control and simplifying handling processes, particularly in cold climates.
Major companies are investing in state-of-the-art production facilities to ensure dependable services for their clientele. These facilities serve as centers for manufacturing goods and in March 2022, Halliburton Company unveiled its Halliburton Chemical Reaction Plant. This dedicated plant specializes in manufacturing oilfield specialty chemicals crucial throughout the oil and gas value chain, covering drilling, completion, production, and processing.
In October 2021, Verdant Specialty Solutions, a US-based specialty chemical company, completed the acquisition of Baze Chemical for an undisclosed sum. This strategic move facilitated Verdant's expansion within the US, augmenting its manufacturing capabilities and solidifying its position as a primary specialty ethoxylation partner along the Gulf Coast. Baze Chemical, a US-based company specializing in manufacturing production and drilling chemical products, became a valuable addition to Verdant's portfolio.
Major companies operating in the specialty oilfield chemicals market report are China National Petroleum Corporation, Badische Anilin- und Sodafabrik, The Dow Chemical Company, Schlumberger Limited, Baker Hughes Incorporated, DuPont de Nemours Inc., Huntsman International LLC, Albermarle Corporation., The Lubrizol Corporation, Clariant India Ltd., SNF Group, Calumet Specialty Products Partners, Weatherford International, ChampionX Corporation, Kemira Oyj, Solvay Specialities India Private Limited, Stepan Company, Croda INDIA COMPANY PRIVATE LIMITED, Ashland Inc., Kraton, Innospec Inc., CES Energy Solutions Corp., Thermax Limited., Nalco Champion, Elementis PLC, TETRA Technologies Inc., Dorf Ketal Chemicals, Halliburton India Operations Private Limited., Kemistry, Oil Flux Americas
North America was the largest region in the specialty oilfield chemicals market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the specialty oilfield chemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the specialty oilfield chemicals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Specialty oilfield chemicals consist of sales of pH control agents, completion fluids, dispersants, polymers, and fluid loss control additives. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Specialty Oilfield Chemicals Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on specialty oilfield chemicals market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for specialty oilfield chemicals ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The specialty oilfield chemicals market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.