With the emergence and long-term Impact of COVID-19, Global Specialty Oilfield Chemicals Market to reach USD 15.58 Billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Specialty Oilfield Chemicals Market points towards a potential rise to USD 15.58 Billion by 2030. Specialty oilfield chemicals are a specialized category of chemicals that play a crucial role in various processes within the oil and gas industry. These chemicals are designed to address specific challenges and enhance the efficiency of oilfield operations. These chemicals serve a range of purposes, including drilling fluids that aid in the drilling process by lubricating and cooling the drill bit, preventing corrosion, and controlling the viscosity of the drilling mud.
Additionally, specialty chemicals are employed in enhanced oil recovery (EOR) methods, which aim to maximize the extraction of oil from reservoirs by altering the physical and chemical properties of the reservoir fluids. The Specialty Oilfield Chemicals market is expanding because of factors such as increasing crude oil production growing demand from the enhanced oil recovery application and rising adoption of automation in the oil & gas production techniques.
Geographically, the global Specialty Oilfield Chemicals market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 with largest market share owing to expansion in oil and gas production due to advancements in drilling technologies, specifically hydraulic fracturing (fracking) and horizontal drilling. These innovations have empowered the extraction of oil and gas from unconventional sources, such as shale formations, resulting in a substantial uptick in production. Consequently, there has been a heightened demand for specialty oilfield chemicals to facilitate and enhance the extraction, production, and refining processes within the oil and gas industry.
Europe is expected to grow at a fastest CAGR during the forecast period. Europe has been experiencing high oil production activity, particularly in countries like Norway and the North Sea region. Norway, as one of Europe’s largest oil producers, has been investing in advanced technologies and techniques to maximize oil recovery from mature fields. This includes the use of specialty chemicals to improve reservoir sweep efficiency, enhance oil recovery rates, and mitigate production challenges such as formation damage and scaling. Thus, the demand for these chemicals has consequently increased to support the ongoing oil production activities in the region.
The global Specialty Oilfield Chemicals market is highly competitive owing to the presence of several key players such as BASF SE Baker Hughes GE company LLC Croda International Plc Schlumberger Limited Huntsman International LLC ELEMENTIS PLC Evonik Industries AG CPS Performance Materials Roemex Limited, and others.
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Key findings of the study suggest:
- Global Specialty Oilfield Chemicals Market is anticipated to grow with a healthy growth rate of more than 4.4% over the forecast period 2023-2030.
- In the Product segment, Inhibitors emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to the expansion in oil and gas production due to advancements in drilling technologies, specifically hydraulic fracturing (fracking) and horizontal drilling.
- Asia Pacific is expected to grow at higher rate followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
By Product:
- Inhibitors
- Friction Reducers
- Surfactants
- Biocides
- Demulsifiers
- Other Products
By Application:
- Production
- Drilling fluids
- Oil Recovery
- Cementing
- Other Applications
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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