Specialty Oilfield Chemicals Market to Undertake Strapping Growth During 2024
The
specialty oilfield chemicals market is a multi-million market, which
includes a wide array of specialty chemicals employed for a broad
range of purposes. The major products offered within this market
encompass industrial and institutional cleaning chemicals, specialty
advanced polymers, pesticides, and construction chemicals among
several others. The main purpose of specialty oilfield chemicals is
to improve the recovery of oil from the oil-well. These chemicals are
utilized during various processes involved in oil recovery from the
oilfield such as drilling, exploration, production and maintenance.
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Applications
for specialty oilfield chemicals include corrosion inhibition, scale
inhibition, pest control, demulsification, foam control agents,
emulsifying agents, gelling agents, friction reduction, fracking
agents, anti-freeze agents, dispersing agents, etc. These chemicals
are used in oilfield functions such as in drilling fluids, well
stimulation, oil production, well cementing, oil recovery, work-over
and completion. Most chemicals are used for specific purposes
throughout the production lifecycle of an oilfield. However, certain
chemicals solve more than one purpose, especially surfactant
chemicals. Alternately, more than one chemical can be used for a
specific function in oilfield applications.
The
global specialty oilfield chemicals market is primarily driven by the
high demand for energy production. Oil is the basic fuel source
across the world for most industrial and many domestic activities.
Additionally, the current shale gas revolution is expected to further
boost demand for specialty oilfield chemicals globally. However,
stringent regulations against chemicals potentially harmful for the
environment and costly disposal procedures for chemicals after use
are anticipated to hinder market growth. Development of new
environment friendly products and solutions that comply with
regulations laid down by global and regional regulatory authorities
might present prospective opportunities for further demand growth.
In
terms of geography North America is estimated to be the leading
consumer owing to the high growth in the number of oilfield
exploration and deep drilling activities. Additionally, the shale gas
revolution has instilled renewed vigor in oil extraction and lead to
increase in the demand for specialty oilfield chemicals market. Latin
America, Eastern Europe, The Middle East, and Asia Pacific are
amongst other rapidly growing markets. These markets are
characterized by increasing oil exploration and drilling activities
owing to rapid industrial growth in the regions. Most of the
investment activities are concentrated on expansion into emerging
markets such as Asia Pacific, Latin America and Eastern Europe. The
market players are looking to enhance their footprints in the high
growth regions mentioned above and take advantage of lower land and
labor costs and lenient regulatory norms. Western Europe is expected
to face slower growth amidst economic crises in the euro zone
countries.
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The
specialty oilfield chemicals market is fragmented with major global
players investing heavily in global mergers and acquisitions to
consolidate the market. Some of the key market players include
Ashland Inc., BASF SE, The Dow Chemical Company, Clariant AG, E.I. Du
Pont De Nemours & Company, Solvay SA, The Lubrizol Corporation,
Akzonobel NV, Baker Hughes Inc. and Kemira OYJ among others.
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