Global Specialty Oilfield Chemicals Market Overview
Specialty oilfield chemicals are used in oilfields to maximize productivity and meet growing energy requirements on a global scale. The chemicals improve functionality or performance of the oilfield, assisting in increasing innovative customer service to targeted individuals or industries.
The global specialty oilfield chemicals market was worth $XX million in 2017 and is forecasted to reach $21,437 million by 2025, growing at a CAGR of 4.63% during the forecast period (2018-2025).
Global Specialty Oilfield Chemicals Market – Market Dynamics
The increasing demand for a higher production volume of crude oil, coupled with the benefits offered by specialty oilfield chemicals such as prevention of corrosion in pipelines and wax formation in oil, is expected to drive the market growth of specialty oilfield chemicals. The shifting trend towards the exploration of alternative resources such as shale oil further increases the demand for specialty oil chemicals, as the end-products help in providing support during horizontal drilling and hydraulic fracturing. Additionally, the end-products are also used in microbial control in oil refining techniques and developing perceptive penetrating oil drilling exercises.
The declining crude oil prices act as a significant barrier to market growth, coupled with stringent environmental regulations adopted by various regional governments. The disposal of chemicals after use also poses a considerable threat, as the procedures of chemical disposition without affecting the surrounding environment are costly in itself. The disruptions and disturbances caused in the Middle East region owing to complex socio-political issues are moderately hampering the growth of the market, as productivity rates of oilfields are reduced, and transportation routes of specialty oilfield chemicals are getting targeted.
The exploration and discovery of newer oilfields and innovation in extraction techniques are expected to present newer opportunities for business expansion to significant market players.
Global Specialty Oilfield Chemicals Market – Segment Analysis
Global Specialty Oilfield Chemicals Market, 2017 (%)
Workover & Completion 30%
Production Chemicals 22%
Enhanced Oil Recovery (EOR) 20%
Drilling Fluid 15%
Well Stimulation 5%
The specialty oilfield chemicals market is segmented by type into demulsifiers, inhibitors & scavengers, rheology modifiers, friction reducers, specialty biocides, specialty surfactants, pour point depressants, and others. The specialty biocides segment is expected to grow at a robust rate owing to its application as an anti-fouling agent in controlling sulfate-reducing and slime-forming bacteria during drilling of well. For instance, in September 2017, BASF SE announced the expansion of its specialty biocide production facility in Nanjing, China for serving oilfield exploration customers.
By application, the market is segmented into production, well stimulation, drilling fluids, enhanced oil recovery (EOR), cementing, and workover & completion. The workover & completion segment holds significant market share, owing to the increased demand for specialty chemicals during the repair of corrosion-affected production tubing or increasing the declining productivity of the reservoir. Also, the specialty oilfield chemicals help in creating favorable flow paths to optimize oilfield productivity. The Workover & Completion segment is calculated to be 4,478.74 USD Million in 2017.
Global Specialty Oilfield Chemicals Market – Geographical Analysis
Global Specialty Oilfield Chemicals Market, 2017 (%)
North America 19.87%
South America 13.32%
The global specialty oilfield chemicals market is segmented geographically by region into North America, South America, Europe, Asia-Pacific, and Rest of the World (RoW).
North America leads the market by geography owing to the presence of key players in the region focusing on the expansion of business opportunities by looking for newer oilfields and shifting focus towards the exploration of alternative resources such as shale oil. The innovation in techniques such as horizontal and vertical drilling and hydrogen fracking is also expected to drive the regional market growth.
The region of Asia-Pacific is expected to witness a robust growth rate owing to the rise in demand of specialty oilfield chemicals in oilfield exploration fields in the South China Sea, mainland China, India, and Southeast Asian countries.
Global Specialty Oilfield Chemicals Market –Competitive Analysis
The market is highly competitive, with the presence of global oil companies looking to optimize oil extraction procedures to minimize losses and increase productivity. The key market players include BASF SE, Baker Hughes, DowDuPont Inc., Halliburton Company, and Schlumberger Limited. The companies are looking to expand the product portfolio and business reach by forming strategic collaborations and partnerships. For instance, in July 2018, Halliburton Company and Tetra Technologies, Inc. announced that the companies have entered into a global joint marketing and development agreement for the sale and distribution of TETRA’s proprietary family of TETRA CS Neptune® completion fluids for deepwater and complex high-pressure wells.
• The workover & completion segment is a leading segment by application owing to the increased demand for specialty chemicals during the repair of corrosion-affected production tubing or increasing the declining productivity of the reservoir.
• North America is the leading geographical segment owing to the presence of key players in the region focusing on the expansion of business opportunities by looking for newer oilfields and shifting focus towards the exploration of alternative resources such as shale oil.
• The companies focus on collaborations and vendor supply agreements to expand business operations. For instance, in April 2018, Kemira Oyj signed a multi-year agreement with Chevron North Sea Limited for the supply of specialty polymers for oilfield exploration.
Scope of the Report
The report covers the factors impacting the market, Porter 5 Forces, Competitive Scenario, Product Benchmarking, and company profiles. Specialty Oilfield Chemicals Market is segmented by type into demulsifiers, inhibitors & scavengers, rheology modifiers, friction reducers, specialty biocides, specialty surfactants, pour point depressants, and others. By application, the global Specialty Oilfield Chemicals market is segmented into production, well stimulation, drilling fluids, enhanced oil recovery (EOR), cementing, and workover & completion. Geographically, the market is segmented into North America, South America, Europe, Asia Pacific and Rest of the World.
Why Purchase the Report?
• Visualize the composition of the Specialty Oilfield Chemicals market across each indication, regarding type and treatment options, highlighting the vital commercial assets and players.
• Identify commercial opportunities in Specialty Oilfield Chemicals market by analyzing trends and co-development deals.
• Excel data sheet with thousands of data points of the Specialty Oilfield Chemicals market - level 4/5 segmentation.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the principal products of all major market players
• Equipment Suppliers/ Buyers
• Service Providers/ Buyers
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Research Professionals
• Emerging Companies
Chapter 1 Methodology and Scope
1.1 Research methodology
1.2 Scope of the Report
Chapter 2 Global Specialty Oilfield Chemicals Market– Trends
2.1 Key Trends & Developments
Chapter 3 Global Specialty Oilfield Chemicals Market – Industry Analysis
3.1. Industry Impact Factors
3.1.1. Market Drivers
3.1.2. Market Restraints
3.2. Competitive Intensity- Porter 5 Forces
3.2.1. Buyers Power
3.2.2. Suppliers Power
3.2.3. Industry Competition
3.2.4. Threat of new entrants
3.2.5. Threat of Substitutes
Chapter 4 Global Specialty Oilfield Chemicals Market- Product Analysis
4.1. By Type
4.1.2. Inhibitors & Scavengers
4.1.3. Rheology Modifiers
4.1.4. Friction Reducers
4.1.5. Specialty Biocides
4.1.6. Specialty Surfactants
4.1.7. Pour Point Depressants
4.2. By Application
4.2.2. Well Stimulation
4.2.3. Drilling Fluids
4.2.4. Enhanced Oil Recovery (EOR)
4.2.6. Workover & Completion
Chapter 5 Global Specialty Oilfield Chemicals Market- Geographical Analysis
5.1. North America
5.2. South America
5.2.3. Rest of South America
5.3.2. United Kingdom
5.3.4. Rest of Europe
5.4. Asia Pacific
5.4.5. Rest of Asia-Pacific
Chapter 6 Global Specialty Oilfield Chemicals Market- Competitive Landscape
6.1. Competitive scenario
6.2. Key Strategies adopted by Manufacturers
6.3. Product Benchmarking
Chapter 7 Global Specialty Oilfield Chemicals Market- Company Profiles
7.1. Akzo Nobel N.V.
7.2. BASF SE
7.3. Baker Hughes
7.4. Clariant AG
7.5. DowDuPont Inc.
7.6. Ecolab Inc.
7.7. Halliburton Company
7.8. Kemira Oyj
7.9. Schlumberger Limited
7.10. Solvay SA
Chapter 8 Global Specialty Oilfield Chemicals Market- Appendix