Global specialty oilfield chemicals market is expected to witness growth in light of increasing application in drilling, well completion and production in upstream oil & gas sector. Increasing production output of crude oil and natural gas in Middle East in light of deployment of enhanced oil recovery application is likely to augment specialty oilfield chemicals market growth over the forecast period. Increasing application of deep drilling and ultra deep drilling is anticipated to drive the market for specialty oilfield chemicals. The application of specialty oilfield chemicals increases the equipment life through the removal of unwanted deposited metal scales thereby minimizing equipment maintenance cost which is expected to have positive impact on market growth over the forecast period. Growing environmental concerns pertaining to the application of synthetic chemicals in oilfields is likely to hinder specialty oilfield chemicals market growth in near future.
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Majorly used specialty oilfield chemicals include scale inhibitors, corrosion inhibitors, demulsifiers, biocides, surfactants and pour point depressants. These chemicals are added to enhance effectiveness of oil recovery and achieve optimum performance. Demulsifiers are expected to be one of the promising product segments of specialty oilfield chemicals in vague of its extensive application in oil water separation in upstream and midstream oil & gas industry. Increasing application of surfactants in oil recovery is expected to have a positive impact on market over the forecast period. Emergence of biosurfactants such as rhamnolipids is expected to have a positive impact on market over the forecast period. Shifting inclination of manufacturing industry from breakdown maintenance to condition based monitoring is expected to increase importance of corrosion inhibitors which is expected to have a positive impact on specialty oilfield chemicals market in the near future.
North America is expected to be potential specialty oilfield chemicals market in light of increasing production of shale oil and tight gas in U.S. and Canada amidst technological advancement in hydraulic fracturing. Inclination of governments of China and India to increase the application of exploration and production of crude oil and natural gas through promoting foreign direct investments at domestic level is expected to increase the application of specialty oilfield chemicals over the forecast period. Key market players include DuPont, AkzoNobel NV, BASF SE, The Dow Chemical Company, Baker Hughes, The Lubrizol Corporation, Halliburton and Schulumberger Limited.
Specialty Oilfield Chemicals Market
Information Source: Grand View Research