Specialty oilfield chemicals are commonly used in the oil and gas industry in order to improve the production performance and quality. They enhance the recovery rate of the hydrocarbons and improve the well performance. Growth in the shale industry and constant advancements in the technologies are expected to create positive opportunities in the specialty oilfield chemicals market. The chemicals available in the market are categorized on the basis of their types, characteristics and basic applications. Growth in business activities and rising demand for fuel from around the world are also expected to key the driving factors for this industry during near future. Strong development and expansion opportunities are projected to attract new players towards this market, which is considered to be a good sign for the existing players as well.
According the researchers, changing demand trends in the global specialty oilfield chemicals market are expected to create potential growth opportunities in this market. According to them, the global market is majorly driven by three key drivers. These drivers include, rising deep water and ultra-deep water drilling activities, strong rise in the production of crude oil and increasing demand in the processes like well stimulation. All these drivers are mainly controlled by the changing fuel requirements of the world.
Strong rise in demand for fuel and energy sources are creating the demand for deep water drilling operations, which are contributing to the rising demand for these chemicals. Political issues across the major sources of oil and gas, especially from the Middle Eastern regions are expected to be the strongest restraining factors for the market. However, use of biopolymer EOR and discovery of new oilfields across the world are expected to create business opportunities in the market.
Market Segmentation and Forecasts
In order to derive accurate forecasting reports, researchers segment the global specialty oilfield chemicals market into different types of products and their applications. The types of products are mainly segmented into advanced polymers and specialty chemicals. The chemicals are sub-segmented into biocides, corrosion and scale inhibitors, surfactants, pout-point depressants, demulsifiers, and others. The other products include drag reducers, gelling agents, defoamers, antifreeze agents, and etc. The polymers are sub-categorized into synthetic and natural polymers.
Major applications of these products include well stimulation, fracking, drilling fluid, cementing, production chemicals, enhanced oil recovery, workover and completion and so on. On the basis of geographic regions, the market is categorized into Europe, North America, Asia Pacific, Africa and Middle East, Latin America and the rest of the world. According to the latest research reports, the specialty oilfield chemicals market is expected to grow at a steady CAGR of over 5% from 2014 to 2019. At the estimated growth rate, the industry is projected to become worth $12.4 billion by the end of 2019.