Published on : Nov 25, 2019
In the years to come, specialty oilfield market is anticipated to experience considerable growth due to augmented use in different fields like production chemicals, work over and completion, and drilling fluid activities. Rising demand for improved oil recovery application coupled with augmented production of crude oil is expected to add impetus to the global special oilfield chemicals market.
Some of the renowned companies of the global specialty oilfield market are Borregaard LignoTech, CES Energy Solutions Corp, Borregaard LignoTech, Chevron Phillips Chemical, Newpark Resources, and TETRA Technologies.
Type, application, and region are the parameters based on which, the global special oilfield chemicals market has been analyzed over a specific period of time.
Extensive Use of Special Oilfield Chemicals in Oil and Gas Industry to Drive Market
Special oilfield chemicals comprise a gamut of chemicals that are utilized in different processes such as water treatment and enhanced oil recovery, mining and transportation, and petroleum and gas drilling. Specific applications comprise stimulation, drilling fluids, enhanced oil recovery chemicals, and cementing.
Construction chemicals, pesticides, specialty advanced polymers, institutional cleaning chemicals are some of the products that fall under the scope of special oilfield chemicals. The main use of these chemicals is better the recovery process of oil from oil wells. Apart from oil recovery, these chemicals also find use in demulsification, fracking agents, emulsifying agents, and corrosion inhibition among many others. These chemicals enable hassle-free maintenance of a oilfield that is in operation. This leads to diminished expenditure due to stoppages and delays at the time of drilling processes. Special oilfield chemicals prevent the development of metal scales and lessen the quantity of water in oil wells at the time of drilling and exploration. Such utility of these chemicals broaden the prospects for growth of global special oilfield chemicals market during the forecast timeframe.
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The global special oilfield chemicals market is majorly fuelled by high demand for generation of more energy. For most of the industrial and numerous domestic activities, oil serves as the rudimentary fuel across the globe. Besides, increased exploration and discovery of shale gas reserves worldwide is likely to open up new vistas for the global special oilfield chemicals market during the assessment timeframe.
Introduction of new eco-friendly solutions and products adhering to the strict environment-related laws as laid down by various governments is anticipated to support the expansion of the global special oilfield chemicals market during the period of assessment.
On the flip side, fluctuations in the price of crude oil coupled with rise in concern about environmental protection and pollution are anticipated to obstruct the growth of the global special oilfield chemicals market in the years to come. Notwithstanding, the development of eco-friendly oilfield chemicals is highly likely to present considerable growth opportunities for the market in times to come.
Exploration of Unconventional Sources of Oil and Gas Bolster Demand in North America
For the purpose of analysis, the global special oilfield chemicals market is split into the primary regions of North America, Latin America, Europe, Middle East and Africa, and Asia Pacific.
From the geographical point of view, global special oilfield chemicals market has substantial prospects in Europe and North America. Rapid expansion in the exploration activities of unconventional oil and gas in North America has led to burgeoning demand for special oilfield chemicals. This trend is expected to continue with increasing depletion of the traditional sources of oil and gas in different parts of the world. The volume of special oilfield chemicals consumed in this region is likely to comprise a significant chunk of the market in years to come.
Apart from that, Latin America too is likely to emerge as one of the leading players in the market during the period of assessment. Escalation in exploration activities for discovery of oil and gas reserves in countries like Brazil is likely to boost the market in the region.