Specialty oilfield chemical market is an enormous market, which includes industrial & institutional cleaning chemicals, specialty advanced polymers, construction chemicals, pesticides. The major prospect of specialty oilfield chemicals is to enhance the recovery of oil from oil-wells. These chemicals are used during various processes like drilling, exploration, production & maintenance involved in oil recovery from oilfields. Rise in crude oil production paired with increasing demand from oil recovery application is anticipated to oilfield chemicals market growth.
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Market Growth Factors
The global oilfield specialty chemical market is drive by huge demand for energy production. The innovation of shale gas is expected to boost demand further globally for oilfield specialty chemicals. However, rigid government regulations for potentially harmful chemicals to environment and harmful disposal procedures of chemicals slow down the market growth. Evolution of new eco-friendly products and solutions that abide by regulations produced more opportunities to grow the market. Most of the specialty oilfield chemicals are synthetic origin having less prices, easy availability & better customization.
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Based on product type, oilfield specialty chemical market is segmented as specialty chemicals & advanced polymers. Further specialty chemicals segmented in corrosion & scale inhibitors, biocides, depressants & surfactants. One of the largest market shares are held by corrosion & scale inhibitors with reducing equipment costs. Surfactants also expected to indicate considerable growth to enhanced oil recovery activities. Application-wise segmentation includes drilling fluids, well stimulations, production chemicals, cementing & enhanced oil recovery.
The existence of deep-water reserves, corrosive offshore fields, & shale reserves in regions like Latin America, Asia-pacific & Rest of World parts add growth opportunity to the market. North America has largest market in oilfield specialty chemicals followed by European countries. The key factor that drives oilfield specialty market in North America is expansion of shale oil & gas industries. Asia-pacific is expected to witness fastest growth in upcoming years. The active participation of countries like Saudi Arabia & Iran will drives the growth of market globally.
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The major global key players in Oilfield specialty chemical market are Ashland Inc., BASF SE, The Dow Chemical Company, Clariant AG, Solvay SA, The Lubrizol Corporation, Akzonobel NV, Nalco Champion, Baker Hughes Inc., Flotek Industries, Kemira OYJ.
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