Rising Applications of Specialty Chemicals Drives the Demand for Oil Field Specialty Chemicals Market

Corrosion inhibition, scale inhibition, pest control, demulsification, foam control agents, emulsifying agents, gelling agents, friction reduction, fracking agents, anti-freeze agents, dispersing agents, and other applications are all possible areas where specialty oilfield chemicals are used. These chemicals are used in drilling fluids, well stimulation, oil production, well cementing, oil recovery, workover, and completion. Most chemicals are used for specific purposes throughout an oilfield's production lifecycle. Certain chemicals, particularly surfactant chemicals, serve multiple functions. In oilfield applications, multiple chemicals can be used for a specific function. These are some of the applications of oil field specialty chemicals market which propel the market growth.

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Data Bridge Market Research analyses that the Oil Field Specialty Chemicals are expected to grow at a CAGR of 4.7% in the forecast period of 2021 to 2028 and is expected to reach USD 3,296,070.38 million by 2028 from USD 2232640.745 million in 2020.

Oil Field Specialty Chemicals

Rising demand for specialty chemicals is expected to drive the market

The food and beverage sector has been developed with several growth opportunities for international investors. Reliance on food trade, international tastes, changing consumer preferences and lifestyles, strategic geographic position, and Gulf food programmes have all contributed significantly to the development of the region's food and beverage industry, which is expected to drive demand for specialty chemicals in the forecat period.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2021 to 2028

Base Year

2020

Historic Years

2019 (Customizable to 2013 - 2018)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Type (Surfactants, Demulsifiers, Inhibitors, Biocides, Additives, Acids, Deformers, Polymers, Friction Reducers, Emulsifiers, Iron Control Agents, Dispersants, Viscosifiers, Wetting Agents, Retarders and Others), Location (Onshore and Offshore), Application (Drilling, Stimulation, Production, Enhanced Oil Recovery (EOR), Cementing, Workover & Completion and Others)

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

Market Players Covered

BASF SE (Germany), Solvay (Belgium), Dow (U.S.), Baker Hughes Company (U.S.), Clariant (Switzerland), Evonik Industries AG (Germany), Kemira (Finland), Thermax Limited (India), Huntsman International LLC (U.S.), Colonial Chemical Inc. (U.S.), Zirax (U.K.), Innospec (U.S.), CES Energy Solutions Corp. (Canada), Stepan Company (U.S.), EMEC (India), Chevron Phillips Chemical Company LLC (U.S.), KRATON CORPORATION (U.S.), Jiaxing Midas Oilfield Chemical Mfg Co., Ltd (China) among others.

Data Points Covered in the Report

In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Segment Analysis:

Global oil field specialty chemicals market is segmented into three notable segments which are based on the type, location and application.

  • On the basis of type, the oil field specialty chemicals market is segmented into surfactants, demulsifiers, inhibitors, biocides, additives, acids, defoamers, polymers, friction reducers, emulsifiers, iron control agents, dispersants, viscosifiers, wetting agents, retarders and others. Surfactants segment is expected to dominate the global oil field specialty chemicals market with 14.42% market share due to increasing demand for better quality of crude oil extraction. In the Middle East and Africa, the demand for surfactants product is increasing as drilling activities are increasing in the region.
  • On the basis of location, the oil field specialty chemicals market is segmented into onshore and offshore.

Onshore segment is expected to dominate the global oil field specialty chemicals market

Onshore segment is expected to dominate the global oil field specialty chemicals market with 51.91% market share as several drilling activities are done on dry land which increases the demand for fluids for onshore locations.

  • On the basis of application, the oil field specialty chemicals market is segmented into drilling, stimulation, production, enhanced oil recovery (EOR), cementing, workover & completion and others.

Drilling segment is expected to dominate the global oil field specialty chemicals market

Drilling segment is expected to dominate the global oil field specialty chemicals market with 37.17% market share due to growing crude demand has been prompting exploration & production companies for drilling which makes drilling segment to dominate in the region. In the Middle East and Africa, the presence of large reservoir for crude oil in the region makes drilling segment to dominate in the region.

Major Players

Data Bridge Market Research recognizes the following companies as the major oil field specialty chemicals market players in oil field specialty chemicals market are BASF SE (Germany), Solvay (Belgium), Dow (U.S.), Baker Hughes Company (U.S.), Clariant (Switzerland), Evonik Industries AG (Germany), Kemira (Finland), Thermax Limited (India), Huntsman International LLC (U.S.), Colonial Chemical Inc. (U.S.), Zirax (U.K.), Innospec (U.S.), CES Energy Solutions Corp. (Canada), Stepan Company (U.S.), EMEC (India), Chevron Phillips Chemical Company LLC (U.S.), KRATON CORPORATION (U.S.), Jiaxing Midas Oilfield Chemical Mfg Co., Ltd (China) among others.

Oil Field Specialty Chemicals

Market Development

  • In 2021, Stepan Company acquired a fermentation plant in Lake Providence, Louisiana. Fermentation is a new platform technology for the company. This advancement allows the company to increase its production capacity.
  • In 2019, Kemira announced plans to expand emulsion polymer production in Mobile, Alabama. The products are primarily used in the oil and gas industry to produce petroleum products. This advancement enabled the company to meet the market's increasing demand for chemicals.

Regional Analysis

Geographically, the countries covered in the oil field specialty chemicals market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

As per Data Bridge Market Research analysis:

North America is the dominant region in oil field specialty chemicals market in the forecast period 2021 - 2028

U.S. is dominating the market because of increased drilling activity at existing reservoirs, which increases demand for oil field specialty chemicals in the region.

Asia-Pacific is estimated to be the fastest growing region in oil field specialty chemicals market in the forecast period 2021 - 2028

China is expected to dominate the global oil field specialty chemicals market as the drilling application is growing in the region due to more demand for automotive products.

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