Asia-Pacific Specialty Oilfield Chemicals Market, By Type (Biocides, Inhibitors, Viscosifiers, Demulsifiers, Surfactants, Acids, Friction Reducers, Iron Control Agents, Polymers, Wetting Agents, Dispersants, Additives, Retarders, Deformers, Emulsifiers, Others), Application (Drilling, Production, Stimulation, Cementing, Enhanced Oil Recovery (EOR), Workover and Completion, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
The increasing adoption of specialty oilfield chemicals in the oil and gas industry along with the extending unrefined petroleum output, creating deep penetrating activities and expanding oil and gas drilling and production procedures are the major determinants that are anticipated to accelerate the market traction over the forecasted timeframe. Therefore, the market will witness huge growth over forecasted period.
Asia-Pacific Specialty Oilfield Chemicals Market was valued at USD 361.00 billion in 2021 and is expected to reach USD 518.91 billion by 2029, registering a CAGR of 4.64% during the forecast period of 2022-2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Specialty oilfield chemicals are frequently utilized to recover oil while lowering the environmental impact of the extraction process. Drilling, production, stimulation, enhanced oil recovery, and a variety of additional steps are all part of the extraction process, and specialty chemicals are utilized in each of them. Specialty oilfield chemicals are also used to avoid the formation of wax in the oil and scale and reduce corrosion of the pipe walls. The compounds are also used as coagulants and flocculants in waste oil, process water, and oil sludge treatment. Apart from these uses for specialist oilfield chemicals, the oil and gas industry has a plethora of other uses.
Report Scope and Market Segmentation
2022 to 2029
2020 (Customizable to 2019 - 2014)
Revenue in USD Million, Volumes in Units, Pricing in USD
By Type (Biocides, Inhibitors, Viscosifiers, Demulsifiers, Surfactants, Acids, Friction Reducers, Iron Control Agents, Polymers, Wetting Agents, Dispersants, Additives, Retarders, Deformers, Emulsifiers, Others), Application (Drilling, Production, Stimulation, Cementing, Enhanced Oil Recovery (EOR), Workover and Completion, Others)
Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific.
Market Players Covered
BASF SE (Germany), Clariant (Switzerland), Dow (U.S.), Solvay (Belgium) Ecolab Inc. (U.S.), Halliburton (U.S.), Schlumberger Limited (U.S.), Nouryon (Netherlands), Baker Hughes Company (U.S.), Kemira (Finland), Huntsman International LLC., (U.S.), Croda International plc (UK), Albermarle Corporation (U.S.). Chevron Philips Chemical Company LLC (U.S.), Innospec Inc. (U.S.), NOV Inc., (U.S.), Geo Specialty Chemicals (U.S.), Kraton Corporation (U.S.), Thermax Limited (India), Oleon (Belgium), Ashland (U.S.), PureChem Services (Canada), Stepan Company (U.S.) and Elementis PLC (U.S.)
Specialty Oilfield Chemicals Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
- High Production and Utilization
One of the primary factors driving the growth of the specialty oilfield chemicals market is the increase in crude oil production around the region. The market is rising due to increased application in drilling fluid activities, production chemicals, workover and completion, and increased demand from enhanced oil recovery applications. The chemical's use in industrial and institutional cleaning chemicals, advanced specialty polymers, insecticides, and building chemicals, among other applications, as well as an increase in demand for the chemical to improve oil recovery from oil wells, all have an impact on the market.
The rapid industrialization, rise in deep drilling and ultra-deep drilling activities for oil and gas along with the high level of crude oil production will further propel the growth rate of specialty oilfield chemicals market. Additionally, the unique characteristics of specialty oilfield chemicals will also drive market value growth.
- Surging New Oilfields And Technological Advancements
Furthermore, the increase in aging oil reservoirs and discoveries of new oilfields extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the technological advancements in environmental-friendly products and solutions will further expand the future growth of the specialty oilfield chemicals market.
- High Costs
The high cost associated with the disposal procedures for chemicals after use, and declining crude oil prices are estimated to create hindrances for the growth of the specialty oilfield chemicals market.
- Stringent Regulations
Also, the stringent regulations against chemicals potentially harmful for the environment is estimated to be a demerit for the specialty oilfield chemicals market. Therefore, this will challenge the specialty oilfield chemicals market growth rate.
This specialty oilfield chemicals market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the specialty oilfield chemicals market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Specialty Oilfield Chemicals Market
The emergence of coronavirus had a negative impact on the specialty oilfield chemicals market. The pandemic outbreak had a detrimental influence on the oilfield chemicals business. The market for oilfield chemicals has seen a significant drop in demand from various businesses. The COVID-19 epidemic had a detrimental influence on market demand due to the lockdown and stoppage of industrial factories. The COVID-19 outbreak wreaked havoc on the oil and gas industry, resulting in a lockdown that impacted a wide range of end-use industries due to disruptions in vendor operations and supply chains. The production facilities have been severely hampered. Border closures and export limits have caused raw material prices and supplies to fluctuate. The spread of COVID-19 in a number of countries has caused oil demand to be unclear. The oilfield chemicals market has suffered as a result of this uncertainty.
Asia-Pacific Specialty Oilfield Chemicals Market Scope
The specialty oilfield chemicals market is segmented on the basis of type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Surfactants, Acids
- Friction Reducers
- Iron Control Agents
- Wetting Agents
- Enhanced Oil Recovery (EOR)
- Workover and Completion
Specialty Oilfield Chemicals Market Regional Analysis/Insights
The specialty oilfield chemicals market is analysed and market size insights and trends are provided by country, type and application as referenced above.
The countries covered in the specialty oilfield chemicals market report are China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines and Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC).
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Specialty Oilfield Chemicals Market Share Analysis
The specialty oilfield chemicals market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to specialty oilfield chemicals market.
Some of the major players operating in the specialty oilfield chemicals market are
- BASF SE (Germany)
- Clariant (Switzerland)
- Dow (U.S.)
- Solvay (Belgium)
- Ecolab Inc. (U.S.)
- Halliburton (U.S.)
- Schlumberger Limited (U.S.)
- Nouryon (Netherlands)
- Baker Hughes Company (U.S.)
- Kemira (Finland)
- Huntsman International LLC (U.S.)
- Croda International plc (UK)
- Albermarle Corporation (U.S.)
- Chevron Philips Chemical Company LLC (U.S.)
- Innospec Inc. (U.S.), NOV Inc., (U.S.)
- Geo Specialty Chemicals (U.S.)
- Kraton Corporation (U.S.)
- Thermax Limited (India)
- Oleon (Belgium)
- Ashland (U.S.)
- PureChem Services (Canada)
- Stepan Company (U.S.)
- Elementis PLC (U.S.)