Specialty Oilfield Chemicals Market Analysis - Global Industry Size, Share, Trends and Forecast, 2014 - 2024
Specialty oilfield chemicals refer to those chemicals which help in enhancement of the overall efficiency of oil recovery. Such specialty chemicals pose their effect only when they are present in the process of oilfields. But after the removal of oilfield, their properties gradually start declining and hence have to be added continuously or periodically as per the need and requirement of the oil production. Specialty oilfield chemicals help in achieving relatively greater efficiency in oilfields and improve its overall productivity. Specialty oilfield chemicals have ability to maximize the recovery of oil & gas reserves more cost effectively and further help in minimizing the ill impact on environment. Specialty oilfield chemicals are also considered as a critical product which facilitates well completion, drilling and intervention services. Various industries across the globe are focusing on promoting improved and wellsite operations which allows maximum recovery of oil and gas reserves in a relatively more cost effective manner. In addition, achieving greater oilfield efficiency and productivity and to ensure minimum wastage as well as reduced ill impact on the environment, specialty chemicals are being widely deployed. The wellsite operations including well drilling, treating, workover fluids and completion, specialty oilfield chemicals are able to perform to their greatest owing to the added functionalities and properties by the specialty oilfield chemicals. Chemicals such as ethylene amines are widely used in the manufacturing of corrosion inhibitors which inhibit corrosion of mild steel machinery and equipment in any aqueous medium. In addition to this, chelates are being widely used with different types of acids to prevent reprecipitation of ferric scales and to avoid the redissolve of other unwanted metal scales such as CaCO3, BaSO4 and SrSO4 among others.
One of the key factors fueling the demand for specialty oilfield chemicals includes rapidly increasing production of crude oil across the globe. However, oil & gas industry is currently facing a slump, thus leading to the shutdown of various oil rigs across the globe. Furthermore, the increasing use of such chemical agents prolongs the total lifespan of industrial equipment after removing the unwanted metal scales deposited which intervene with the machine operations. Hence, minimizing the overall cost of maintenance of the equipments.
The global specialty oilfield chemicals market can be segmented on the basis of type, application and region. By type, the global specialty oilfield chemicals market can be segmented into inhibitors and scavengers, demulsifiers, gellants and viscofiers, friction reducers, rheology modifiers, specialty surfactants, specialty biocides, pour point depressant, other synthetic polymers, other natural polymers and other specialty chemicals. On the basis of application, the global specialty oilfield chemicals market can be segmented into drilling fluid, well stimulation, production chemicals, cementing, workover & completion and enhanced oil recovery. On the basis of region, the global specialty oilfield chemicals market can be segmented into North America, Latin America, Europe, Middle East & Africa (MEA) and Asia-Pacific.
Key players in the global specialty oilfield chemicals market are focusing on various key market strategies such as mergers and acquisitions to gain competitive advantage in the global market. Moreover, they are concentrating on other key strategies such as expansion and new product development. Some of the major companies operating in the global specialty oilfield chemicals market globally include BASF SE, Akzonobel NV, Baker Hughes, DuPont, The Dow Chemical Company, Halliburton, Schlumberger Limited and The Lubrizol Corporation among others.
Market Segmentation
Market by Type
· Inhibitors and scavengers
· Demulsifiers
· Rheology modifiers specialty surfactants
· Gellants and viscofiers
· Friction reducers
· Specialty biocides
· Pour point depressant
· Other synthetic polymers
· Other natural polymers
· Other specialty chemicals
Market by Application
· Drilling fluid
· Well stimulation
· Production chemicals
· Cementing, workover & completion
· Enhanced oil recovery
Market by Geography
· North America
o US
o Canada
o Mexico
· Europe
o UK
o Germany
o France
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Philippines
o Rest of Asia-Pacific
· Latin America
o Brazil
o Chile
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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