The specialty oilfield chemicals market has exhibited strong growth, with a forecasted increase from $11.21 billion in 2023 to $11.79 billion in 2024, representing a CAGR of 5.2%. This growth is driven by the increasing complexity of oilfield operations and demand for enhanced oil recovery. By 2028, the market is anticipated to reach $14.34 billion, at a CAGR of 5.0%, with a focus on water management solutions and environmental sustainability.
Major Driver In The Specialty Oilfield Chemicals Market
The specialty oilfield chemicals market anticipates growth fueled by the increasing demand for oil and gas. Specialty oilfield chemicals play a vital role in well drilling, production facilities, and workover fluids to enhance performance and increase oil recovery efficiency. With growing crude oil production, petroleum operations surge, propelling the specialty oilfield chemicals market. According to the International Energy Agency (IEA) in October 2021, global oil production capacity is expected to rise by 5 mb/d by 2026. Meeting the rebound in demand requires a 10.2 mb/d increase in global oil output by 2026. The escalating demand for oil and gas is thus driving the growth of the specialty oilfield chemicals market, with market size values mirroring this trend in 2023, 2024, and 2028.
Request A Free Sample Of The Global Specialty Oilfield Chemicals Market Report
Specialty Oilfield Chemicals Market Competitive Landscape
China National Petroleum Corporation, Badische Anilin- und Sodafabrik, The Dow Chemical Company, Schlumberger Limited, Baker Hughes Incorporated, DuPont de Nemours Inc., Huntsman International LLC, Albermarle Corporation., The Lubrizol Corporation, Clariant India Ltd, SNF Group, Calumet Specialty Products Partners, Weatherford International, ChampionX Corporation, Kemira Oyj, Solvay Specialities India Private Limited, Stepan Company, Croda INDIA COMPANY PRIVATE LIMITED, Ashland Inc., Kraton, Innospec Inc., CES Energy Solutions Corp, Thermax Limited., Nalco Champion, Elementis plc, TETRA Technologies Inc., Dorf Ketal Chemicals, Halliburton India Operations Private Limited., Kemistry, Oil Flux Americas
Key Specialty Oilfield Chemicals Market Trend
Product Innovations are the key trends gaining popularity in the specialty oilfield market. Major players are concentrating their efforts on creating innovative products with innovative technologies to sustain their position in the specialty oilfield market. For instance, in April 2022, Ingevity Corporation, a US-based chemical manufacturing company launched new bio-based oilfield products, EnvaWet UHS 3100, a wetting agent, and EnvaDry P-FL, a novel dry additive with dual-functional used invert emulsion drilling fluids. These both products have unique performance and sustainability advantages with pine-based tall oil. Ingevity’s EnvaDry P-FL is a 100% active spray-dried technology with multifunctional properties that improve fluid loss control and provides primary emulsification benefits and allows simpler handling processes in cold climates.
Get The Full Global Specialty Oilfield Chemicals Market Report
Specialty Oilfield Chemicals Market Segmentation
The specialty oilfield chemicals market covered in this report is segmented –
1) By Type: Demulsifiers, Inhibitors And Specialty Oilfield Chemical Scavengers, Rheology Modifiers, Friction Reducers, Biocides, Specialty Surfactants, Other Types
2) By Terrain Type: Onshore, Offshore
3) By Application: Production Chemicals, Well Stimulation, Drilling Fluids, Enhanced Oil Recovery, Other Applications
By Geography:The regions covered in the specialty oilfield chemicals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the specialty oilfield chemicals market in 2023.
The Specialty Oilfield Chemicals Global Market Report 2024 furnishes information about the global specialty oilfield chemicals market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
