According to the new market research report “Specialty Oilfield Chemicals Market by Type (Demulsifiers, Inhibitors & Scavengers, Friction Reducers, Rheology Modifiers), Application (Production, Drilling Fluids, Well Stimulation, EOR), Region – Global Forecast to 2027″, The specialty oilfield chemicals market is projected to grow from USD 11.36 billion in 2018 to USD 16.30 billion by 2027, at a CAGR of 4.1% from 2018 to 2027.
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The rising need for oil and related derivatives necessitates the high production of crude oil, globally. The global production of crude oil is growing as most of the countries are focusing to extract more from the existing as well as new and unconventional reserves. The world is witnessing excess supply of crude oil, leading to declining crude oil prices. In 2017, crude oil was the largest fuel and accounted for one-third of the global energy consumption.
In 2017, the world crude oil production registered a growth of 0.4 Million barrels/day (Mb/day); alternatively, crude oil production in the Middle East rose by 1.7 Mb/day, owing to the growth of oil production in Iran, Iraq, and Saudi Arabia. This considerable growth of crude oil production is expected to increase in the future, thereby, increasing the need for specialty oilfield chemicals in oil production.
The North American countries, especially, the US are one of the largest producers of crude oil and have made extensive investments in unconventional drilling technologies such as horizontal drilling and hydraulic fracturing where specialty oilfield chemicals have a major role to play. On the other side, there is a shortage of light and sweet crude supply in regions such as South America and, hence, heavy crude is being preferred for production. In order to extract heavy crude, a large amount of chemicals are needed. The production of unconventional crude oil is increasing as heavy crudes are produced from Alberta’s oil sands and Venezuela’s Orinoco Belt. As the production of heavy crude increases, the consumption of oilfield chemicals also increases. Hence, the increasing oil production is expected to act as a major growth driver for the specialty oilfield chemicals market in the future.
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One of the major restraints for the specialty oilfield chemicals has been the political atmosphere in some of the major oil-producing countries in the Middle East. Countries such as Iran, Iraq, and Sudan are some of the major oil producers of the Middle East & Africa. Libya, Yemen, and Syria are very often in a state of social or political unrest, and the local governments are forced to order frequent interruptions in the oilfield operations. As a result of geopolitical disturbances, a situation arrives where prospective areas remain unexplored. This limits the prospective consumption of specialty oilfield chemicals.
In addition, not all countries have sufficient manufacturing plants for specialty oilfield chemicals and are dependent on the import of chemicals to meet the oilfield challenges. This ultimately enhances the market scope for growth. But, the political unrest in the countries affects the development of oilfield operations.
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Various specialty oilfield chemicals such as corrosion & scale inhibitors, biocides, demulsifiers, pour-point depressants, and surfactants are vital additives for ensuring the highest efficiency in production of crude oil. These act as wetting agents, emulsification breakers, and so on to optimize an extraction process and attain a high level of operative prowess.
Fast depleting oil reserves are making consumers shift their focus on extraction operations on existing mature wells, reserves in difficult terrains, and deep drilling activities on and offshore. This trend is leading to growing demand for specialty oilfield chemicals in applications such as enhanced oil recovery, well stimulation, and so on. Growing drilling, well stimulation, and enhanced oil recovery operations in countries such as China, Brazil, India, and Malaysia are contributing toward the growth of specialty oilfield chemicals market.
Specialty oilfield chemicals are increasingly being used for the enhanced oil recovery application. The EOR application is estimated to grow at the highest CAGR between 2014 and 2019. The existing mature oil reserves within North America are making this application attractive for the market players.
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