According to the new market research report “Specialty Oilfield Chemicals Market by Type (Demulsifiers, Inhibitors & Scavengers, Rheology Modifiers, Friction Reducers, Specialty Biocides, Specialty Surfactants, Pour Point Depressants), Application, and Region – Global Forecast to 2025″, is projected to reach USD 13.4 billion by 2025, at a CAGR of 4.2%, from USD 10.9 billion in 2020. A projected increase in crude oil production after an expected decrease in the COVID-19 impact in the near future as a result of increase in demand for energy and oil related products is expected to drive the market during the forecast period. Stringent environmental regulations and geopolitical issues in the Middle East region are the factors restraining the market. The discovery of new oilfields and an increase in aging oil reservoirs are expected to provide high growth opportunities to manufacturers.
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The specialty oilfield chemicals market is segmented by type into demulsifiers, inhibitors & scavengers, rheology modifiers, friction reducers, specialty biocides, specialty surfactants, pour point depressants and others. Demulsifiers are the most common chemicals in oilfields, since they perform the basic function of the separation of oil and water. These are toxic and have a harmful impact on the environment, so green demulsifiers are being developed, which are non-toxic and environmentally friendly.
Production is projected to be the fastest-growing application of specialty oilfield chemicals during the forecast period. The rising demand for energy and the projected increase in crude oil production due an expected decrease in COVID-19 impact in the near future are factors that are projected to drive the specialty oilfield chemicals market during the forecast period.
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The specialty oilfield chemicals market size is projected to reach USD 13.4 billion by 2025 from USD 10.9 billion in 2020, at a CAGR of 4.2%, during the forecast period. North America is the largest market, followed by Middle East & Africa. An increase in crude oil production after an expected decrease in COVID-19 impact in the near future is expected to drive the market during the forecast period. Stringent environmental regulations and geopolitical issues in the Middle East region are the factors restraining the market. The discovery of new oilfields and an increase in aging oil reservoirs are expected to provide high growth opportunities to manufacturers.
BASF SE (Germany), Clariant (Switzerland), The Dow Chemical Company (US), Solvay (Belgium), Ecolab (US), Halliburton (US), Schlumberger Limited (US), Nouryon (Netherlands), Baker Hughes Incorporated (US), Kemira (Finland) are the major players in this market.
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BASF SE (Germany) is the largest player in the market. It is the world’s leading chemical company having the largest chemical site in Ludwigshafen, Germany. The company is maintaining its position in the market by developing innovative solutions according to customer requirements. In 2019, the company completed the merger of its paper wet-end and water chemical business with Solenis (US). This merger has helped the company to expand its product portfolio and offer cost-effective solutions for customers in the oil & gas industry.
Ecolab Inc., through Nalco, sells a wide range of specialty oilfield chemicals. The company has a strong geographical presence and operates in more than 170 countries across North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. The company has strengthened its specialty oilfield chemicals business through acquisitions. For instance, Ecolab Inc. acquired Champion Technologies (US) and Corsicana Technologies (US) for, approximately, USD 2.3 billion. Following the acquisition, Ecolab has formed a new business unit called Nalco Champion. The acquisition strengthened the company’s specialty oilfield chemicals business by opening up new oil & gas markets.
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