The Specialty Oilfield Chemicals Market is expected to grow at > 4.8% during 2021-2026, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Specialty Oilfield Chemicals Market
Specialty Oilfield Chemicals Market is likely to witness an impressive CAGR of 4.8% during the forecast period. The prime factor that is contributing to the demand for specialty oilfield chemicals market is the growing demand for energy production and increase in the production of crude oil. Most of the countries are focusing to extract more oil from the existing as well as from new reserves, due to which, the global production of crude oil is growing at a faster pace.
North America is estimated to be the largest as well as the fastest-growing market due to the presence of various key producers of specialty oilfield chemicals in the region and growing exploration activities for oil reserves & shale gas. The US is depicting increased demand for specialty oilfield chemicals, which is expected to continue in the future as well. Latin America and The Middle East are amongst the other rapidly growing markets. These markets are characterized by increasing oil exploration and drilling activities owing to rapid industrial growth in the regions. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
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Market Scope & Market Segmentation
Specialty Oilfield Chemicals Market Share: By Application Type
Based on the application type, the market is segmented as Enhanced Oil Recovery (EOR), cementing, production, well stimulation, drilling fluids, and workover & completion. Production is likely to be the largest as well as the fastest-growing segment of the specialty oilfield chemicals market. In recent years, the production of crude oil has been increased in countries such as the USA and in Arabian countries. This continuous demand from such countries is likely to boost the demand for specialty oilfield chemicals during the forecast period.
Specialty Oilfield Chemicals Market Share: By Chemical Type
Based on the chemical type, the market is segmented as inhibitors & scavengers, demulsifiers, friction reducers, specialty biocides, rheology modifiers, specialty surfactants, pour-point depressants, and others. The biocides segment of the specialty oilfield chemicals market is estimated to grow at the highest CAGR during the forecast period. Biocides completely eliminate or control the microbial growth in oilfields. They maintain and optimize oil & gas production from reservoirs by reducing the downtime caused by corrosion. These chemicals are also used to clean oil wells and surface equipment.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period of 2020-2025. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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