Specialty oilfield chemicals are widely used to improve the well performance and the quality of production in the oil and gas industry. These chemicals enhance the rate of recovery of the hydrocarbons from the wells. Different categories of these chemicals have different characteristics and applications. Current boom in the shale industry and growing demand for oil and gas from around the world are the major drivers for the specialty oilfield chemicals market. According to the experts, the manufacturers in the industry are mainly focusing on business acquisitions and expansion of their own product portfolios. Increased business activities in the market are reflecting on the global reach, rise in demand and revenue channels for this industry.
Market Drivers
The global specialty chemicals market is expected to be driven by three major factors, which include rising demand for crude oil production and well stimulation process. In order to serve to this rising demand, the producers in the market are engaging into more and more deep drilling activities. Growth in these activities is creating demand for specialty chemicals. These chemicals challenge hydrocarbon geologies and increase the production. They also influence the quality of the production, which is also another plus point driving the demand in this industry.
Industry Trends
Discovery of new oilfields across the regions like APAC, Latin America and Africa are also expected to influence the market in a positive manner. Use of biopolymers in also a vital element expected to create better business opportunities for the global specialty oilfield chemicals market. The biggest hurdle for the global industry is the political situation across different nations in the Middle East, where most of industry reserves are located. Stringent environmental legislation is also expected to be a major hurdle as well. However, rising demand and adoption are expected to help the growth rate of the market.
Market Segments & Forecasts
Expert researchers segment the global specialty oilfield market on the basis of their types and applications. The types include specialty chemicals and advanced polymers. Both these segments are further divided on the basis of their types. Applications of these chemicals range from drilling fluids, work-over, completion, well stimulation, cementing, and production chemicals, and enhance oil recovery. On the basis of geographic regions, the market is segmented into North America, Middle East and Africa, Asia Pacific, Europe and Latin America and rest of the world. Analysis of all these segments provides details about the future growth trends in the market.
According to the analysis of the trends, drivers and segments, the global specialty oilfield chemicals market is expected to grow at a CAGR of 6.4% from 2014 to 2019. During the study span, Asia Pacific region is expected to dominate the global market in terms of rise in demand and highest growth rate across all the regions of the marketplace. Low penetrated applications and regions of the industry are expected to create better opportunities for the market players.
