Sales of Specialty Oilfield Chemicals Around the World Market are Expected to Reach $14.98 Billion By 2028

New York, United States - The global specialty oilfield chemicals market size was worth around USD 11 billion in 2021 and is predicted to grow to around USD 14.98 billion by 2028 with a compound annual growth rate (CAGR) of roughly 3.15% between 2022 and 2028. The global specialty oilfield chemicals market is led by players like Akzo Nobel NV, Solvay, Huntsman International LLC, SMC Oilfield Chemicals, BASF SE, and KMCO LLC amongst others.

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Market Outlook:
Specialty oilfield chemicals have large applications in the oil & gas sector where they are used to improve the operational efficiency of the oil extraction process due to their huge applications in processes like production, drilling, and other related affairs. Specialty oilfield chemicals are a part of the new innovation regime witnessed in the oil & gas industry. One of its uses is in the cementing process, which involves preparing oil wells for production, drilling, or abandonment. The compounds are used to ensure the wells are sufficiently prepared to tackle problems like fluid loss, lost circulation control, and gas migration control. During drilling, which is a time-bound activity to deliver a higher rate of return, which is why drilling fluids are extremely important. The global market cap generates high revenues due to production innovation adopted by various players. For instance, oilfield chemicals produced by BASF, a leading chemicals business, provide compounds or additives that can be used in drilling operations along with production, stimulation, and cementing.

Market Growth Dynamics:

The global specialty oilfield chemicals are projected to grow owing to increased drilling activities witnessed in oil-rich nations as well as high investment in off-shore activities. The global market is projected to benefit due to rapid growth in exploration activities to meet the exponentially rising demand for crude oil. The US is known to consume around 20.59 million barrels per day out of which around 39.9% is used for powering vehicles. As per official reports, demand for crude oil in India may rise from 4.75 million barrels per day (mbd) in 2019 to 9.19 mbd in 2050. There is a steady rise in the number of players conducting encouraging offshore activities. The Safaniya field, the world's largest offshore oil field, can produce around 1.2 mbd. The field is operated by Saudi Aramco, a state-owned oil company. Since oil & gas have proven to play a crucial role in determining global powers, every nation along with key market players invests as much as possible in finding more ways of either procuring or supporting the producers of oil & gas, which may be a leading factor during global market growth.

The stringent government regulations pose hindrances during global market growth while the changing power dynamics are expected to provide growth opportunities with some challenges due to the high cost of the compound.

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Market Segmentation Analysis:
The global specialty oilfield chemicals market is segmented based on application, type, and region.

Based on application, the global market is divided into cementing, drilling, enhanced oil recovery, and production with drilling leading the global market segment. In 2017, Saudi Aramco, one of the biggest players in the oil & gas sector, was claimed to be operating more than 220 drilling rigs which was a result of increased investment even though oil prices were high during this year. Enhanced oil recovery (EOR) tails the drilling segment. It refers to the process through which companies can access the oil in wells that were not reached during the primary and secondary oil extraction process.

Based on type, the global market segments are deoiler, additive, demulsifier, fluid loss additive, biocide, corrosion inhibitor, and others. The segment witnesses the highest growth rate in the corrosion inhibitor section owing to the wide applications of the compound in protecting pipeline and refinery structures against corrosion. Although deterioration due to corrosiveness is a common aspect, it can be inhibited with the use of specialty oilfield compounds. As per a study on 66 marine environment failures, 42 were due to corrosion. Fluid loss additive also generates high revenue. It is also known as a filtrate-reducing agent. Fluid loss may occur when the liquid comes in contact with a porous substance.

Regional Analysis

North America is projected to lead the global specialty oilfield market due to high offshore activities conducted in the coastal areas of the US and Canada, which are also two of the world's most powerful countries dominating the oil & gas sector. The political alliance between the US and Ukraine, a major supplier of crude oil, plays a major role in generating high revenue in the US market. The Middle-East market may grow considerably due to the presence of some of the world's biggest key market players that have the capacity to fulfill most of the world's oil & gas requirements. Asia-Pacific may also register a high CAGR due to a shift in the alliance between Russia, India, and China with the latter two increasing imports of Russian oil.

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Recent Developments:

● In February 2022, FMR LLC increased its shareholdings in a US-based specialty chemicals company called Innospec Inc.
● In January 2019, the world witnessed a high-impact merger between BASF and Solenis

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