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Specialty Oilfield Chemicals Global Market Analysis, Trends, Growth, Research And Forecast 2033
Specialty Oilfield Chemicals Global Market Analysis
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According to The Business Research Company's, The specialty oilfield chemicals market size has grown strongly in recent years. It will grow from $11.21 billion in 2023 to $11.79 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to increasing complexity of oilfield operations, growing demand for oil and gas, shift towards unconventional reservoirs, focus on enhanced oil recovery (EOR), deepwater exploration and drilling.
The specialty oilfield chemicals market size is expected to see strong growth in the next few years. It will grow to $14.34 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to demand for drilling fluids and completion fluids, market penetration in emerging economies, asset integrity and corrosion prevention solutions, water management solutions, growing deepwater and ultra-deepwater exploration. Major trends in the forecast period include enhanced oil recovery (EOR) techniques, shift towards unconventional oil & gas exploration, focus on environmental sustainability, rise in deepwater and ultra-deepwater exploration, technological advancements in chemical formulations.
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Market Drivers and Trends:
The increasing oil and gas demand is expected to boost the growth of the specialty oilfield chemicals market going forward. Specialty oilfield chemicals are used in well drilling, production facilities, and workover fluids to achieve peak performance and increase oil recovery efficiency. These chemicals are necessary to facilitate the handling, transportation, and production of crude oil. The growing crude oil production leads to an increase in petroleum operations, which is expected to propel the specialty oilfield chemicals market. For instance, in October 2021, according to International Energy Agency (IEA), a France-based autonomous intergovernmental organization, the capacity of global oil production is anticipated to rise by 5 mb/d by 2026. To satisfy the anticipated rebound in demand in the absence of stronger policy action, global oil output would need to increase by 10.2 mb/d by 2026. Therefore, the increasing oil and gas demand is driving the growth of the specialty oilfield chemicals market.
Product Innovations are the key trends gaining popularity in the specialty oilfield market. Major players are concentrating their efforts on creating innovative products with innovative technologies to sustain their position in the specialty oilfield market. For instance, in April 2022, Ingevity Corporation, a US-based chemical manufacturing company launched new bio-based oilfield products, EnvaWet UHS 3100, a wetting agent, and EnvaDry P-FL, a novel dry additive with dual-functional used invert emulsion drilling fluids. These both products have unique performance and sustainability advantages with pine-based tall oil. Ingevity's EnvaDry P-FL is a 100% active spray-dried technology with multifunctional properties that improve fluid loss control and provides primary emulsification benefits and allows simpler handling processes in cold climates.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
China National Petroleum Corporation, Badische Anilin- und Sodafabrik, The Dow Chemical Company, Schlumberger Limited, Baker Hughes Incorporated, DuPont de Nemours Inc., Huntsman International LLC, Albermarle Corporation., The Lubrizol Corporation, Clariant India Ltd, SNF Group, Calumet Specialty Products Partners, Weatherford International, ChampionX Corporation, Kemira Oyj, Solvay Specialities India Private Limited, Stepan Company, Croda INDIA COMPANY PRIVATE LIMITED, Ashland Inc., Kraton, Innospec Inc., CES Energy Solutions Corp, Thermax Limited., Nalco Champion, Elementis plc, TETRA Technologies Inc., Dorf Ketal Chemicals, Halliburton India Operations Private Limited., Kemistry, Oil Flux Americas
Specialty Oilfield Chemicals Market 2024 Key Insights:
• The specialty oilfield chemicals market size is expected to see strong growth in the next few years. It will grow to $14.34 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.
• Surging Oil And Gas Demand Fuels Expansion In Specialty Oilfield Chemicals Market
• Ingevity Spearheads Specialty Oilfield Market With Bio-Based Innovations And Dual-Functional Additives
• North America was the largest region in the specialty oilfield chemicals market in 2023
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