The specialty oilfield chemicals market is expected to witness market growth at a rate of 4.5% in the forecast period of 2021 to 2028. Data Bridge Market Research report on specialty oilfield chemicals market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The increase in demand for the product for various industrial applications is escalating the growth of specialty oilfield chemicals market.
On the other hand, declining crude oil prices and high cost associated with the disposal procedures for chemicals after use are expected to obstruct the market growth. The stringent regulations against chemicals potentially harmful for the environment are projected to challenge the specialty oilfield chemicals market in the forecast period of 2021-2028.
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Market Analysis and Insights
Specialty oilfield chemicals are defined as the elements that are commonly used in the recovery of oil and efficiently declining the environmental impact in the oil extraction process. The extraction processes such as production, stimulation, drilling, and improved oil recovery, among other specialty chemicals that are utilized in each of these step of process. Specialty oilfield chemicals are deployed in the prevention of formation of wax in oil and declining the corrosion of the walls of the pipe.
The growing number of crude oil production across the globe acts as one of the major factors driving the growth of specialty oilfield chemicals market. The increase in demand from enhanced oil recovery application and high level of crude oil production accelerate the market growth. The rise in application in drilling fluid activities, production chemicals, and workover and completion, and use of the chemical in industrial and institutional cleaning chemicals, specialty advanced polymers, pesticides, and construction chemicals among several others further influence the market. Additionally, high level of crude oil production, rise in deep drilling and ultra-deep drilling activities for oil and gas and rapid industrialization positively affect the specialty oilfield chemicals market. Furthermore, discoveries of new oilfields and increase in aging oil reservoirs extends profitable opportunities to the market players in the forecast period of 2021 to 2028.
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Middle East and Africa Specialty Oilfield Chemicals Market Scope
The specialty oilfield chemicals market is segmented on the basis of type, and application. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets.
- On the basis of type, the specialty oilfield chemicals market is segmented into biocides, inhibitors, viscosifiers, demulsifiers, surfactants, acids, friction reducers, iron control agents, polymers, wetting agents, dispersants, additives, retarders, defoamers, emulsifiers and others.
- On the basis of application, the specialty oilfield chemicals market is segmented into drilling, production, stimulation, cementing, enhanced oil recovery (EOR), workover & completion and others.
Competitive Landscape and Middle East and Africa Specialty Oilfield Chemicals Market Share Analysis
The specialty oilfield chemicals market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to specialty oilfield chemicals market.
Some of the major players operating in the Middle East and Africa Specialty Oilfield Chemicals market are,
BASF SE, Baker Hughes, a GE company LLC, Croda International Plc, Schlumberger Limited, Huntsman International LLC, Ecolab, Solvay, ELEMENTIS PLC, Evonik Industries AG, Halliburton, Stepan Company, CPS Performance Materials, Ashland, Innospec, Roemex Limited, Clariant, Kemira, KRATON CORPORATION, and Chevron Corporation, among other. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately..
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