Also know as effect chemicals, specialty chemicals provide variety of effects depending on their use in different applications. Specialty chemicals have different categories like adhesives, cleaning materials, agrichemicals, construction chemicals, cosmetics, lubricants, polymers and so on. Specialty oilfield chemicals assist in improvement of field operations. Global demand in specialty oilfield chemicals is on the rise with increasing demand and production of crude oil, deep drilling, tradeoffs amongst various chemical compounds and changing government policies. As a result of all these factors, the industry for specialty chemicals for oilfields is growing at a steady compound annual growth rate.
Driving Factors for Specialty Oilfield Chemicals Industry
Along with helping in the field operations, these chemicals also help improving well stimulation, output of drilling fluid, cementing, production chemicals, completion and workover and various enhance oil recovery applications or EOR. Increasing demand for crude oil across the globe is driving drilling and production activities for specialty chemicals in this sector. Apart from rising demand, other factors driving specialty oilfield chemicals market include deep drilling activities, tradeoffs amongst different chemical compounds and government policies for oilfields. All these factors are contributing to healthy growth of the industry during the forecasting period of over four to five years.
Segmentation and Forecasting Reports
Basic segmentation in specialty oilfield chemicals market is based on the types of chemicals, applications, and geography.
- Chemicals: Biocides, corrosion and scale inhibitors, polymers, surfactants, pour-point depressants and demulsifiers
- Applications: Well stimulation, enhanced oil recovery, production chemicals, drilling fluid, workover and completion and cementing
- Geography: North America, Middle East and Africa, Asia Pacific, Europe and rest of the world
In-depth analysis of all the aforementioned segments is vital in order to create conclusive market research reports for the global specialty oilfield chemicals industry. Based on the latest reports, the industry is estimated to make steady growth on an anticipated compound annual growth rate of over 8% until 2016. During the forecasting period, the market is expected to record sharp rise in demand in offshore markets, North America and European oilfields. Based on revenue, North America holds the largest market share in the industry, which is around 33% of the global market for drilling fluids. The regional market for North America is estimated to grow at a CAGR of over 9% and become worth more than $1,953.1 million by 2016.
Government regulations over environmental safety are the strongest constraint for the global specialty oilfield chemicals market. As a result, the manufacturers in the industry are encouraged to opt for green alternative to these chemicals.