Specialty Oilfield Chemicals Market worth 13.65 Billion USD by 2020

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The global specialty oilfield chemicals market is projected to reach USD 13.65 Billion by 2020, registering a moderate CAGR of 5.5% between 2015 and 2020. This growth is fueled by the increasing oil production from some regions and at the same time is expected to face a restraining pull due to the declining oil prices.

Growth in the production of oil from some regions is expected to drive the market

The increasing oil production from some of the regions such as the Middle East and North America is expected to drive the market during the forecast period. The Organization of Petroleum Exporting Countries (OPEC) is actively managing the production of oil with high supply targets. As the major countries in OPEC and some countries in North America have increased the production of oil, the demand of specialty oilfield chemicals, especially production chemicals are expected to increase during the forecast period.

Specialty biocides are projected to witness the highest growth rate during the forecast period

The specialty biocides are projected to witness the highest growth rate owing to the level of microbial contaminants in water that may affect the product quality. Several developments towards developing eco-friendly formulations of biocides are expected to increase the growth of specialty biocides during the forecast period.

Production chemicals is projected to witness the highest growth rate, followed by EOR during the forecast period

Production chemicals application segment is projected to grow rapidly in the Asia-Pacific, Latin America & RoW, and the Middle East & Africa regions because of the projected increase in production of oil & gas in the newly found onshore and offshore reserves. To increase the production of oil and improve oil recovery from existing as well as new fields, newer grades of specialty oilfield chemicals and processes are being developed. Because of the above factors, production chemicals and EOR are projected to be the fastest-growing application segments in the specialty oilfield chemicals market. Also, the production of unconventional crude oil is increasing as heavy crudes are produced from Latin America & RoW. As the production of the heavier crude increases, the consumption of production chemicals is expected to increase, resulting in a high growth rate between 2015 and 2020.

The major players such as BASF SE (Germany), AkzoNobel N.V. (Netherlands), The Dow Chemical Company (U.S.), Schlumberger (U.S.), Halliburton (U.S.), Lubrizol Corporation (U.S.), Kemira Oyj (Finland), Clariant (Switzerland), Nalco Champion (U.S.), and others have adopted development strategies such as expansions, new product developments, and mergers & acquisitions to achieve growth in the global specialty oilfield chemicals market.

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