Global Specialty Oilfield Chemicals Market

Specialty Oilfield Chemicals Market Size, Share, Growth Analysis, By Product(Demulsifiers, Inhibitors and scavengers, Rheology modifiers, and Others), By Application(stimulation, Production, Enhanced oil recovery, Specialty Oilfield Chemicals), By Region - Industry Forecast 2024-2031


Report ID: SQMIG15A2102 | Region: Global | Published Date: April, 2024
Pages: 184 |Tables: 66 |Figures: 75

Specialty Oilfield Chemicals Market Insights

Global Specialty Oilfield Chemicals Market size was valued at around USD 11.08 billion in 2022 and is poised to grow from USD 11.53 billion in 2023 to USD 15.80 billion by 2031, at a CAGR of 4.02% over the forecast period (2024–2031). 

The growing demand for these chemicals in Specialty Oilfield Chemicals activities, production chemicals, and workover & completion is likely to drive significant growth in the specialty oilfield chemicals market over the next seven years. Over the next seven years, it is anticipated that rising crude oil production and rising demand from technologies for enhanced oil recovery would greatly increase market growth. Also, over the past few years, the market has been driven by rising deep drilling and ultra-deep drilling activities for oil and gas, and the trend is anticipated to continue over the forecast period. One of the main factors expected to drive market growth throughout the forecast period is the recent surge in shale gas innovation in North America, along with rising energy demand globally.

Furthermore, the use of fine chemicals extends the life of industrial equipment by removing unwanted metal scales that have been deposited, thus lowering equipment maintenance costs. This advantage of lower maintenance costs is also anticipated to boost expansion over the forecast period. However, rising environmental concerns are expected to hinder market growth.

The development of new environmentally friendly products and solutions that adhere to regulations foundered by national and international regulatory bodies may open up new opportunities for demand growth. Also, utilizing chemical products makes industrial equipment last longer and lowers equipment maintenance costs by removing the unwanted metal scales that have built up. The benefit of reducing maintenance costs is also anticipated to have a positive effect on market expansion during the forecast period.

US Specialty Oilfield Chemicals Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 11.08 billion

Largest Segment

Demulsifiers

Fastest Growth

Inhibitors and scavengers

Growth Rate

4.02% CAGR

Global Specialty Oilfield Chemicals Market ($ Bn)
Country Share for North America Region (%)

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Specialty Oilfield Chemicals Market Segmental Analysis

Global Specialty Oilfield Chemicals Market is segmented based on Product, Application and region. Based on Product the market is segmented into Demulsifiers, Inhibitors and scavengers, Rheology modifiers, and Others. Based On Application the market is segmented into Well stimulation, Production, Enhanced oil recovery, Specialty Oilfield Chemicals, Others. Based on region the global Specialty Oilfield Chemicals Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA. 

Specialty Oilfield Chemicals Market Analysis by Product 

The type-based market segments include demulsifiers, inhibitors and scavengers, rheology modifiers, and other products. Demulsifiers are the most significant segment type in the global market for specialized oilfield chemicals. They are widely used to de-oil water-oil emulsions and remove the water from the oil. The emulsion is affected by water dripping, oil flocculation, and water drop coalescence. 

Specialty Oilfield Chemicals Market Analysis by Application 

The specialty oilfield chemicals market's largest and fastest-growing segment is likely manufacturing. Throughout the forecast period, an increase in oil output from major oil-producing nations around the world is anticipated to increase demand for specialty oilfield chemicals. The majority of oilfield chemicals are typically used during drilling and production operations. The largest use of specialized oil field chemicals worldwide is production, which has taken place because of the drop in drilling activities across a number of regions as a result of falling oil prices. As a result of these reasons, the demand for these chemicals in manufacturing applications is anticipated to rise. 

Global Specialty Oilfield Chemicals Market By Product (%), 2023 (%)

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Specialty Oilfield Chemicals Market Regional Insights

The market in Asia Pacific may have the fastest growth rate in terms of value over the anticipated period. The region's growing urbanization, rising population, and rise in shale gas demand from a variety of sectors are all driven by industry expansion. The rise of the regional market is principally attributable to increased exploration and development in Southeast Asian countries, India, Mainland China, and the South China Sea. Due to increased petroleum and crude oil demand worldwide as well as substantial economic investments in the energy sector.

North America currently has a monopoly on the market for specialized oilfield chemicals as a result of the region's growing oilfield exploration and deep drilling activities.

Global Specialty Oilfield Chemicals Market By Geography, 2024-2031
  • Largest
  • Fastest

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Specialty Oilfield Chemicals Market Dynamics

Specialty Oilfield Chemicals Market Drivers

Growing Oil and Gas Exploration to Bolster Market Growth

  • The global demand for oil and gas is growing, and the industry is experiencing a significant increase in exploration and production activities. This has created a strong demand for specialty oilfield chemicals that are used in various stages of oil and gas exploration and production.
  • The world's population is growing, and the demand for energy is increasing rapidly. This has led to an increase in oil and gas production, which has created a demand for specialty oilfield chemicals that are used to enhance the recovery rates of oil and gas.

Specialty Oilfield Chemicals Market Restraints

Stringent Environmental Regulations to Hinder Market Growth

  • The use of specialty oilfield chemicals can have a significant impact on the environment, and there are various regulations in place to limit their use. This can limit the growth of the market and impact its profitability
  • Specialty oilfield chemicals are expensive, and their high cost can limit their adoption in some markets. This can impact the growth of the market and limit its profitability.

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Specialty Oilfield Chemicals Market Competitive Landscape

It is highly competitive by several major players for market dominance in the global market for specialty oilfield chemicals. These participants are always striving to develop reducing products and services that satisfy the shifting market demands.

On the basis of factors such product innovation, quality, price, and customer service, these businesses compete. Through strategic partnerships, partnerships, and acquisitions, they also emphasize growing their global footprint. Even so, the sector is expected to stay highly competitive in the upcoming years, with both new companies and existing firms continuing to grow and expand their product offerings.

Specialty Oilfield Chemicals Market Top Player’s Company Profiles

  • Halliburton Company
  • Schlumberger Limited
  • Dow Chemical Company
  • Baker Hughes
  • Clariant AG
  • Solvay SA
  • Innospec Inc.
  • Huntsman Corporation
  • Chevron Phillips Chemical Company LLC
  • Kemira Oyj
  • Nalco Champion, an Ecolab Company
  • Lubrizol Corporation
  • Weatherford International plc
  • Newpark Resources Inc.
  • CES Energy Solutions Corp.
  • Albemarle Corporation
  • Ashland Global Specialty Chemicals Inc.

Specialty Oilfield Chemicals Market Recent Developments

  • In may 2024, The industry is witnessing the growing adoption of digitalization and automation technologies. Specialty oilfield chemical suppliers are developing solutions that can be monitored and controlled remotely, optimizing treatment processes and improving operational efficiency. 
  • In march 2024, Consolidation within the specialty oilfield chemicals market continued with mergers and acquisitions between leading players. This aims to expand product portfolios and enhance geographic reach. 
  • In early 2024, The ongoing development of unconventional resources like shale oil and gas created a need for specialized chemicals tailored to enhance extraction efficiency and wellbore integrity in these challenging formations. 
  • In late 2023, Stringent environmental regulations regarding wastewater treatment and emissions reduction in the oil and gas industry fueled the demand for eco-friendly specialty oilfield chemicals. 
  • In March 2022, Halliburton Co. announced the opening of the Halliburton Chemical Reaction Plant the first of its kind in Saudi Arabia to manufacture a broad range of chemicals for the entire oil and gas value chain as well as many other industries. The facility expands Halliburton’s manufacturing footprint in the Eastern Hemisphere and strengthens and accelerates its ability to serve the chemical needs of Middle East customers.
  • In June 2021, BASF SE launched its latest range of eco-friendly oilfield chemicals, which are designed to improve oil recovery rates and reduce environmental impact.
  • In May 2021, Ecolab Inc. announced the acquisition of Trilliant Health Safety & Environmental, a provider of oilfield water treatment and management solutions.
  • In April 2021, Halliburton Company announced the launch of a new range of specialty oilfield chemicals that are designed to reduce the environmental impact of oil and gas exploration and production activities.

Specialty Oilfield Chemicals Key Market Trends

  • The industry is increasingly focusing on sustainability and developing eco-friendly solutions that reduce the environmental impact of oil and gas exploration and production activities. Companies are investing in R&D to develop sustainable products and solutions.
  • Hydraulic fracturing is a technique used to extract oil and gas from shale formations, and it requires a range of specialty chemicals. The increasing demand for shale gas and oil is driving the growth of the hydraulic fracturing chemicals segment.
  • Enhanced oil recovery techniques are used to improve the recovery of oil from mature oil fields. The market is experiencing a growing demand for specialty chemicals used in EOR techniques such as chemical flooding, gas injection, and thermal recovery.
  • The industry is increasingly moving towards offshore exploration and production activities, and this is driving the demand for specialty chemicals that can withstand harsh offshore environments.
  • Biocides are chemicals used to control the growth of microorganisms in oil and gas production systems. The market is experiencing a growing demand for biocides due to increasing concerns about microbial contamination in oil and gas production systems.

Specialty Oilfield Chemicals Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analysis, we found that the Specialty Oilfield Chemicals market is the growing demand for these chemicals in Specialty Oilfield Chemicals activities, production chemicals, and workover & completion is likely to drive significant growth in the specialty oilfield chemicals market over the next seven years. Over the next seven years, it is anticipated that rising crude oil production and rising demand from technologies for enhanced oil recovery would greatly increase market growth. The development of new environmentally friendly products and solutions that adhere to regulations foundered by national and international regulatory bodies may open up new opportunities for demand growth. Also, utilizing chemical products makes industrial equipment last longer and lowers equipment maintenance costs by removing the unwanted metal scales that have built up. The benefit of reducing maintenance costs is also anticipated to have a positive effect on market expansion during the forecast period. Biocides are chemicals used to control the growth of microorganisms in oil and gas production systems. The market is experiencing a growing demand for biocides due to increasing concerns about microbial contamination in oil and gas production systems.

Report Metric Details
Market size value in 2023 USD 11.08 billion
Market size value in 2031 USD 15.80 billion
Growth Rate 4.02%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Demulsifiers, Inhibitors and scavengers, Rheology modifiers, and Others
  • Application
    • stimulation, Production, Enhanced oil recovery, Specialty Oilfield Chemicals, Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Halliburton Company
  • Schlumberger Limited
  • Dow Chemical Company
  • Clariant AG
  • Ecolab Inc.
  • Solvay SA
  • Huntsman Corporation
  • Chevron Phillips Chemical Company LLC
  • Kemira Oyj
  • Nalco Champion, an Ecolab Company
  • Lubrizol Corporation
  • Weatherford International plc
  • Newpark Resources Inc.
  • CES Energy Solutions Corp.
  • Albemarle Corporation
  • Ashland Global Specialty Chemicals Inc.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Specialty Oilfield Chemicals Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Specialty Oilfield Chemicals Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Specialty Oilfield Chemicals Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Specialty Oilfield Chemicals Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Specialty Oilfield Chemicals Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Specialty Oilfield Chemicals Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Specialty Oilfield Chemicals Market size was valued at around USD 11.08 billion in 2022 and is poised to grow from USD 11.53 billion in 2023 to USD 15.80 billion by 2031, at a CAGR of 4.02% over the forecast period (2024–2031).

It is highly competitive by several major players for market dominance in the market for specialty oilfield chemicals. These participants are always striving to develop reducing products and services that satisfy the shifting market demands. 'BASF SE', 'Halliburton Company', 'Schlumberger Limited', 'Dow Chemical Company', 'Akzo Nobel NV', 'Baker Hughes, a GE Company', 'Clariant AG', 'Ecolab Inc.', 'Solvay SA', 'Innospec Inc.', 'Huntsman Corporation', 'Chevron Phillips Chemical Company LLC', 'Kemira Oyj', 'Nalco Champion, an Ecolab Company', 'Lubrizol Corporation', 'Weatherford International plc', 'Newpark Resources Inc.', 'CES Energy Solutions Corp.', 'Albemarle Corporation', 'Ashland Specialty Chemicals Inc.'

The demand for oil and gas is growing, and the industry is experiencing a significant increase in exploration and production activities. This has created a strong demand for specialty oilfield chemicals that are used in various stages of oil and gas exploration and production.

The industry is increasingly focusing on sustainability and developing eco-friendly solutions that reduce the environmental impact of oil and gas exploration and production activities. Companies are investing in R&D to develop sustainable products and solutions.

The market in Asia Pacific may have the fastest growth rate in terms of value over the anticipated period. The region's growing urbanization, rising population, and rise in shale gas demand from a variety of sectors are all driven by industry expansion. The rise of the regional market is principally attributable to increased exploration and development in Southeast Asian countries, India, Mainland China, and the South China Sea. Due to increased petroleum and crude oil demand worldwide as well as substantial economic investments in the energy sector.

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