The oilfield chemicals are supposed to improve the recovery of oil from the oil field. It is used for various processes in the oil recovery like drilling, exploration, maintenance, and production.
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The Specialty Oilfield Chemicals Market has industrial and institutional cleaning chemicals, pesticides, advanced polymers and construction chemicals. The applications in specialty oilfield solutions are corrosion inhibition, pest control, scale inhibition, anti freezing agents, etc.
Certain chemicals are used for more than one purpose, especially surfactant chemicals.
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More than one chemical can be used for a specific function in the oilfield applications. Many specialty chemicals that are used nowadays have a synthetic origin.
Scope & Regional Forecast of the Specialty Oilfield Chemicals Market
The Specialty Oilfield Chemicals Market is boosted by the high demand for energy production. The shale gas revolution will propel the demand for oilfield chemical services.
But strict regulations against the use of chemicals that harm the environment and high cost of disposal procedures of chemicals after use hinder the market growth. However, development of new environmental friendly procedures that follow the regulations laid by the regulator authorities may lead to the growth of oilfield solutions.
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North America is the leading region in terms of oilfield chemical technology. This is attributed to the deep drilling activities and increasing number of oilfield explorations.
Latin America, Europe, and Middle East are also rapidly evolving regions. More investment activities are seen in Latin America, Asia Pacific, and Eastern Europe.
Companies aim to boost themselves in these regions due to low labor costs.
Corrosion and scale inhibitors hold the second largest share in the market due to their benefits in reduction of equipment maintenance costs. Surfactants will also have a considerable growth due to their use in enhanced oil recovery activities.
Segmentations & Key Players Involved in the Specialty Oilfield Chemicals Market
The Specialty Oilfield Chemicals Market can be broken down into various segments as follows:
- Product Type- Corrosion & Scale Inhibitors, Biocides, Demulsifiers, Pour-Point Depressants, Surfactants, Polymers, and Others.
- Application- Drilling, Production, Fracturing, Completion, Stimulation, Packer Fluids, and Others.
- Region- North America, Europe, Others, Asia Pacific, Rest of the world.
Some of the key players involved in the Specialty Oilfield Chemicals Market are as follows:
- BASF SE
- Dow Chemical Company
- Nalco Holding Company
- Albemarle Corporation
- AkzoNobel N.V
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