According to the new market research report, published by MarketsandMarkets™, the Specialty Oilfield Chemicals Market is projected to reach USD 13.4 billion by 2025, at a CAGR of 4.2%, from USD 10.9 billion in 2020.
A projected increase in crude oil production after an expected decrease in the COVID-19 impact in the near future as a result of increase in demand for energy and oil related products is expected to drive the market during the forecast period.
Stringent environmental regulations and geopolitical issues in the Middle East region are the factors restraining the market.
The discovery of new oilfields and an increase in aging oil reservoirs are expected to provide high growth opportunities to manufacturers.
Demulsifiers type to register the highest CAGR in the global specialty oilfield chemicals market, between 2020 and 2025
The specialty oilfield chemicals market is segmented by type into demulsifiers, inhibitors & scavengers, rheology modifiers, friction reducers, specialty biocides, specialty surfactants, pour point depressants and others. Demulsifiers are the most common chemicals in oilfields, since they perform the basic function of the separation of oil and water.
These are toxic and have a harmful impact on the environment, so green demulsifiers are being developed, which are non-toxic and environmentally friendly.
Production be the fastest-growing application segment of the global specialty oilfield chemicals market during the forecast period
Production is projected to be the fastest-growing application of specialty oilfield chemicals during the forecast period.
The rising demand for energy and the projected increase in crude oil production due an expected decrease in COVID-19 impact in the near future are factors that are projected to drive the specialty oilfield chemicals market during the forecast period.
North America to be the largest as well as the fastest-growing market for specialty oilfield chemicals during the forecast period
North America is the largest specialty oilfield chemicals market and is expected to witness the highest CAGR between 2020 and 2025.
The countries dominating the specialty oilfield chemicals market in the North America are US, Canada, and Mexico.
Production is the major application of specialty oilfield chemicals in this region.
The rise in number of exploration activities in the region after an expected decrease in COVID-19 impact in the near future is expected to drive the specialty oilfield chemicals market.
The key market players profiled in the report include BASF SE (Germany), Clariant (Switzerland), The Dow Chemical Company (US), Solvay (Belgium), Ecolab (US), Halliburton (US), Schlumberger Limited (US), Nouryon (Netherlands), Baker Hughes Incorporated (US), Kemira (Finland), among others.
For more information, visit www.marketsandmarkets.com