Rising Demand for Energy from the Growing Population across the World Is Expected To Prominently Favor Specialty Oilfield Chemical Usage As Well
United States, Rockville MD, June 26, 2022 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, says that the global specialty oilfield chemicals market is projected to evolve at a CAGR of 4.5% from 2022 to 2032. At present, the market is valued at US$ 11.92 billion.
Increasing industrialization across the world has substantially lifted the demand for energy, and this is expected to prominently drive the growth potential of the specialty oilfield chemicals as well. Rising use of natural gas is also anticipated to propel specialty oilfield chemical sales over the coming years.
Increasing offshore exploration activities across the world to capitalize on the high demand for gas & oil will favor specialty oilfield chemical demand. However, strict regulations for environment conservation are expected to have an adverse impact on market growth to some extent.
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Specialty oilfield chemical manufacturers are focusing on partnerships and collaborations to expand their business potential and improve their revenue generation capacity.
• In May 2021, Schlumberger, a renowned oilfield services organization, collaborated with NOV Inc., an oil and gas equipment provider, to drive the adoption of automated drilling solutions and further advance the automation of manual workflows in the oil & gas industry.
What Sways Specialty Oilfield Chemical Manufacturers towards APAC?
“Rising Investments in Energy Generation & Favorable Government Initiatives”
The specialty oilfield chemicals Asia Pacific is anticipated to provide highly rewarding business opportunities for top specialty oilfield chemical companies across the world owing to rapid industrialization and urbanization trends in the region.
Increasing demand for shale gas, growing population, increasing investments in the energy generation industry, supportive government initiatives to advance the petroleum industry, and low labor costs are expected to be significant factors driving specialty oilfield chemical demand in this region across the forecast period.
Emerging economies such as India, China, and Japan are predicted to be the most notable markets in this region in the years to come. Upstream chemicals are anticipated to witness high demand owing to rising exploration and drilling activities in the APAC region.
Specialty oilfield chemicals market size in the Asia Pacific region stands US$ 3.42 billion and the industry in this region is anticipated to hold a significant market share of 30.8% by the end of 2032.
This latest specialty oilfield chemicals market research report by Fact.MR, a market research and competitive intelligence provider has listed a detailed analysis of the current and forecasted market scenario for all the major regions across the world.
To learn more about Specialty Oilfield Chemicals Market, you can get in touch with our Analyst at https://www.factmr.com/connectus/sample?flag=AE&rep_id=7448
Key Segments Covered in the Specialty Oilfield Chemicals Industry Survey
Specialty Oilfield Chemicals Market by Type :
Specialty Oilfield Chemical Demulsifiers
Specialty Oilfield Chemical Inhibitors & Specialty Oilfield Chemical Scavengers
Specialty Oilfield Rheology Modifiers
Specialty Oilfield Friction Reducers
Specialty Oilfield Chemicals Market by Application :
Specialty Oilfield Production Chemicals
Enhanced Oil Recovery
Specialty Oilfield Chemicals Market by Region :
The specialty oilfield chemicals market is highly consolidated in nature with few major companies accounting for a dominant market share. This makes it a hard market to tap into, especially for new entrants.
Specialty oilfield chemical companies are focusing on expanding their business scope by raising investments and increasing their stakes in several ventures to gain high revenue. Acquisitions, mergers, and partnerships are also expected to be popular among market players over the coming years.
Specialty oilfield chemical companies are focusing on the expansion of their business landscape through mergers, acquisitions, and partnerships. Specialty oilfield chemical manufacturers are also increasing their investments in various companies and raising their stakes to benefit from lucrative opportunities that industrialization offers.
In November 2020, Saudi Arabia’s Industrialization and Energy Services Company TAQA announced a stake in OPT Petroleum Technologies Company. This ensured TAQA’s access to OPT Petroleum’s specialty chemical products and bolstered TAQA’s service scope.
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Key players in the Specialty Oilfield Chemicals Market
The Dow Chemical Company
E.I. Du Pont De Nemours & Company
The Lubrizol Corporation
Baker Hughes Inc.
Key Takeaways from Specialty Oilfield Chemicals Market Study
As of 2022, the specialty oilfield chemicals market stands at a valuation of US$ 11.92 billion.
Demand for specialty oilfield chemicals is expected to rise at a CAGR of 4.5% from 2022 to 2032.
The specialty oilfield chemicals market is anticipated to be valued at US$ 18.46 billion by the end of 2032.
Increasing demand for energy, rising demand for shale gas, rapid industrialization, and increasing exploration operations are expected to majorly drive specialty oilfield chemicals market growth.
The North America specialty oilfield chemicals market currently accounts for a major market share of 33.2%.
Stringent government mandates to restrict the use of toxic chemicals and high-cost disposal of specialty oilfield chemicals are expected to hinder market potential.
The demulsifiers segment is anticipated to rise at a CAGR of 6% through.
Consumption of specialty oilfield chemicals in production applications is estimated to account for a revenue of US$ 6.17 billion by the end of 2032.
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