The specialty oilfield chemicals market size is projected to reach USD 13.4 billion by 2027 from USD 10.9 billion in 2020, at a CAGR of 4.2%. The rising demand for oil and related derivatives necessitates the high production of crude oil. The global production of crude oil witnessed growth till 2020, as most of the countries were focusing on extracting more from the existing as well as new and unconventional reserves. Increase in crude oil production after an expected decrease in the COVID-19 impact in the near future is expected to drive the specialty oilfield chemicals market during the forecast period.
Production is expected to lead the global specialty oilfield chemicals market during the forecast period, followed by well stimulation. Aging and mature oil fields, heavy oil, and offshore oil fields consume higher quantities of specialty chemicals. The rising demand for energy and the expected increase in crude oil production after the expected decrease in COVID-19 impact in the near future are the factors that are expected to drive the specialty oilfield chemicals market during the forecast period.
North America is expected to account for the largest share in the global specialty oilfield chemicals market, followed by the Middle East & Africa, during the forecast period, in terms of both volume and value. The major driving factor for the market in these two regions is the presence of huge onshore and offshore reserves. The exploration of shale gas reserves in North America presents further growth opportunities for the specialty oilfield chemicals market. Offshore exploration & production is being carried out for a long time in the UAE, with projects, such as the Upper Zakum oilfield, contributing significant production volumes and containing nearly 50 billion barrels of economically viable reserves. The rise in number of exploration activities in these regions is expected to drive the specialty oilfield chemicals market.
Report : Specialty Oilfield Chemicals Market - By Type (Demulsifies, Inhibitors & Scavengers, Rheology Modifiers, Friction Reducers, Specialty Biocides, Specialty Surfactants, Pour Point Depressants and Others), By Application (Production, Well Stimulation, Drilling Fluids, Enhanced Oil Recovery, Cementing, Workover & Completion) and By Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) - Industry Analysis, Opportunity and Forecast 2020 To 2027