The market is majorly driven by factors such as increasing application in drilling fluid, and work over & completion. Additionally, increasing crude oil production and rising demand from enhanced oil recovery application is estimated to boost the market growth. Furthermore, specialty chemicals can increase the industrial equipment life by removing unwanted deposited metal scales, and ultimately lessen equipment maintenance cost. This shows positive impact on market growth. On the other hand, increasing environmental concerns is anticipated to inhibit the futuristic market growth.
Demulsifiers segment is the dominant market segment owing to growing application in crude oil and petrol refinery activities. Moreover, those are widely used to separate oil from water, therefore increases the export value of crude oil produced, which in turn drives the market. Surfactants are projected to witness considerable growth due to the increasing consumption of surfactants in Enhanced Oil Recovery applications. North America has the largest market for specialty oilfield chemicals followed by Europe. Expansion of shale oil and gas industries in the U.S. is the major factor anticipated to drive the market in North America. Asia Pacific is projected to be the fastest growing owing to increasing government spending i.e., huge investments in China to meet energy demands.
The key players in the Specialty Oilfield Chemicals market include BASF SE, Halliburton, Ashland Inc., Baker Hughes, The Dow Chemical Company, Albemarle Corporation, DuPont, Akzonobel NV, Schlumberger Limited, and The Lubrizol Corporation.
o New Zealand
o Rest of Asia
o Middle East
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