The specialty oilfield chemicals market is projected to grow at a CAGR of 5.9% between 2014 and 2019 to reach $12.4 billion by 2019. North America held the largest share in 2013 with the U.S. leading the region. In the low penetrated markets of Asia-Pacific and Latin America a high growth is expected while the highly developed North American and European regions are predicted to show moderate growth. Growth in the North American region is expected to be from drilling, well stimulation, and EOR applications.
The major players in the specialty oilfield chemicals markets are divided into three groups specialty oilfield chemicals manufacturers, service companies, and specialty oilfield chemicals suppliers/distributors. Akzonobel NV (The Netherlands), BASF SE (Germany), DuPont (U.S.), and so on are the major specialty oilfield chemicals manufacturers whereas Baker Hughes (U.S.), Halliburton (U.
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), Halliburton (U.S.), Schlumberger Limited (U.S.), and so on, are the major service companies in this market. These companies showed significant presence amongst other players in the fragmented global specialty oilfield chemicals market.
Acquisition was the most preferred strategy among the major players in the specialty oilfield chemicals market, globally. The major players are enhancing their technological base, product portfolio, and geographical reach by acquiring other companies. For example, Flotek Industries, Inc. inked an acquisition agreement to acquire certain patents and trade secret from Anthony Rea, via ARC Fluid Technologies thereby extending its nano-Fluid technology into drilling fluids systems. There were some new product launches in the specialty oilfield chemicals market especially for the enhanced oil recovery operations.
Many companies, offering specialty oilfield chemicals, are actively trying to increase their product portfolio and regional presence to cater to different regional markets. These are trying to enter the low penetrated markets in developing regions. .
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