Speciality Oilfield chemicals market to be worth close to $14-bn by 2020

The global speciality oilfield chemical market is projected to reach $13.65-bn by 2020, registering a mode rate CAGR of 5.5% between 2015 and 2020, according to a new market research by Markets and Markets. The report tracks categories like inhibitors & scavengers, demulsifiers, gellants & viscosifiers, friction reducers, rheology modifiers, speciality surfactants, speciality biocides, pour-point depressants, among others.

The increasing oil production in some of the regions such as the Middle East and North America is expected to drive the market during the forecast period. The Organization of Petroleum Exporting Countries (OPEC) is actively managing the production of oil with high supply targets. As major countries in OPEC and some countries in North America have increased the production of oil, the demand of speciality oilfield chemical, especially production chemicals, are expected to increase during the forecast period.

Speciality biocides are projected to witness the highest growth rate owing to the level of microbial contaminants in water that may affect the product quality. Several developments towards developing eco-friendly formulation of biocides are expected to increase the growth of speciality biocides during the forecast period.

According to the report, production chemicals application segment is projected to grow rapidly in the Asia-Pacific, Latin America & RoW, and the Middle East & Africa regions because of the projected increase in production of oil & gas in the newly found onshore and offshore reserves. To increase the production of oil and improve oil recovery from existing as well as new fields, newer grades of speciality oilfield chemicals and processes are being developed. Consequently, production chemicals and enhanced oil recovery (EOR) are projected to be the fastest growing application segments in the speciality oilfield chemicals market. Also, the production of unconventional crude oil is increasing as heavy crudes are produced from Latin America & RoW. As the production of the heavier crude increases, the consumption of production chemicals is expected to increase, resulting in a high growth rate between 2015 and 2020.

The major players, in this market include BASF, AkzoNobel, Dow Chemical, Schlumberger, Halliburton, Lubrizole, Kemira, Clariant, Nalco Champion, etc.

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