Global Specialty Oilfield Chemicals Market is expected to reach USD 38,854,092.95 thousand by 2026 in the forecast period of 2019 to 2026. The years considered for study are as mentioned below.
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The specialty oilfield chemicals market is highly concentrated which includes key players and local players. The market has a prominent growth in upcoming years due to wide application area of these chemicals in various applications of oilfields.
The market has witnessed developments in terms of merger and acquisitions or product launches to enhance the product portfolio to meet the rising demand of innovative technologies. For instance, in July 2018, Nalco Champion, an Ecolab company launched a metal corrosion inhibitor for cooling water systems. The product reduces the environmental impact and improves the stability of the production system. The product is developed to function under conditions of high-stress.
BASF SE dominated the global specialty oilfield chemicals market. The other key players existing in the market includes Halliburton and Schlumberger Limited, Baker Hughes, a GE company LLC, Croda International Plc, Huntsman International LLC, Ecolab, Solvay, ELEMENTIS PLC, Evonik Industries AG, Stepan Company, CPS Performance Materials, Ashland, Innospec, Roemex Limited, Clariant, Kemira, KRATON CORPORATION, Chevron Corporation (Chevron Philips Chemical Company LLC) and Thermax Global.
BASF SE:
BASF SE headquartered in Ludwigshafen, Germany was established in 1865. The company is engaged in providing chemicals, plastics, performance products and crop protection products to oil and gas. The company operates through four business segments which include functional materials & solutions, chemicals, performance products and agricultural solutions.
Chemicals Segment is the market focused segment and is engaged in the production of specialty oilfield chemicals under the product category, energy and resources. The products are utilized for various extraction processes in oil and gas industries.
- In May 2018, BASF and Solenis announced an agreement in which BASF’s paper wet-end and water chemicals business will be merged with Solenis. The company will be holding a share of 49% of this agreement. The Mining & Oilfield Solutions business of the company will not be impacted through this merger. The merger will add on to company’s achievements in the field of chemicals and related products.
It has its global networks in Americas, Asia, Middle East and Africa and Europe. It operates through its subsidiaries, which are BASF Coatings GmbH (Germany), Wintershall, BASF Japan (Japan), Engelhard (U.S.), PCI Augsburg GmbH (Germany), Cognis (Germany) and others.
Halliburton:
Halliburton headquartered in Texas, U.S. was founded in 1919. The company is the largest manufacturer of products and services for energy industry. The company operates through two business segments which include completion and production, drilling and evaluation. The segments, completion and production, drilling and evaluation are the market focused segments and are engaged in the various applications including drilling, production, completion and many others.
- In July 2019, Halliburton Company introduced a logging-while-drilling (LWD) capability 3D reservoir mapping technology that helps in providing detailed structures of sub surface and improves the placement in complex reservoirs.
It has its global networks in Africa, Asia, Australia & Oceania, Eurasia, Europe, Middle East, North America, South/ Central America. It operates through its subsidiaries, which are Halliburton Affiliates Services, LLC (U.S.), Halliburton Group Canada (Canada), HESI Holdings B.V. (Netherlands), Halliburton Worldwide GmbH (Switzerland), Halliburton Manufacturing and Services Limited (U.K.), among others.
Schlumberger Limited:
Schlumberger Limited is headquartered in Texas, U.S. was founded in 1926. The company provides products and technologies for drilling, production, reservoir characterization for energy industries. The company operates through four business segments, which include Production, Drilling, Reservoir Characterization, Cameron.
Drilling is the market focused segment of the company that is engaged in the production of specialty chemicals for oilfields that can be used for the drilling application.
- In February 2019, Schlumberger signed an agreement with Rockwell Automation to set up a new joint venture to build a fully integrated digital oilfield automation solutions provider, Sensia.
The company has their geographical presence in Europe, North America, Asia-Pacific, Kuwait. It operates through its subsidiaries which are Schlumberger B.V. (Netherlands), Schlumberger Norge AS (Norway), Schlumberger Oilfield UK Plc (U.K.), Schlumberger Technology Corporation (U.S.), Schlumberger UK Limited (U.K.), among others.
