The oil field specialty chemicals are those chemicals that are commonly used in the recovery of oil efficiently from the resources without impacting the environment and equipment. Oil field specialty chemicals have several positive functions such as improved oil recovery, drilling optimization, corrosion protection, preventing mud loss in different geological formations, stabilizing drilling fluid in high-pressure and high-temperature environments, and others. The usage of these chemicals helps to increase operational effectiveness, safeguard equipment, and boost the overall performance of oilfield operations at various phases of crude oil and natural gas exploration, production, transportation, and refining.
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Data Bridge Market Research analyses that the Specialty Oilfield Chemicals Market is expected to grow at a CAGR of 4.1% in the forecast period of 2023 to 2030 and is expected to reach USD 241.80 million by 2030. The type services is projected to propel the growth of the market as they are widely used in oilfields for the extraction and other process.
Key Findings of the Study
Rising in the Demand for Petroleum in the Automotive Industry may Drive the Market Growth
The automotive industry is always on the rise in every region. The demand for cars, heavy-duty vehicles and two-wheelers has increased, boosting the automotive industry's growth. The engines in the vehicles are run on burning petroleum products. The demand for automotive has increased in developing countries, which has boosted the need for petroleum products.
The petroleum products are extracted from the crude oil through several processes. Several types of oil field specialty chemicals are being used during the separation processes of by-products from crude oil. The oil field specialty chemicals increase the effectiveness in the operations, resulting in the production of desirable quality petroleum products.
In conclusion, the rising demand for petroleum products for different sectors will increase the need for oil field specialty chemicals for petroleum production in refining industries, which is expected to drive the MENA specialty oilfield chemicals market.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 – 2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Surfactants, Demulsifiers, Inhibitors, Biocides, Fluid Loss Additives, Rheology Modifiers, Foamers, Polymers, Lubricants/friction reducers, Pour Point Depressant, Iron Control Agents, Scavenger, Gellants and Viscofiers, Retarders, and Others), Application (Drilling, Well Stimulation, Production, Enhanced Oil Recovery (Eor), Cement, Workover & Completion, and others), Specialty Oilfield Location (Onshore and Offshore)
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Countries Covered
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Saudi Arabia, Iraq, U.A.E., Iran, Egypt, Kuwait, Qatar, Algeria, Libya, and rest of Middle East and North Africa.
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Market Players Covered
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BASF SE (Germany), Solvay (Belgium), Dow (U.S.), Baker Hughes Company (U.S.), Clariant (Switzerland), Evonik Industries AG (Germany), Kemira (Finland), Thermax Limited (India), Huntsman International LLC (U.S.), Innospec (U.S.), Stepan Company (U.S.), EMEC (Egypt), Chevron Phillips Chemical Company LLC (U.S.), Versalis S.p.A. (Italy), Halliburton (U.S.), Albemarle Inc (U.S.), ChampionX (U.S.), Multichem Industries Ltd (Nigeria
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Segment Analysis:
The MENA specialty oilfield chemicals market is segmented based on type, application, and specialty oilfield location.
- On the basis of type, the market is segmented into surfactants, demulsifiers, inhibitors, Biocides, fluid loss additives, rheology modifiers, foamers, polymers, lubricants/friction reducers, Pour Point Depressant, iron control agents, scavenger, gellants and viscofiers, retarders, and others
In 2023, the surfactants segment of the type segment is expected to dominate the market
In 2023, the surfactants segment is expected to dominate the market with a CAGR of 6.4% as surfactants reduce the solubility of oil and water which increases its demand.
- On the basis of application, MENA specialty oilfield chemicals market is segmented into drilling, well stimulation, production, enhanced oil recovery (EOR), cement, workover & completion, and others
In 2023, the drilling segment of the application segment is expected to dominate the market
In 2023, the drilling segment is expected to dominate the market with a CAGR of 4.7% due to the rising demand for oil and energy products globally increasing the demand for drilling applications in the oil industry.
- On the basis of specialty oilfield location, MENA specialty oilfield chemicals market is segmented into onshore and offshore. In 2023, the onshore segment is expected to dominate the market with a CAGR of 4.4% during the forecast period
Major Players
Data Bridge Market Research recognizes the following companies as the major specialty oilfield chemicals market players in specialty oilfield chemicals market are BASF SE (Germany), Solvay (Belgium), Dow (U.S.), Baker Hughes Company (U.S.), Clariant (Switzerland), Evonik Industries AG (Germany), Kemira (Finland), Thermax Limited (India), Huntsman International LLC (U.S.), Innospec (U.S.), Stepan Company (U.S.), EMEC (Egypt), Chevron Phillips Chemical Company LLC (U.S.), Versalis S.p.A. (Italy), Halliburton (U.S.), Albemarle Inc (U.S.), ChampionX (U.S.), and Multichem Industries Ltd (Nigeria) among others.
Market Development
- In July 2023 Stepan Company is honoured to have been named the Most Sustainable Chemical Company by World Finance magazine. This announcement was made as a part of the magazine's 2023 Sustainability Awards
- In June 2023, Var Energi and Halliburton want to enter into a long-term strategic partnership for drilling service to further improve drilling and well performance and increase value creation. The anticipated partnership will include drilling services for Var Energi across the whole Norwegian Continental Shelf (NCS) for both production and exploratory operations
- In August 2021, BASF SE and SINOPEC to further expand their Verbund site in Nanjing, China which increases the production of several downstream chemical plants. This update helped the company to increase revenue in near future
- In July 2021, Dow company has decided to launch several capacity expansions projects which increase the production of chemical products. This helped the company to increase revenue
- In July 2021, Innospec completed a capacity addition at its Salisbury, NC site along with an adjacent which will help to increase the production capacity. This helped the company to increase revenue
Regional Analysis
Geographically, the countries covered in the specialty oilfield chemicals market report are Saudi Arabia, Iraq, U.A.E., Iran, Egypt, Kuwait, Qatar, Algeria, Libya and rest of Middle East and North Africa.
As per Data Bridge Market Research analysis:
Saudi Arabia is the dominant country in specialty oilfield chemicals market during the forecast period 2023 - 2030
In 2023, Saudi Arabia dominated the specialty oilfield chemicals market owing to the higher demand of oil and natural gas among the population and various industries. Saudi Arabia will continue to dominate the specialty oilfield chemicals market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the growing demand of production and extraction of crude oil.
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