The specialty oilfield chemicals market size is projected to reach USD 13.4 billion by 2025 from USD 10.9 billion in 2020, at a CAGR of 4.2%, during the forecast period. North America is the largest market, followed by Middle East & Africa. An increase in crude oil production after an expected decrease in COVID-19 impact in the near future is expected to drive the market during the forecast period. Stringent environmental regulations and geopolitical issues in the Middle East region are the factors restraining the market. The discovery of new oilfields and an increase in aging oil reservoirs are expected to provide high growth opportunities to manufacturers.
North America is the largest specialty oilfield chemicals market and is expected to witness the highest CAGR between 2020 and 2025. The countries dominating the specialty oilfield chemicals market in the North America are US, Canada, and Mexico. Production is the major application of specialty oilfield chemicals in this region. The rise in number of exploration activities in the region after an expected decrease in COVID-19 impact in the near future is expected to drive the specialty oilfield chemicals market.
To know about the assumptions considered for the study download the pdf brochure
BASF SE (Germany), Clariant (Switzerland), The Dow Chemical Company (US), Solvay (Belgium), Ecolab (US), Halliburton (US), Schlumberger Limited (US), Nouryon (Netherlands), Baker Hughes Incorporated (US), Kemira (Finland) are the major players in this market.
BASF SE (Germany) is the largest player in the market. It is the world’s leading chemical company having the largest chemical site in Ludwigshafen, Germany. The company is maintaining its position in the market by developing innovative solutions according to customer requirements. In 2019, the company completed the merger of its paper wet-end and water chemical business with Solenis (US). This merger has helped the company to expand its product portfolio and offer cost-effective solutions for customers in the oil & gas industry.
Ecolab Inc., through Nalco, sells a wide range of specialty oilfield chemicals. The company has a strong geographical presence and operates in more than 170 countries across North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. The company has strengthened its specialty oilfield chemicals business through acquisitions. For instance, Ecolab Inc. acquired Champion Technologies (US) and Corsicana Technologies (US) for, approximately, USD 2.3 billion. Following the acquisition, Ecolab has formed a new business unit called Nalco Champion. The acquisition strengthened the company’s specialty oilfield chemicals business by opening up new oil & gas markets.
Request for Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=517
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Media Contact
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/specialty-oilfield-chemicals-market-517.html