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.
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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.
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