The Specialty Oilfield Chemicals Market was valued at USD 10.92 Billion in 2017 and is projected to reach USD 13.88 Billion by 2023, at a CAGR of 4.1% from 2018 to 2023, as per a report by MarketsandMarkets.
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Browse 65 market data Tables and 36 Figures spread through 143 Pages and in-depth TOC on “Specialty Oilfield Chemicals Market”
Why discovery of new oilfields remains a growing opportunity?
New oilfield discoveries in APAC, South America, and Africa pave the way for the growth of the specialty oilfield chemicals market in these regions in the oil & gas industry. With the maturity of many conventional oilfields, many countries, especially countries in the emerging economies such as APAC and South America have increased investments in exploring and producing from new reserves. During the last decade, huge oil reserves were discovered in Venezuela, Australia, and South Africa, and the developments of these oilfields will include drilling of about 10,500 wells, building of refineries, and other related facilities. In April 2018, Bahrain has identified a new oilfield, which is estimated to be larger than the country’s existing reserves. Similar discoveries of new oilfields are expected to be on the rise in the future. Hence, the discovery of new oil fields results in the increase of stimulating activities, to enhance the oil production, which directly provides an opportunity for the increased demand for specialty oilfield chemicals.
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How stringent environmental regulations is a key challenge?
During drilling and production processes, the use of the specialty oilfield chemicals adversely affects the soil and also the aquatic life, in case of deep-water exploration activities. This has increased environmental concerns. The increasing concern over the impact of chemicals on the environment has led to the implementation of stringent regulatory laws for oilfield chemical manufacturers. A major concern during the process of oil production is the volume of treated water that gets wasted. The governments of some European countries such as Germany, the Netherlands, and the UK have put certain regulations in place which limits the use of water to a certain quantity. The regulatory bodies also pose restrictions on the chemicals used during the extraction process. The manufacturers of specialty oilfield chemicals are also encouraged to opt for green alternatives. Formulating chemicals that do not affect the environment adversely act as a great challenge for specialty oilfield chemicals manufacturers. Developing these environment-friendly chemistries is a real challenge as these chemicals have to perform under extreme conditions. They also have to comply with stringent environmental regulations and safety standards.
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