Global Specialty Oilfield Chemicals Market: Brief Description
The specialty oilfield chemicals market is a multi-million market, which includes a wide array of specialty chemicals employed for a broad range of purposes. The major products offered within this market encompass industrial and institutional cleaning chemicals, specialty advanced polymers, pesticides, and construction chemicals among several others. The main purpose of specialty oilfield chemicals is to improve the recovery of oil from the oil-well. These chemicals are utilized during various processes involved in oil recovery from the oilfield such as drilling, exploration, production and maintenance.
Applications for specialty oilfield chemicals include corrosion inhibition, scale inhibition, pest control, demulsification, foam control agents, emulsifying agents, gelling agents, friction reduction, fracking agents, anti-freeze agents, dispersing agents, etc. These chemicals are used in oilfield functions such as in drilling fluids, well stimulation, oil production, well cementing, oil recovery, work-over and completion. Most chemicals are used for specific purposes throughout the production lifecycle of an oilfield. However, certain chemicals solve more than one purpose, especially surfactant chemicals. Alternately, more than one chemical can be used for a specific function in oilfield applications.
Most of the specialty oilfield chemicals in use today are of synthetic origin. Synthetic chemicals are preferred owing to lower prices, steady availability and customizability. However, there are natural substitutes as well for several synthetic based specialty oilfield chemicals. The natural based chemicals such as guar gum are costlier and limited by seasonal supply. Additionally, farmers as well as governments across the world prefer food crops over such cash crops over lingering food security concerns amongst rapidly growing world population.
Global Specialty Oilfield Chemicals Market: Trends and Prospects
The global specialty oilfield chemicals market is primarily driven by the high demand for energy production. Oil is the basic fuel source across the world for most industrial and many domestic activities. Additionally, the current shale gas revolution is expected to further boost demand for specialty oilfield chemicals globally. However, stringent regulations against chemicals potentially harmful for the environment and costly disposal procedures for chemicals after use are anticipated to hinder market growth. Development of new environment friendly products and solutions that comply with regulations laid down by global and regional regulatory authorities might present prospective opportunities for further demand growth.
Global Specialty Oilfield Chemicals Market: Regional Overview
In terms of geography North America is estimated to be the leading consumer owing to the high growth in the number of oilfield exploration and deep drilling activities. Additionally, the shale gas revolution has instilled renewed vigor in oil extraction and lead to increase in the demand for specialty oilfield chemicals market. Latin America, Eastern Europe, The Middle East, and Asia Pacific are amongst other rapidly growing markets. These markets are characterized by increasing oil exploration and drilling activities owing to rapid industrial growth in the regions. Most of the investment activities are concentrated on expansion into emerging markets such as Asia Pacific, Latin America and Eastern Europe. The market players are looking to enhance their footprints in the high growth regions mentioned above and take advantage of lower land and labor costs and lenient regulatory norms. Western Europe is expected to face slower growth amidst economic crises in the euro zone countries.
Global Specialty Oilfield Chemicals Market: Key Players
The specialty oilfield chemicals market is fragmented with major global players investing heavily in global mergers and acquisitions to consolidate the market. Some of the key market players include Ashland Inc., BASF SE, The Dow Chemical Company, Clariant AG, E.I. Du Pont De Nemours & Company, Solvay SA, The Lubrizol Corporation, Akzonobel NV, Baker Hughes Inc. and Kemira OYJ among others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.