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.
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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.
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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: 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.