The global specialty oilfield chemicals market was valued at USD 12.24 billion in 2018 and is expected to reach USD 16.41 billion in 2026, growing at a CAGR of 3.8% during the forecast period.
Crude oil is naturally occurring, unrefined petroleum products mainly composed of organic materials and hydrocarbon deposits. The US crude oil and natural gas plant liquids production continues to grow as a result of the further development of tight oil resources. According to the US Energy Information Administration, in 2018, around 669 million metric tons of oil were produced in the US.
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Further, as per the European Commission, the majority of oil and gas production in Europe takes place offshore and there are currently nearly 550 installations in European waters. Owing to the high energy demand in the EU, such operations are crucial to support ensuring a secure supply of energy. Rising oil production in Russia has been witnessed across the countries. For instance, as per the International Energy Agency (IEA), the production of crude oil including lease condensate in 2017 was 10,580 thousand barrels per day, which reached to 10,759 thousand barrels per day in 2018. This results in the increasing demand for artificial lift methods for oil operations in the country. The increasing energy dependency has created a significant number of opportunities for innovations in oil recovery.
The prospect of growth in the Middle East country is exceptionally high owing to the increasing oil production in most of the countries in the region. Saudi Arabia, in particular, is expected to be a lucrative market for the specialty oilfield chemicals market as reflected by the country’s production statistics. The oil production has increased exponentially in the last few years in Saudi Arabia with a record of 578 million metric tons in 2018. The development of various large-scale projects including King Abdullah Economic City with a valuation of $100 billion in Saudi Arabia has also fuelled the growth of the specialty oilfield chemical market in the country. The production and consumption in these countries are expected to increase exponentially in the coming years, creating an array of opportunities for the specialty oilfield chemicals player.