The population across the globe has been increasing at a rapid pace, and the middle-class population has especially risen considerably in the past few years. As various emerging economies have registered strong economic growth over the years, the disposable income of people has increased, thereby creating a high demand for consumer goods. Owing to all these factors, developing countries have also been witnessing swift industrialization in cosmetics, food, agriculture and several other manufacturing industries.

All these industries in some way dependent on the oil & petroleum industry, which makes high usage of specialty oilfield chemicals, thereby leading to their high demand. Specialty oilfield chemicals are majorly used for enhancing well execution and for recuperation from stores. Therefore, the growing generation of unrefined petroleum and increasing oil & gas drilling and production processes are also expected to result in the expansion of the global specialty oilfield chemicals market.

Specialty oilfield chemicals play a significant role in the oil and petroleum industry. Well drilling, treating, completion, and workover fluids are able to perform to their highest capacity because of the aid of specialty chemicals, which provide them with unique functionality and properties. Specialty chemicals are almost invaluable solutions for overcoming problems faced in oil and gas wells throughout their lifetime if they are manufactured and designed to proper performance and physical standards that are confirmed and defined via extensive field applications.

It is owing to such factors that the demand for specialty oilfield chemicals is surging rapidly across the globe. There are different types of oilfield specialty chemicals, namely pour-point depressants, natural, advanced, and synthetic polymers, surfactants, demulsifiers, corrosion and scale inhibitors, and biocides. Among all these, the demand for biocides is predicted to rise considerably in the years to come, as they are used extensively in oilfields for controlling microbial growth. They are also used for maintaining and optimizing oil & gas production from reservoirs by decreasing the downtime caused by corrosion.

It is because of such characteristics that allow biocides to be used in the oil and gas drilling and production processes. The major applications of specialty oilfield chemicals are workover and completion, cementing, enhanced oil recovery, production, well stimulation, and drilling fluids. The reducing in oil prices is predicted to affect the production of crude oil and drilling activities across the globe.

However, the production of crude oil is still rising in Middle East and North America is still high, which along with the high use of advanced oil recovery techniques for exploring mature oilfields is creating demand for specialty oilfield chemicals. Geographically, North America has been dominating the specialty oilfield chemicals market in the past. Other than that countries including Russia, the U.K. and China are also contributing widely to the global domain. The Asia-Pacific region is projected to register the fastest growth in the years to come.

In conclusion, the demand for specialty chemicals is growing due to the need for enhancing production in the oil and petroleum industry.

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