The specialty oilfield chemicals market size is projected to reach $13.4 billion by 2025 from $10.9 billion in 2020, at a CAGR of 4.2 per cent.
According to findings by MNM Reports, increased demand for energy and oil related products following Covid-19 is likely to drive the market during the forecast period, causing an increase in crude oil production, according to the report.
The discovery of new oilfields and an increase in aging oil reservoirs are expected to provide high growth opportunities to manufacturers.
It has also been predicted that demulsifiers will register the highest growth rate in the global specialty oilfield chemicals market between 2020 and 2025.
Additionally, the report predicts that North America will be the largest and fastest-growing market for specialty oilfield chemicals during the forecast period.
Increased number of exploration activities in the region following the Covid-19 impact is expected to drive the specialty oilfield chemicals market.
However, stringent environmental regulations and geopolitical issues in the Middle East region are factors restraining the market. - OGN