The global market for specialty chemicals is forecast to grow at a compound annual growth rate (CAGR) of approximately 3.79 per cent during 2016 - 2021, on account of increased activities in exploration and production in the oil and gas sector along with rise in unconventional hydrocarbon recovery methods, according to a new report.

The Azoth Analytics report titled "Global Oilfield Specialty Chemical Market: Trends, Opportunities and Forecasts (2016-2021)", analyses the potential of specialty chemical market and provides statistics and information on market size, shares and trends.

It also discussed the rise in capital intensive developments in unconventional sources, and the shale revolution in North America has further accelerated various speciality chemicals related operations in the oil and gas production projects.

Decline in crude oil prices and global economic slowdown has presented fresh challenges to the specialty chemicals market in oil and gas industry. This would cause the oilfield specialty market to rise at a slow pace during 2016 - 2021 owing to the lesser number of E&P spending.

Brazil's oilfield specialty chemical market size is expected to increase steadily in the South American region in 2016 – 2021, it said.

Saudi Arabia is the most promising nation for the production chemical market, while China and India are expected to drive the Asia Pacific market of speciality chemicals owing to their high demand for energy.

With the high demand for energy in the American and Asian regions, there has been an increase in exploration activities leading to growth in the market for speciality chemicals. The report highlights the offshore and onshore allocation of the market share wherein recent rise in the offshore explorations would drive the market in the offshore oil and gas industry.

The percentage share of the offshore market is anticipated to rise until the year 2021. Increase in oil and gas production and higher advancements in speciality chemicals technologies have also contributed to the growth of speciality chemicals market, it said.

In terms of segmentation, oilfield specialty chemical market is categorised by application (well intervention, drilling services and well completion) and by location of application (offshore and onshore). North America, South America, Middle East, Europe/Africa/Russia and Asia Pacific are being covered in the regional segmentation, it added. – TradeArabia News Service