Global oilfield chemicals market to cross $20-bn by 2014

摘要

World demand for oilfield chemicals is likely to increase 8.6% annually to nearly $21-bn in 2014, according to a new market research by US-based Freedonia Group Inc. The oilfield chemicals sector will gain from the recovery in the oil and gas industry from a sub-par 2009, a year of declines in oil and gas production, rig counts and drilling activity in many of the major markets, including the United States and Canada. A key future demand driver for oilfield chemicals will be the expected increase in global oil and gas prices, which will result in impetus for additional drilling and well completion activity. According to Freedonia, drilling fluids will remain the largest product category through 2014. However, stimulation and enhanced oil recovery chemicals are projected to register the fastest growth during that same period.