Tuesday, February 19, 2013

World demand for Oilfield chemicals is expected to reach $28 billion in 2016

Global demand to reach $28 billion in 2016
World demand for Oilfield chemicals is expected to reach $28 billion in 2016 as high oil prices and the increasing demand for energy stimulate new development, especially in unconventional and offshore fields. Nearly all types of chemicals will post healthy advances, but the best opportunities will continue to be in drilling fluids and stimulation chemicals. The usage of horizontal drilling and hydraulic fracturing in the development of shale plays in the US and Canada has been a driving force in sales of fracturing fluids and high-tech drilling fluids, although whether North America’s success in shale development can be duplicated elsewhere remains to be seen. However, while shale is still purely a North American phenomenon, the development of offshore fields is taking off all around the world. This will continue to fuel demand for all types of chemicals, as costs for offshore wells are significantly higher than for onshore wells. These and other factors are driving demand in the world’s major oilfield chemical growth markets, especially Brazil, India, Africa, China, Russia, Saudi Arabia, and a number of other Asian countries. In addition, while slowing, growth will continue to be favorable in the large North American market.

To Know More - World Oilfield Chemicals to 2016

No comments:

Post a Comment