Growth in the world oilfield chemicals market will reach $33 billion. Gains will be driven by a rebound in the North American market when oil prices between to recover in 2017 as well as continued growth in China and the Middle East.
This report segments the world oilfield chemicals market by product. Data is provided in dollars.
Oilfield chemical products include:
Stimulation and EOR chemicals
Completion & workover fluids
Drilling fluids will remain the largest of these through forecast year. Faster growth will be for stimulation and EOR products, especially hydraulic fracturing chemicals. Hydraulic fracturing, which is widely employed in the US, will gain importance in other markets as well, including China and Russia.
World regions and countries covered in the study include:
Central & South America
The Asia/Pacific region will see the strongest advances among world regions through forecast year. As China’s technological capabilities in upstream drilling and completion advance, the country’s demand for oilfield chemicals will rise significantly faster than the world average. North America will remain by far the largest market, with the US alone accounting for nearly half of world demand.
Oilfield chemicals are supplied to oil and gas companies and their contractors by a large number of chemical manufacturers, product blenders and formulators, and oilfield services firms ranging from small, locally held companies to major multinationals.
Important suppliers discussed within the study include: