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London, United Kingdom, 02/06/2009 – “World Oilfield Chemicals: Industry forecasts for 2012 & 2017”, reports that the world demand for oilfield chemicals is expected to reach $20 billion in 2012.
The report shows that a number of factors are expected to contribute to these gains. Oil and natural gas production is expected to continue to increase, especially in Latin America, Asia and Africa. Rig counts and drilling activity should also be favourable, as oil prices remain above historical levels (though down significantly from records set in 2008).
Additionally, producers are becoming increasingly reliant on unconventional sources of oil and natural gas such as Canadian oil sands and very deep offshore waters and are placing wells in more difficult conditions, which will further stimulate chemical demand.
Authors of the report note that although drilling fluids will remain by far the largest product category, well stimulation chemicals will register the fastest growth. At present, well stimulation chemical demand is heavily concentrated in four countries: the US, Russia, Canada and China.
However, although oil and gas production is expected to grow more rapidly in these regions of the world, the North American market is expected to remain the largest market. The US and Canada, with older and more developed oilfields, offer a much larger market for chemicals designed to maintain output levels in areas of diminishing well flows.
The report “World Oilfield Chemicals: Industry forecasts for 2012 & 2017” is available from Report Buyer
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