Oilfield Chemicals Market to Reach US$11.8 Billion by 2010, According to New Report by Global Industry Analysts, Inc.
Poised to maintain a steady growth over the 2000-2010 analysis period, the world Oilfield Chemicals market is forecast to reach US$11.8 billion by 2010, according to a recently released market research report published by Global Industry Analysts, Inc. Asia-Pacific, Middle East & Africa and Latin America constitute high growth markets, while the US, accounting for an estimated 42.76% in 2006, will continue its dominance in the global Oilfield Chemicals market. Asia-Pacific region is projected to maintain a CAGR of 5.3% over the 2000-2010 analysis period.
San Jose, California (PRWEB) July 9, 2007 -- World oilfield chemicals market is gaining importance as a result of constantly increasing demand for oil & natural gas over the period, which resulted in expediting exploration and production activities all over the world. Oil and natural gas resources across the globe are not evenly distributed, with the depth and geological characteristics of the reserves differing greatly. So, the growth in the demand for oilfield chemicals rests on the oil and natural gas exploration, drilling, and production activity, but not essentially in proportion to the increase in these activities.
Stimulation Chemicals market is expected to maintain the fastest growth over 2000-2010, with a CAGR of 5.20% and, with an estimated 2006 share of 39.7%, Drilling Fluids market constitutes the largest segment. Other segments independently analyzed include Cementing Chemicals market, Production Chemicals market, Enhanced Oil Recovery (EOR) Chemicals market and Completion & Workover Fluids market.
Growth in this sector could be attributed to declining oil and gas reserves, leading to an upsurge in exploration, development, and drilling activities in offshore, deepwater, and developing regions. The growth in drilling activity resulted in explicitly increasing the number of drilling rigs across all regions. The level of exploration and production activity in major energy producing zones, and the depth and drilling conditions drive the oilfield chemicals industry.
Heavy drilling activities to complement consumer demand for oil and natural gas, requires employing huge amount of specialty oilfield chemical products. The concerns regarding excessive usage of chemicals in drilling activities resulted in a shift towards developing and adopting greener, environmentally acceptable, and higher value formulated products. These environment-friendly formulations, chemicals, and fluids reduce the impact of offshore drilling on subsea environments.
Major stimulants driving growth for Oilfield Chemicals market include the following:
- Upturn in the number of drilling rigs, in addition to growing natural gas production and sustained maturity of domestic crude oilfields.
- Drilling operations in hostile offshore and deepwater environments, and deeper and complex wells.
- Increased exploration and production activity due to comparatively higher crude oil and natural gas prices.
- Exploration and development of new oil and natural gas wells, and efforts to increase production in existing wells.
- Significant new discoveries, especially in deepwater locations of developing regions.
Major competitors profiled include Akzo Nobel NV, Albemarle Corporation, Baker-Petrolite, BJ Services Company, Champion-Servo, Enerchem International, Inc., M-I LLC, Newpark Resources, Inc., ONDEO-NALCO Energy Services LP and Sasol Limited.
For more details about this research report, please visit www.strategyR.com/MCP-1397.asp.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs over 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of over 60,000 smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
Telephone 408-528-9966
Fax 408-528-9977
Email press @ StrategyR.com
Web Site www.StrategyR.com
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