World Oilfield Chemicals Market to Reach US$31 billion by 2015, According to a New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global report on Oilfield Chemicals market. The global market for oilfield chemicals is forecast to reach US$31 billion by the year 2015. Key factor driving market growth includes declining oil and gas reserves, leading to an upsurge in exploration, development, and drilling activities in offshore, deepwater, as well as in developing regions, specifically in Asia Pacific, Latin America, and Africa. Growth in drilling activity resulted in increase in the number of drilling rigs across all the developing regions. In addition, the level of exploration and production activity in major energy producing zones, and the depth and drilling conditions drive the oilfield chemicals industry.

Oilfield Chemicals: A Global Strategic Business Report

Following a period of short-term slump in 2009 due to the global economic crisis, the worldwide oilfield chemicals market is showing positive signs of improvement. Factors such as increase in energy prices and a slump in the global oilfield activity, and subsequently use of oilfield chemicals, was witnessed during late 2008. The gloomy supply scenario and low production volume translated into high oil and gas prices across the globe. Overshadowing this decline in growth, the world oilfield chemical market however stands enthused with increase in natural gas and oil production, specifically in Asia Pacific, Latin America, and Africa. Manufacturers are heavily depending on non-traditional sources such as intense offshore waters and oil sands for natural gas and oil, promising healthy prospects for oilfield chemicals.

The United States dominates the global oilfield chemicals market, as stated by the new market research report on Oilfield Chemicals. The region, with highly developed and relatively older oilfields, has been the driving force behind the growth of the global market. Deeper and complex wells, as well as the shift towards drilling in harsher offshore and deepwater environments would result in a spurt in demand for specialty oilfield chemical products. Nevertheless, growth is forecast to mainly emanate from Asia-Pacific and Latin America, which represents the fastest growing regional markets for oilfield chemicals worldwide. Heavy onshore and offshore oil and gas exploration and production activity in the Asia-Pacific region is likely to set high growth for oilfield chemicals.

China proves to be a promising market for oil and gas sector. Major emphasis is on enhancing exploration programs in the country’s western region, maintaining production consistency in eastern region, and developing infrastructure for transportation of oil and gas.

In terms of product segments, drilling fluids and stimulation chemicals are the largest product segments. However, growth is expected to mainly emanate from Stimulation Chemicals, on account of increasing demand from Canada, China, Russia, and the US. Oilfields in Canada and the US are relatively old and require well stimulant chemicals to sustain oil production levels, making North America as the largest regional market for stimulation chemicals. Presently, the US accounts for more than 50% of the global demand for well stimulants, followed by Russia. Growth in the Russian market is primarily driven by remediation of old wells.

Major players profiled in the report include Akzo Nobel NV, Albemarle Corp., Baker-Petrolite, BJ Services Company, Champion Technologies Inc., Clearwater International, LLC, Enerchem International Inc., Elementis Plc., M-I LLC, Newpark Resources Inc., Nalco Company, and others.

The report titled “Oilfield Chemicals: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the oilfield chemicals market, impact of recession on the market, current market trends, major growth drivers, an overview of the petroleum and natural gas industry, recent product introductions, recent industry activity, and profiles of major and niche market players. The report analyzes market data and analytics in terms of value for regions, including the US, Canada, Europe, Asia-Pacific (Including Japan), Middle East & Africa, and Latin America. Key product segments analyzed include Drilling Fluids, Cementing Chemicals, Production Chemicals, EOR Chemicals, Stimulation Chemicals, and Completion & Workover Fluids. The report also provides a seven-year historic analysis for the period 2000-2006 for additional perspective.

For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Oil_Field_Chemicals_Market_Report.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 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of 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(at)StrategyR(dot)com
Web Site http://www.StrategyR.com/

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