SOURCE: MarketResearch.com

MarketResearch.com

February 07, 2011 10:08 ET

Global Oilfield Chemicals Market to Grow 5.7% Annually Through 2015

ROCKVILLE, MD--(Marketwire - February 7, 2011) - MarketResearch.com has announced the addition of BCC Research's new report "Oilfield Process Chemicals: Global Markets" to their collection of Energy market reports. For more information, visit http://www.marketresearch.com/product/display.asp?ProductID=6003171

Oilfield process chemicals support the exploration and processing of oil and natural gas in the field. Various factors influence the demand for oilfield process chemicals. The world's demand for energy is increasing as emerging economies such as China, India, Latin America and Africa develop their capabilities and raise the living standards and conditions of their populations. Crude oil and natural gas are critical feedstocks in the energy supply chain. For this reason, many nations are looking to be self-sufficient in energy generation across the supply chain, resulting in the drive to secure feedstocks that they control and not be reliant on imports from nations that may have differing political agendas or ideals that are in conflict with theirs, or are located in regions that are a hot bed of unrest and instability, threatening the supply of these key energy raw material. In addition, all the easy-to-extract oil in locations that can be easily accessed and supported have been located, thus the need to explore more isolated and harsher environments is required.

All of this generates a demand for oil companies to increase exploration activities to uncover rich sources of future fuel, leading to operations that are drilling deeper into the Earth's substructure, moving further out to sea into deeper waters (offshore), increasing the exploitation of unconventional sources of oil, and setting up in remote and isolated areas. In addition, companies are looking to maximize the amount of oil and gas that can be extracted from existing reservoirs by increasing the deployment of secondary and tertiary methods of recovery. This appetite for oil and gas leads to an increased demand for, and sale of chemicals that enables the above activities to take place.

This study was conducted to determine the future of the oilfield process chemicals industry on a worldwide scale. The forecast demand and production of oil will have a direct impact on the demand for oilfield process chemicals. This study estimates the 5-year forecast for the oilfield process chemicals industry from 2010 through 2015.

In recent years, the industry has been affected by a credit crunch, resulting in a significant drop in the number of explorations and new drilling expeditions undertaken. Coupled with the biggest oil spilled in U.S. industry off the Gulf of Mexico, oil and gas companies are in the spotlight. However, new oil discoveries, technology advancements enabling companies to reduce the environmental impacts of their operations, and the drive for energy self-sufficiency will support the growth of the industry moving forward. Based on this information, BCC forecasts the oilfield process chemicals industry will grow at a compound annual growth rate (CAGR) of 5.7% over the next 5 years. This estimation is based on projections in the oil drilling, exploration, and production sectors. This study does not include the value of services and other products offered by oilfield process chemical companies. Values have been confirmed with industry sources and industry experts.

For more information, visit http://www.marketresearch.com/product/display.asp?ProductID=6003171

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