WELLESLEY, Massachusetts, July 29, 2014 /PRNewswire/ --
BCC Research (www.bccresearch.com) reveals in its new report, OILFIELD PROCESS CHEMICALS: GLOBAL MARKETS, the global market for oilfield process chemicals is expected to grow to nearly $9.7 billion by 2019, with a five-year compound annual growth rate (CAGR) of 4.6%. Enhanced oil recovery chemicals, the fastest-growing segment of the overall market, is anticipated to register a 7% CAGR.
The last three years have been a dynamic period for the oil and gas industry, as exploration and production have rebounded from the lows of the 2008-2009 recession, led by the development of North American shale assets, oil sands, and the Gulf of Mexico's deepwater resources. These increased activities will drive growth in the oilfield process chemicals market.
With 36% market share, the drilling-related chemicals category, which includes drilling fluids, workover/completion fluids and cementing additives, is the dominant segment of the overall market and is expected to grow to $3.5 billion in 2019 with a CAGR of 4.6%.
However, as wells are depleted, the use of enhanced oil recovery (EOR) technology is necessary to access oil that is not easily recovered. Because many existing wells are maturing, it is predicted that EOR methods will be more widely used in the next decade. Consequently, this market, which was valued at just $243 million in 2013, is expected to jump to $364 million by 2019.
"The demand for more efficient chemicals will increase during the forecast period as companies meet the challenges of hotter and harsher conditions that will alter the performance characteristics and effectiveness of chemicals required to cope and work completely in these environments," says BCC Research chemicals analyst Andrew McWilliams. "Many chemicals that are used today will be replaced with more multifunctional chemicals and chemical processes that enable the reuse and recycle of material generated during operation."
Based on the above projections, the greatest growth potential for oilfield process chemicals will be for those used in the exploration, drilling, and recovery of natural gas.
OILFIELD PROCESS CHEMICALS: GLOBAL MARKETS provides an overview of the global market for oilfield process chemicals, including technological developments, future trends, and emerging opportunities. It includes analyses of global market trends, with data from 2013, estimates for 2014, projections of CAGRs through 2019, and profiles of companies important in the industry.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at email@example.com.
About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years, we have helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key competitors. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Our clients include the top companies in industries around the world as well as universities, business schools, start-ups, consulting firms and investment companies. BCC Research is a unit of Eli Research LLC. Visit our website at www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern Time), or email firstname.lastname@example.org.
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Contact: Steven Cumming
SOURCE BCC Research LLC