Oilfield chemical demand forecast to increase to $10.7 billion in 2013

Offshore staff

CLEVELAND, Ohio -- Demand for oilfield chemicals is projected to increase by 4.4% per year to $10.7 billion in 2013, according to Oilfield Chemicals, a new study from the Freedonia Group. The company predicts that the industry will see a pronounced slump in demand in the short term, followed by significant recovery by the end of the forecast period.

According to the report, despite poor current conditions, the overall level of oilfield activity is expected to rebound. Well completion numbers are expected to grow over the forecast period, boosting demand for completion chemicals. Increased use of stimulation and enhanced recovery techniques will also drive up the chemicals market, the company says.

09/24/2009