Global specialty oilfield chemicals market expected to grow at a CAGR of 8.3% from 2011 to 2016

20-Dec-12
The global specialty oilfield chemicals market is expected to grow from US$7329.2 mln in 2011 to US$10.9 bln by 2016, at a CAGR of 8.3% from 2011 to 2016, as per MarketsandMarkets. North America holds the largest share; i.e. 61% in the global market for specialty oilfield chemicals in 2011 and is expected to grow at a CAGR of 7.8% to reach US$6523.2 mln in 2016. This result shows the recovery in the oil and gas industry from a subpar 2009, a year of declines in oil and gas production, rig counts, and drilling activity in many of the major markets such as U.S. and Canada. Moreover, increasing in the global oil and gas prices will also create force for further drilling and well completion activity, which drives demand for specialty oilfield chemicals.
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