06 February 2012 17:42 [Source: ICIS news]
HOUSTON (ICIS)--The US and Canada took up more than half of the global oil field specialty chemicals market in 2010 as a result of expansion of shale oil and gas drilling, a consultant group said on Monday.
Consultancy IHS said specialty chemicals reached nearly $16bn (€12bn) in 2010, with the US and Canada accounting for more than $8bn (52%), according to its market report.
The next closest global consumer of oil field chemicals was Latin America, particularly in Brazil, which came in at 11% ($1.8bn) in 2010, the IHS report said.
World demand for oil field chemicals is expected to grow at an average rate of 3.5 %, with sales expected to increase to almost $19bn by 2015, according to the report.
Growth in demand for oil field chemicals has been significant in Latin America, but political instability has limited activity in Venezuela, according to the report.
"And while Africa has also seen significant growth across the continent for oil field chemicals, which is expected to continue for the next five years, political instability is also a threat to activity particularly in Libya and Sudan,” IHS said.
($1 = €0.76)
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