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Frost & Sullivan: Extensive Exploration of Unconventional Gas Reserves Fuels North American and European Oilfield Chemicals Market

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Frost & Sullivan: Extensive Exploration ofFrost & Sullivan: Extensive Exploration of Unconventional Gas Reserves Fuels North American and European Oilfield Chemicals Market PR Newswire LONDON, Jan. 17, 2014 -- Research focused on environmental sustainability is vital to market growth The increase in natural gas production is expected to drive the North American and European oilfield chemicals market. Extraction of natural gas from unconventional formations such as shale has become more technologically and economically viable owing to continuous developments in horizontal drilling and hydraulic fracturing, thus widening the potential of the oilfield chemicals market. New analysis from Frost & Sullivan (http://www.chemicals.frost.com), Analysis of the North American and European Oilfield Chemicals Market, finds that the market earned revenues of $5.37 billion in 2012 and estimates this to reach $8.62 billion in 2019. "Escalating demand for energy driven by a burgeoning population and rapid urbanisation, coupled with rising energy prices is supporting natural gas production, especially from unconventional reservoirs," said Frost & Sullivan Chemicals and Materials Industry Analyst Anna Jarosik. "This intensifies the need for highly specialised oilfield chemicals." A key restraint affecting shale gas extraction and hence, the oilfield chemicals market in North America and Europe is the concern over environmental sustainability.

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Published 17 January 2014
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Language English
Frost & Sullivan: Extensive Exploration of Unconventional Gas Reserves Fuels North American and European Oilfield Chemicals Market

PR Newswire

-- Research focused on environmental sustainability is vital to market growth

The increase in natural gas production is expected to drive the North American and European oilfield chemicals market. Extraction of natural gas from unconventional formations such as shale has become more technologically and economically viable owing to continuous developments in horizontal drilling and hydraulic fracturing, thus widening the potential of the oilfield chemicals market.