The global market for oilfield specialty chemicals at the service company level rose to $25bn in 2014, up from nearly $16bn in 2010, but significant declines in oil price have dampened the demand outlook to 2020, according to a new global market study from IHS.
The growth was driven in large part by the rapid expansion of shale oil and gas drilling and production in North America.
Shale gas and other hydrocarbons, trapped within massive shale formations, has become an important source of natural gas and oil in the US since the start of the 21st century and interest has spread to potential gas shales across the rest of the world, gasworld understands.
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