Press release
Production Chemicals Market Prospects for Long-Term Value & Growth 2024 - 2031 | ASF SE, Clariant, Halliburton, Ecolab
Production Chemicals Market
The production chemicals market is estimated to be valued at USD 7.44 Bn in 2024 and is expected to reach USD 11.34 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.
Market Dynamics:
The production chemicals market is primarily driven by rising oil and gas exploration and production activities globally. According to the U.S. Energy Information Administration, global consumption of natural gas is expected to increase by 50% between 2018 and 2050, driven largely by higher demand in Asia and, to a smaller extent, in other non-OECD countries. Increasing oil production to meet rising energy demand is also expected to promote market growth during the forecast period. In addition, production chemicals help boost production from mature oilfields by improving the flow of crude oil to the surface. They aid in reducing production costs by minimizing equipment failures and well shutdowns. This is further expected to fuel the demand for production chemicals over the forecast period.
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Driver 1: Growing demand for enhanced oil recovery driving Production Chemicals Market growth
The production chemicals market is being driven by the growing demand for enhanced oil recovery techniques. Enhanced oil recovery techniques like chemical injections help to recover residual oil from mature oilfields and maximize reserves. Production chemicals are vital inputs in these processes as they help to improve the mobility and sweep efficiency of injected fluids. With a substantial volume of oil reserves located in mature oilfields globally, there is significant emphasis on implementing EOR techniques to boost overall recovery rates. The growing importance of EOR is expected to positively influence the demand for production chemicals especially polymer flooding, surfactant-polymer flooding, alkali-surfactant polymers chemicals in the coming years.
Opportunity: Biodegradable and Eco-friendly Product Development opening new Avenues
Stringent environmental regulations around conventional production chemicals have opened up opportunities for biodegradable and eco-friendly product development. Many production chemical manufacturers are investing in R&D to formulate alternatives with minimum impact on the environment. Some of the green product categories gaining traction include bio-surfactants, bio-polymer fracturing fluids, and enzyme breakers. Their natural or synthetic origin and capability to degrade without harm make them attractive substitutes. The growing acceptance of sustainability goals in the oil & gas sector will create fertile ground for such green production chemicals. Their production at commercial scale can tap into the sizeable existing market as well as open new end-use applications and revenue pools for companies.
Trend: Production Chemical Companies consolidating operations through M&As
An ongoing trend in the production chemicals market is the consolidation of industry players through mergers and acquisitions. Large independent production chemical companies are acquiring regional or niche players to expand geographic footprint and product portfolios. Meanwhile oilfield service giants are selectively acquiring chemical makers to achieve better integration and offer one-stop solutions for exploration and production activities. This consolidation speeds up R&D efforts, allows companies to achieve economies of scale and help customers access innovative products on a global scale. While M&A activity saw a decline during the recent industry downturn, going forward more consolidation can be expected as capital requirements grow for advanced chemical development and optimized supply networks. The trend will help leading firms strengthen their market position.
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Top Companies Featured in This Report:
★ ASF SE
★ Clariant
★ Halliburton
★ Ecolab
★ Schlumberger Limited.
★ Akzo Nobel N.V.
★ Baker Hughes
★ Croda International Plc
★ Dow
★ The Lubrizol Corporation
★ Stepan Company
★ Kemira
★ NALCO India.
★ Solvay
★ Huntsman International LLC
★ Chemcon Speciality Chemicals Ltd.
★ Universal Oil Field Chemical Pvt.Ltd
★ Imperial Oilfield Chemicals Private Limited
★ REDA Oilfield
★ Indian Oil
Market Segmentation:
By Product Type:
★ By Oilfield Type: Onshore and Offshore
★ By Type: Demulsifiers, Corrosion Inhibitors, Scale Inhibitors, Asphaltene Inhibitors, Biocides, Scavengers, and Others (Surfactants, etc.)
By Applications:
★ By Application: Cementing, Drilling Fluids, Improved Oil Recovery, and Others (Well Stimulation, etc.)
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Inquiries Addressed in this Report include:
What was the size of the Production Chemicals Market in 2024, and what is the projected value by 2031?
What is the present global market landscape for the Production Chemicals Market?
What strategies offer optimal opportunities for growth maximization in the business?
What recent trends are shaping the Production Chemicals Market?
How does the market share of Production Chemicals Market revenue, sales, and size vary across specific geographical regions?
Who are the prominent industry players in the Production Chemicals Market?
Which segment of the Production Chemicals Market is experiencing heightened demand?
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Production Chemicals sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)
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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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