Energy Chemicals Market 2024: Driving Innovation in Sustainable and Renewable Energy Solutions

"The Business Research Company recently released a comprehensive report on the Global Energy Chemicals Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The energy chemical market size has grown strongly in recent years. It will grow from $114.94 billion in 2023 to $124.6 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to rising demand for chemicals in carbon capture, demand for energy-efficient processes, rising demand for corrosion inhibitors in energy infrastructure, growth of the fuel additives market, rising demand for chemicals in electric grid maintenance.

The energy chemical market size is expected to see strong growth in the next few years. It will grow to $163.46 billion in 2028 at a compound annual growth rate (CAGR) of 7%. The growth in the forecast period can be attributed to rising global energy consumption, increasing in energy transition initiatives, renewable energy policies stimulating, growing demand for petrochemicals, increasing demand for specialty chemicals in energy production. Major trends in the forecast period include technological innovations in fracking, development of advanced drilling techniques, investment in smart grid technology, adoption of digitalization in energy production, expansion of biomass energy facilities.

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Market Drivers and Trends:

The rise in global energy consumption is expected to propel the growth of the energy chemicals market going forward. The adoption of technology, including electronic devices, electric vehicles, and smart appliances, contributes to increased energy consumption. Energy chemicals, such as fuel additives and catalysts, can help to improve energy consumption by enhancing the efficiency of energy production processes, reducing emissions, and improving fuel economy in vehicles and industrial applications. For instance, in 2022, according to the Energy Information Administration, a US-based government agency, in the United States, primary energy consumption reached a notable 100.4 quadrillion british thermal units (quads) in 2022, marking a 3% increase from the preceding year. Therefore, the rise in energy consumption is driving the growth of the energy chemicals market.

Major companies operating in the energy chemicals market are focusing on innovative technology systems, such as downhole monitoring systems to gain a competitive edge in the market. A downhole monitoring system is a technology used in the oil and gas industry to provide real-time data from downhole and surface equipment, allowing for continuous monitoring of pressures, temperatures, and other critical parameters. For instance, in July 2021, Halliburton Company, a US-based oilfield service company, launched express fiber, a single-use fiber-optic cable designed to offer accurate, direct subsurface measurements, including cross-well communication. This system, which includes products such as expressfiber and smartfleet, utilizes fiber optic sensing and real-time analytics to provide subsurface insight and improve fracture monitoring during stimulation. This technology allows for direct and accurate measurements of subsurface conditions, leading to more informed decision-making and optimized well performance.

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Major Key Players of the Market:

Exxon Mobil Corporation, Royal Dutch Shell PLC, TotalEnergies SE, Chevron Corporation, Eni S.p.A., Reliance Industries Limited, BASF SE, Repsol S.A., The Dow Chemical Company, Saudi Basic Industries Corporation, LyondellBasell Industries N.V., Occidental Petroleum Corporation, Mitsubishi Chemical Holdings Corporation, Linde plc, Schlumberger Limited, Baker Hughes Company, Braskem S.A., PPG Industries Inc., Sasol Limited, Ecolab Inc., DuPont de Nemours Inc., Air Products and Chemicals Inc., Eastman Chemical Company, Huntsman Corporation, Clariant AG

Energy Chemicals Market 2024 Key Insights:

• The energy chemicals market is expected to grow to $163.46 billion in 2028 at a compound annual growth rate (CAGR) of 7%.
• Meeting Rising Global Energy Demands With Energy Chemicals
• Innovative Downhole Monitoring Systems Revolutionize Energy Chemicals Market
• North America was the largest region in the energy chemicals market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the energy chemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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This release was published on openPR.