Press release
Top Factor Driving Production Chemicals Market Growth in 2025: Increasing Demand For Oil And Gas Production To Boost Production Chemicals Market
Top Factor Driving Production Chemicals Market Growth
The growth of the production chemicals market is anticipated to be fueled by the escalating demand for oil and gas. Factors such as economic development, growing population, industrialization, transportation necessities, petrochemical demand, and climatic conditions explain the surge in oil and gas demand. In the oil and gas sector, production chemicals are indispensable as they aid in boosting production, augmenting operational efficiency, and maintaining the reliability of production equipment. In September 2024, the Department for Energy Security and Net Zero, a government department based in the UK, reported that net imports of primary oils experienced a 16% surge compared to the second quarter of 2023. This was due to a 4.2% increase in exports in the second quarter of 2024, which did not match up to an 8.7% increment in imports. Concurrently, the demand for petroleum products saw a 1.7% increase in the second quarter of 2024, compared to the same period in 2023. Consequently, the expanding demand for oil and gas is facilitating the growth of the production chemicals market.
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What is the projected compound annual growth rate (CAGR) of the production chemicals market from 2025 to 2034, and what factors influence it?
The market size of production chemicals has seen a substantial increase in previous years. The growth is projected to surge from $6.68 billion in 2024 to $7.22 billion in 2025, indicating a compound annual growth rate (CAGR) of 8.1%. This significant boost during the historical phase can be credited to factors such as an elevated demand for oil and gas exploration and production, an increase in need for specialty chemicals, the expansion of deepwater drilling projects, a thriving enhanced oil recovery (EOR) market, and a demand for water management solutions.
The market size of production chemicals is anticipated to witness significant growth in the upcoming years, escalating to a value of $9.3 billion by 2029, with a compound annual growth rate (CAGR) of 6.5%. This growth during the forecast period is likely due to factors such as the rising demand for oil and gas production, an increase in global energy consumption, the need for advanced oil recovery methods, a surge in demand for hydraulic fracturing chemicals, and the growing requirement for corrosion inhibitors. Key trends projected for this period include the growth in industrial activities, expansion of the petrochemical industry, the development of renewable energy projects, the integration of technology, and strategic partnerships and collaborations.
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How are the latest trends influencing the growth of the production chemicals market?
Leading companies in the production chemical market are capitalizing on innovative approaches like chemical processing technology to establish a competitive edge in the industry. This technology encompasses the use of scientific knowledge and technical expertise in managing the equipment used in chemical processing in industries such as chemical production. For example, in December 2023, Sulzer Ltd., a Swiss industrial engineering and manufacturing company, introduced SULAC, a patented new technology that allows polylactic acid (PLA) manufacturers to smoothly incorporate fresh lactic acid into lactide capabilities. This is an indispensable process in producing PLA, a biodegradable bioplastic. The production of PLA requires the conversion of lactic acid into lactide, a process that is bottlenecked by the existing supply chain but facilitated by SULAC.
What are the major segments of the production chemicals market and their role in driving growth?
The production chemicals market covered in this report is segmented -
1) By Type: Demulsifiers, Corrosion Inhibitors, Scale Inhibitors, Asphaltene Inhibitors, Biocides, Scavengers, Surfactants, Other Types
2) By Oilfield Type: Onshore, Offshore
3) By Application: Cementing, Production Chemicals, Drilling Fluids, Improved Oil Recovery, Well Stimulation, Other Applications
Subsegments:
1) By Demulsifiers: Oilfield Demulsifiers, Industrial Demulsifiers
2) By Corrosion Inhibitors: Oil And Gas Corrosion Inhibitors, Water Treatment Corrosion Inhibitors
3) By Scale Inhibitors: Organic Scale Inhibitors, Inorganic Scale Inhibitors
4) By Asphaltene Inhibitors: Solvent-Based Inhibitors, Non-Solvent-Based Inhibitors
5) By Biocides: Glutaraldehyde-Based Biocides, Non-Oxidizing Biocides
6) By Scavengers: Hydrogen Sulfide Scavengers, Carbon Dioxide Scavengers
7) By Surfactants: Anionic Surfactants, Cationic Surfactants, Non-Ionic Surfactants
8) By Other Types: Fluid Loss Additives, Foaming Agents
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What regions are at the forefront of production chemicals market expansion?
North America was the largest region in the production chemicals market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the production chemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the production chemicals market?
Major companies operating in the production chemicals market are BASF SE, Dow Inc., Mitsubishi Chemical Corporation, Schlumberger Limited, Baker Hughes Company, Evonik Industries AG, Halliburton Company, Sasol Limited, Solvay S.A., Chevron Phillips Chemical Company LLC, Ecolab Inc., Akzo Nobel N.V., Huntsman Corporation, Albemarle Corporation, FMC Corporation, Clariant AG, SNF Group, Kemira Oyj, Stepan Company, Croda International Plc, Ashland Global Holdings Inc., Innospec Inc., W. R. Grace & Co., Cabot Corporation, Calumet Specialty Products Partners, L.P., LANXESS AG, Lonza Group Ltd.
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What Is Covered In The Production Chemicals Global Market Report?
•Market Size Forecast: Examine the production chemicals market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the production chemicals market for a structured understanding.
•Key Players Overview: Analyze major players in the production chemicals market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the production chemicals market.
•Segment Contributions: Evaluate how different segments drive overall growth in the production chemicals market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the production chemicals market.
•Industry Challenges: Identify potential risks and obstacles affecting the production chemicals market.
•Competitive Landscape: Review strategic developments in the production chemicals market, including expansions, agreements, and new product launches.
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