Production Chemicals Market to Grow at 6.2% CAGR, Reaching $9.04 Billion by 2029

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Production Chemicals Market Outlook: How is the Market Expected to Grow by 2025?
In the past years, there has been substantial growth in the market size of production chemicals. The growth is expected to continue, escalating from $6.68 billion in 2024 to $7.12 billion in 2025, the Compound Annual Growth Rate (CAGR) being 6.7%. The remarkable growth during the historic period is credited to the increased demand for oil and gas exploration and production, surging need for specialty chemicals, and expansion of deepwater drilling projects, along with the development of the enhanced oil recovery (EOR) market and the requirement for water management solutions.

Production Chemicals Market Forecast: What Size Will It Reach By 2029?
Expectations are high for the production chemicals market to experience robust growth in the coming years, with projections reaching $9.04 billion by 2029, a CAGR of 6.2%. Factors contributing to the growth expected in the forecast period include the increasing demand for oil and gas production, a rise in global energy consumption, the need for enhanced oil recovery techniques, the escalating demand for hydraulic fracturing chemicals, and an expanding need for corrosion inhibitors. Looking ahead, the forecast period is also set to be characterized by major trends such as the expansion of industrial activities, growth in the petrochemical industry, the development of renewable energy projects, the incorporation of advanced technology, and an increase in strategic partnerships and collaborations.

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Which Key Market Drivers Will Shape Production Chemicals Industry Trends in 2025-2029?
The boost in the production chemicals market is expected to be driven by the rising demand for oil and gas. Factors such as economic expansion, growing population, industrialization, transportation demands, petrochemical needs, and climatic conditions are contributing to the surge in oil and gas demand. Production chemicals are pivotal in the oil and gas sector as they aid in enhancing production, improving operational effectiveness, and maintaining the reliability of production equipment. For instance, the UK's Department for Energy Security and Net Zero reported in September 2024 that compared to the second quarter of 2023, net primary oil imports had increased by 16%. This was despite a 4.2% increase in exports in the second quarter of 2024, which was offset by an 8.7% import surge. Furthermore, the demand for petroleum products in the second quarter of 2024 saw a 1.7% growth compared to the corresponding quarter in 2023. Hence, the escalating demand for oil and gas is fuelling the expansion of the production chemicals market.

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What Are the High-Growth Segments in the Production Chemicals Market?
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

Which Global Trends Are Driving Production Chemicals Market Expansion?
Prominent businesses in the production chemical market are channeling resources towards innovative technologies such as chemical processing technology to maintain a competitive stance. This technology involves using scientific principles and technical prowess to manage chemical processing apparatus within industries such as chemical manufacturing. For example, in December 2023, Sulzer Ltd., an industrial engineering and manufacturing company based out of Switzerland, introduced SULAC, an advanced licensed technology. This technology allows polylactic acid (PLA) manufacturers to smoothly combine new lactic acid to lactide abilities - a critical phase in the manufacturing of PLA, an environment-friendly bioplastic. The process of turning lactic acid into lactide to produce PLA is subject to existing supply constraints, an issue resolved by SULAC.

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Who Are the Fastest-Growing Companies in the Production Chemicals Industry?
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.

What Is the Regional Outlook for the Production Chemicals Market by 2029?
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.

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