Energy Chemicals Global Market Insights: Growth Drivers, Size & Forecasts to 2029

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What Is the Forecasted Market Growth Rate of the Energy Chemicals Industry?
In recent times, the energy chemicals market has witnessed robust growth. It is expected to escalate from $124.6 billion in 2024 to around $132.88 billion in 2025, presenting a compound annual growth rate (CAGR) of 6.6%. This substantial growth during the historical period is primarily due to the growing requirement for chemicals in carbon capture and energy-efficient processes, the increasing demand for corrosion inhibitors in energy infrastructure, expansion of the fuel additives market, and the increasing need for chemicals in electric grid maintenance.

How Will the Energy Chemicals Market Size Evolve From 2025 to 2029?
The market for energy chemicals is projected to witness robust growth in the coming years, reaching a size of $169.34 billion by 2029, with a compound annual growth rate (CAGR) of 6.2%. Several factors account for this growth projection in the coming period, including an increase in global energy consumption, burgeoning energy transition initiatives, the stimulus of renewable energy policies, rising demand for petrochemicals, and an uptick in the need for specialty chemicals in energy production. Key trends propelling this expectation in the forecast period encompass technological breakthroughs in fracking, the evolution of advanced drilling techniques, capital investment in smart grid technology, embracing digitalization in energy production, and broadening the scope of biomass energy facilities.

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What Are the Main Growth Drivers in the Energy Chemicals Market Today?
The burgeoning worldwide energy usage is anticipated to fuel the expansion of the energy chemicals market in the future. The integration of technological advancements, including digital appliances, electric cars, and smart technologies, is leading to an upswing in energy utilization. Energy chemicals, like fuel enhancers and catalysts, are instrumental in optimizing energy consumption as they enhance the productivity of energy creation procedures, cut down emissions, and augment fuel economy in vehicles and industrial settings. For instance, in 2022, the Energy Information Administration, a US-based governmental organization, reported that primary energy consumption in the United States surged to an impressive 100.4 quadrillion british thermal units (quads), registering a 3% growth from the previous year. Therefore, the escalating energy consumption is propelling the energy chemicals market's growth.

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Which Energy Chemicals Market Segment Is Expected to Lead Through 2029?
The energy chemicals market covered in this report is segmented -

1) By Type: Polymers, Fuel Additives, Solvents
2) By Application: Petrochemicals, Pharmaceutical, Packaging Products, Cleaning And Detergent Products, Automotive, Other Applications
3) By End-Use Industry: Oil And Gas, Power Generation, Construction

Subsegments:
1) By Polymers: Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polyurethane (PU)
2) By Fuel Additives: Octane Boosters, Cetane Improvers, Corrosion Inhibitors, Antioxidants
3) By Solvents: Hydrocarbon Solvents, Alcohols, ket*ones, Esters

Which Market Trends Are Expected to Dominate Energy Chemicals Industry Growth?
In the energy chemicals market, dominant companies are primarily focusing on developing low-carbon and sustainable energy solutions like biobased ethylene and sustainable aviation fuel (SAF) to curtail greenhouse gas emissions and cater to the growing market needs. These renewable alternatives that are derived from biomass play a crucial role in cutting down greenhouse gas emissions in their respective sectors. As an example, New Energy Blue LLC, a firm based in the US primarily working on the development and commercialization of sustainable and low-carbon energy solutions, inaugurated a new subsidiary, New Energy Chemicals, in March 2024. The subsidiary, which commenced its operations with the production of American-sourced biobased ethylene to facilitate Dow's low-carbon plastic production, has plans to enlarge its operations in the Port Lavaca, Texas, facility in the second phase to produce SAF using agricultural waste.

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Which Companies Hold the Largest Market Share in the Energy Chemicals Sector?
Major companies operating in the energy chemicals market are 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

Where Is the Energy Chemicals Market Experiencing the Highest Growth?
North America was the largest region in the energy chemicals market in 2024. 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.