The production chemicals global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Production Chemicals Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The production chemicals market size has grown strongly in recent years. It will grow from $6.16 billion in 2023 to $6.68 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 oil and gas exploration and production, rising demand for specialty chemicals, growth in deepwater drilling projects, growth of enhanced oil recovery (EOR) market, need for water management solutions.
The production chemicals market size is expected to see strong growth in the next few years. It will grow to $8.74 billion in 2028 at a compound annual growth rate (CAGR) of 7%. The growth in the forecast period can be attributed to increasing demand for oil and gas production, increasing global energy consumption, demand for enhanced oil recovery techniques, rising demand for hydraulic fracturing chemicals, growing demand for corrosion inhibitors. Major trends in the forecast period include expansion of industrial activities, expansion of petrochemical industry, expansion of renewable energy projects, incorporation of technology, strategic partnership and collaboration.
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Scope Of Production Chemicals Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Production Chemicals Market Overview
Market Drivers –
The increasing demand for oil and gas is expected to propel the growth of the production chemicals market going forward. The demand for oil and gas is increasing due to economic growth, population increase, industrialization, transportation needs, petrochemical demand, and weather patterns. Production chemicals play a crucial role in the oil and gas industry by helping to optimize production, enhance operational efficiency, and ensure the integrity of production equipment. For instance, according to the Energy Information Administration (EIA), a US-based principal agency of the Federal Statistical System, in 2021, global oil consumption experienced a notable surge of 5.5 million barrels per day compared to the consumption levels in 2020. Therefore, the increasing demand for oil and gas is driving the growth of the production chemicals market.
Market Trends –
Major companies operating in the production chemical market are focusing on innovative technologies, such as chemical processing technology to gain a competitive edge in the market. Chemical processing technology refers to the application of scientific principles and technical skills to the operation of chemical processing equipment in industries such as chemical manufacturing. For instance, in December 2023, Sulzer Ltd., a Switzerland-based industrial engineering and manufacturing firm, launched SULAC, a licensed new technology that enables polylactic acid (PLA) producers to seamlessly integrate new lactic acid to lactide capabilities, which is a crucial step in the production of PLA, an eco-friendly bioplastic. In order to manufacture PLA, lactic acid must be converted to lactide, which is restricted by current supply and supported by SULAC.
The aerospace support and auxiliary equipment market covered in this report is segmented –
1) By Type: Commercial Radars, Satellites
2) By Ownership: Public, Private
3) By Platform: Airborne, Land, Naval, Space
Subsegments Covered: Continuous Waveform, Pulse Waveform, Large Satellite, Mini Satellite, Micro Satellite, Nano Satellite
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Regional Insights –
North America was the largest region in the production chemicals market in 2023. 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.
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.
Table of Contents
1. Executive Summary
2. Production Chemicals Market Report Structure
3. Production Chemicals Market Trends And Strategies
4. Production Chemicals Market – Macro Economic Scenario
5.Global Production Chemicals Market Size And Growth
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32. Global Production Chemicals Market Competitive Benchmarking
33. Global Production Chemicals Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Production Chemicals Market
35. Production Chemicals Market Future Outlook and Potential Analysis
36. Appendix
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