Overview and Scope
Production chemicals refer to a diverse group of substances manufactured and utilized in various industries, including agriculture, pharmaceuticals, construction, and manufacturing. It play a crucial role in ensuring the efficiency, safety, and environmental sustainability of industrial operations.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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.
The production chemicals market report table of contents includes:
- Executive Summary
- Production Chemicals Market Characteristics
- Production Chemicals Market Trends And Strategies
- Production Chemicals Market – Macro Economic Scenario
- Global Production Chemicals Market Size and Growth
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- Key Mergers And Acquisitions In The Production Chemicals Market
- Production Chemicals Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Production Chemicals Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Production Chemicals Market, Segmentation By Oilfield Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Production Chemicals Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: BASF SE Financial Performance
Table 75: Dow Inc. Financial Performance
Table 76: Mitsubishi Chemical Corporation Financial Performance
Table 77: Schlumberger Limited Financial Performance
Table 78: Baker Hughes Company Financial Performance
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