TOKYO, May 17, 2022 (GLOBE NEWSWIRE) -- The global production chemicals market size is estimated to grow a CAGR above 5.8% over the forecast timeframe and reach a market value of around USD 10,201 million by 2030.
The chemical industry produces a wide range of products that have an impact on almost every aspect of people's lives around the world. While many products from the industry, such as daily used chemicals, are purchased directly by consumers, others are used as intermediates in the production of other products. The chemical industry is a vital and integral part of the emerging economy's growth. It plays an important role in meeting our basic needs and improving the quality of our daily lives. It is also an important component of agricultural and industrial development around the world, serving as a foundation for a variety of other downstream industries.
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Production chemistry is concerned with the development and production of items using chemical processes. This encompasses the creation of procedures, methods, and machinery for refining raw materials. Production chemicals are crucial chemicals used in the drilling and extraction process to increase overall production and operations. In the manufacturing process, demulsifiers, scavengers, scale inhibitors, biocides, surfactants, corrosion inhibitors, asphaltene inhibitors, and other types of production chemicals are utilized. Furthermore, these compounds are used in the oil and gas sector to save capital costs, improve performance, and extend the life of structures, infrastructure, and reservoirs. Controlling undesired chemical and microbiological reactions reduces process and flow assurance challenges while increasing output and operating efficiency. However, these chemicals are added in production to get the best expression and enhance the efficiency of oil recovery, therefore the production chemicals market is predicted to expand throughout the forecast period.
Global Production Chemicals Market Growth Aspects
The recent global development in the shale oil and gas industry is propelling the production chemical market. Production chemicals are a must-have during the manufacturing process. Except for patented products, the market is crowded with regional and global players. Continuous efforts to fulfill global energy demand have brought more petroleum crude oil wells into production around the world, which is projected to fuel the production chemicals industry. The expanding number of service providers, as well as the prevalence of environmentally friendly oilfield chemicals, will enhance numerous prospects, resulting in the expansion of the production chemical market throughout the projection period.
Increasing demand for corrosion inhibitors is driving the market
Corrosion inhibitors are utilized in applications such as water treatment, process, and product additives, and oil & gas production in a variety of end-use sectors such as oil & gas, refinery, power generation, metal & mining, and utilities. The corrosion inhibitor segment is being driven by rising demand from various end-use industries, as well as rigorous regulatory and sustainability obligations pertaining to the environment. The rising demand for corrosion inhibitors by the oil and gas industry in emerging economies is the root cause fueling the market growth rate. Additionally, the demand for corrosion inhibitors in industries such as metal and metal processing and subsequent other end-user industries will also directly impact the growth rate of the market.
Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global production chemicals market. The Middle East and Africa are the fastest expanding regions in the market, with the highest crude oil extraction and consumption rates. This is due to the influence of production chemicals as well as the region's virgin or undeveloped natural crude oil ores. The region's crude oil production is also increasing. The Middle East and African region are rich in oil reserves. For a long time, the chemical industry has been a significant element of the GCC countries, particularly Saudi Arabia, which boasts one of the longest and most important chemical industries. However, the Middle East and Africa chemical industry expansion will continue to assist overall production chemicals market growth due to its substantial percentage of overall production capacity.
Interconnected Reports Chemicals and Materials Market
The global market for basic chemicals accounted for US$ 668 Bn in 2021 and is estimated to reach US$ 943 Bn by 2030, with a significant CAGR of 4.1% from 2022 to 2030.
The global agricultural biologicals market accounted for US$ 11,829 Mn in 2021 and is expected to reach US$ 34,984 Mn by 2030 with a considerable CAGR of 13.3% during the forecast timeframe of 2022 to 2030.
The global chemical distribution system (CDS) market account revenue of US$ 159.6 Mn in 2020 and is anticipated to grow at a CAGR of 6.5% from 2021-2028.
The global clinical chemistry analyzers market is anticipated to grow at a CAGR of around 5.8% during the forecast period 2020 to 2027 and to reach around US$ 17.7 Bn by 2027.
Market Segmentation
The global production chemicals market has been segmented by Acumen Research and Consultancy based on type, oilfield type, and region. Based on the type, the market is divided into asphaltene inhibitors, demulsifiers, scavengers, scale inhibitors, biocides, surfactants, corrosion inhibitors, and others. Based on oilfield type, the market split into Onshore, and Offshore.
Major Players
Some key players covered global in the production chemicals industry are BASF SE, Clariant, Halliburton, Universal Oil Field Chemical Pvt. Ltd., Schlumberger Limited, Huntsman International LLC, Akzo Nobel N.V., Solvay, Baker Hughes Company, Croda International Plc, Dow Chemicals, and Chemcon Speciality Chemicals Ltd.
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