Burlingame, Aug. 20, 2024 (GLOBE NEWSWIRE) -- CoherentMI published a report, titled, United States Oil and Gas Chemicals Market is estimated to value at US$ 20.38 Billion in the year 2024 and is anticipated to reach US$ 28.42 Billion by 2031, at a CAGR of 4.40% during forecast period 2024-2031. The United States oil and gas chemicals market involves various specialty chemicals such as corrosion inhibitors, biocides, demulsifiers, pour point depressants, and others that are used in exploration and drilling activities. These chemicals are used for various applications including drilling & cementing, production chemicals, stimulation chemicals, EOR chemicals, and enhanced oil recovery.
Market Report Scope:
| Report Coverage | Details |
| Market Revenue in 2024: | US$ 20.38 Billion |
| Estimated Value by 2031: | US$ 28.42 Billion |
| Growth Rate: | Poised to grow at a CAGR of 4.40% |
| Historical Data: | 2019–2023 |
| Forecast Period: | 2024–2031 |
| Forecast Units: | Value (USD Million/Billion) |
| Report Coverage: | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered: | By Type, By Application |
| Geographies Covered: | United States |
| Growth Drivers: | • Increasing Production of Crude Oil |
| • Expansion of Shale Gas Exploration | |
| Restraints & Challenges: | • Geopolitical Issues in the Middle East Region |
Market Dynamics:
The market is primarily driven by increasing exploration and production activities in the U.S. oil and gas industry. As per EIA, the U.S. has experienced significant growth in crude oil production from 5 million barrels per day in 2008 to over 12 million barrels per day in 2018. Moreover, growing demand for chemicals such as surfactants, corrosion inhibitors, demulsifiers and Scale inhibitors for drilling, fracturing, completion, and production is also fostering market growth.
Key Market Takeaways:
- The United States oil and gas chemicals market size is anticipated to witness a CAGR of 4.40% during the forecast period 2024-2031, owing to increased oil production and infrastructure investments.
- On the basis of application type, the upstream segment is expected to hold a dominant position, accounting for over 40% market share owing to rising exploration and production activity levels.
- Within type, the emulsion breakers segment is expected to hold the largest market share of over 20% due to wide application across upstream and midstream operations.
- Regionally, the US is expected to remain the dominant regional market through 2031 with the highest concentration of oilfield activity.
- The key players operating in the US oilfield chemicals market include Exxon Mobil, Chevron, ConocoPhillips, BASF, Baker Hughes and Schlumberger. Mergers and acquisitions are expected among these players to gain additional product lines and strengthen integrated service offerings in the industry.
Market Trends:
Adoption of environment-friendly and cost-effective chemicals: Major players are focusing on developing bio-based and eco-friendly chemicals to minimize the environmental footprint of oil and gas operations and gain a competitive edge in the market. Furthermore, the adoption of cost-effective chemicals is growing to maximize profits in volatile crude oil prices.
Nano-enhanced oil and gas chemicals: Nanotechnology is widely getting adopted in the oil and gas industry to enhance oil recovery and optimize production. Nano-enhanced chemicals such as polymer nano-particles, nano-surfactants, and nano-biocides are proving beneficial in upstream applications.
Recent Developments:
- In November 2023, ExxonMobil acquired Denbury. This will result in expansion of low carbon leadership and positioned to meet the decarbonization needs of customers.
- In March 2024, Chevron and JX sign MOU for collaboration on development of CCS value chain to evaluate the export of Carbon Dioxide (CO2) from Japan to Carbon Capture and Storage (CCS) projects located in Australia and other countries in the Asia Pacific region.
Get a detailed analysis of the United States Oil and Gas Chemicals Market report: https://www.coherentmi.com/industry-reports/united-states-oil-and-gas-chemicals-market
Market Opportunities:
Oil Production and Exploration: The upstream segment of the oil and gas industry includes all onshore and offshore exploration and production activities. As the United States looks to boost domestic oil production and reduce dependence on imports, opportunities are opening up for oilfield chemicals companies. Growth in hydraulic fracturing and horizontal drilling is driving demand for a wide variety of chemicals used in exploration and production activities. Corrosion inhibitors, drilling fluids and additives, cementing chemicals, production chemicals and paraffin and asphaltene dispersants are some examples of important oilfield chemicals supporting upstream operations. Increased exploration and production activity is anticipated to fuel consistent demand for upstream oilfield chemicals over the forecast period.
Midstream Infrastructure Development: With growing United States crude oil and natural gas production, investments are being made to expand midstream infrastructure such as pipelines, storage facilities and processing plants. Construction of new pipelines and expansion of existing networks to transport oil and gas from production basins to refineries and export terminals creates opportunities for oilfield chemical suppliers. Pipeline corrosion inhibitors, wax and hydrate control chemicals, de-emulsifiers and demulsifiers are examples of midstream chemicals seeing increasing demand. As infrastructure builds out to handle rising volumes of hydrocarbons, the midstream segment presents a significant growth driver for oilfield chemicals companies through 2031.
United States Oil and Gas Chemicals Market Segmentation:
- By Application Type
- Upstream
- Midstream
- Downstream
- By Type
- Corrosion inhibitors
- Emulsion breakers
- Cementing super plasticizers
- Paraffin dispersants
- Drilling additives
- Others
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The research provides answers to the following key questions:
- What is the estimated growth rate of the market for the forecast period 2024-2031? What will be the market size during the estimated period?
- What are the key driving forces responsible for shaping the fate of the United States Oil and Gas Chemicals market during the forecast period?
- Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the United States Oil and Gas Chemicals market?
- What are the prominent market trends influencing the development of the United States Oil and Gas Chemicals market across different regions?
- What are the major threats and challenges likely to act as a barrier in the growth of the United States Oil and Gas Chemicals market?
- What are the major opportunities the market leaders can rely on to gain success and profitability?
Key insights provided by the report that could help you take critical strategic decisions?
- Regional report analysis highlighting the consumption of products/services in a region also shows the factors that influence the market in each region.
- Reports provide opportunities and threats faced by suppliers in the United States Oil and Gas Chemicals industry around the world.
- The report shows regions and sectors with the fastest growth potential.
- A competitive environment that includes market rankings of major companies, along with new product launches, partnerships, business expansions, and acquisitions.
- The report provides an extensive corporate profile consisting of company overviews, company insights, product benchmarks, and SWOT analysis for key market participants.
- This report provides the industry's current and future market outlook on the recent development, growth opportunities, drivers, challenges, and two regional constraints emerging in advanced regions.
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