Burlingame, August 20, 2024 (GLOBE NEWSWIRE) — CoherentMI published a report titled “The Oil and Gas Chemicals Market in the United States is estimated to be valued at $20.38 billion in 2024 and is expected to reach 28.42 billion US dollars by 2031at a CAGR of 4.40% during the forecast period 2024–2031. The US oil and gas chemicals market includes various specialty chemicals such as corrosion inhibitors, biocides, emulsion breakers, pour point depressants, and others used in exploration and drilling activities. These chemicals are used for various applications including drilling and cementing, production chemicals, stimulation chemicals, EOR chemicals, and enhanced oil recovery.
Scope of the market report:
| Report coverage | Details |
| Market revenue in 2024: | 20.38 billion US dollars |
| Estimated value until 2031: | 28.42 billion US dollars |
| Growth rate: | Expected growth of 4.40% on average |
| Historical data: | 2019–2023 |
| Forecast period: | 2024–2031 |
| Forecast units: | Value (millions/billions USD) |
| Report scope: | Sales forecast, competitive environment, growth factors and trends |
| Segments covered: | By type, by application |
| Regions covered: | United States |
| Growth drivers: | • Increasing production of crude oil |
| • Expansion of shale gas exploration | |
| Limitations and challenges: | • Geopolitical problems in the Middle East region |
Market dynamics:
The market is primarily driven by the increasing exploration and production activities of the US oil and gas industry. According to EIA, crude oil production in the US has increased significantly from 5 million barrels per day in 2008 to over 12 million barrels per day in 2018. In addition, the increasing demand for chemicals such as surfactants, corrosion inhibitors, emulsion breakers, and scale inhibitors for drilling, fracking, completion, and production is also driving the market growth.
Key market insights:
- Due to increased oil production and infrastructure investments, the US oil and gas chemicals market is expected to grow at a CAGR of 4.40% during the forecast period 2024-2031.
- Based on application type, the upstream segment is expected to dominate and account for over 40% market share due to increasing exploration and production activities.
- Within this type, the emulsion breaker segment is expected to hold the largest market share at over 20% due to its broad application in upstream and midstream operations.
- At the regional level, the United States is expected to remain the dominant regional market with the highest concentration of oilfield activities through 2031.
- Major players in the US oilfield chemicals market include Exxon Mobil, Chevron, ConocoPhillips, BASF, Baker Hughes and Schlumberger. Mergers and acquisitions are expected to occur among these players to gain additional product lines and strengthen the integrated service offering in the industry.
Market trends:
Use of environmentally friendly and cost-effective chemicals: Major players are focusing on developing bio-based and environmentally friendly chemicals to minimize the environmental footprint of oil and gas production and gain a competitive advantage in the market. In addition, low-cost chemicals are increasingly being used to maximize profits in times of volatile crude oil prices.
Nano-enhanced oil and gas chemicals: Nanotechnology is increasingly being used in the oil and gas industry to improve oil recovery and optimize production. Nano-enhanced chemicals such as polymer nanoparticles, nano-surfactants and nano-biocides are proving useful in upstream applications.
Current developments:
- In November 2023, ExxonMobil acquired Denbury. This will extend our leadership position in low-carbon technologies and enable us to meet customers’ decarbonization needs.
- In March 2024, Chevron and JX will sign a memorandum of understanding to collaborate on CCS value chain development to evaluate the export of carbon dioxide (CO2) from Japan to carbon capture and storage (CCS) projects in Australia and other countries in the Asia-Pacific region.
Get a detailed analysis of the US 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 increase its domestic oil production and reduce its dependence on imports, new opportunities are opening up for oilfield chemicals companies. Growth in fracking and horizontal drilling is driving demand for a 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 key oilfield chemicals that support upstream operations. Increased exploration and production activity is expected to drive steady demand for upstream oilfield chemicals during the forecast period.
Development of midstream infrastructure: With crude oil and natural gas production growing in the U.S., investments are being made in expanding 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 are creating opportunities for oilfield chemicals suppliers. Pipeline corrosion inhibitors, wax and hydrate control chemicals, demulsifiers, and emulsion breakers are examples of midstream chemicals that are seeing increasing demand. As infrastructure is expanded to handle increasing volumes of hydrocarbons, the midstream segment represents a significant growth driver for oilfield chemicals companies through 2031.
US Oil and Gas Chemicals Market Segmentation:
- By application type
- Upstream
- Medium current
- Downstream
- By type
- Corrosion inhibitors
- Emulsion breaker
- Cementing superplasticizers
- Paraffin dispersants
- Drilling additives
- Miscellaneous
Buy the latest edition of this research report @ https://www.coherentmi.com/industry-reports/united-states-oil-and-gas-chemicals-market/buynow
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 that will determine the fate of the US oil and gas chemicals market during the forecast period?
- Who are the key market vendors and what winning strategies have helped them gain a strong foothold in the US oil and gas chemicals market?
- What are the key market trends influencing the development of the US oil and gas chemicals market in different regions?
- What are the major threats and challenges likely to hamper the growth of the US oil and gas chemicals market?
- What major opportunities can market leaders build on to be successful and profitable?
Does the report provide key insights that could help you make decisions on important strategic issues?
- A regional report analysis that highlights the consumption of products/services in a region also shows the factors influencing the market in each region.
- Reports provide information on opportunities and risks for suppliers to the U.S. oil and gas chemicals industry worldwide.
- The report shows the regions and sectors with the fastest growth potential.
- A competitive environment that includes market rankings of major companies as well as new product launches, partnerships, business expansions and acquisitions.
- The report offers a comprehensive company profile consisting of company overviews, company insights, product benchmarks and a SWOT analysis of the key market players.
- This report offers the current and future market outlook of the industry in terms of recent development, growth opportunities, driving forces, challenges and two regional restraints encountered in advanced regions.
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