Acumen Research and Consulting recently released the report titled “Production Chemicals Market – Global Industry Analysis, Market Size, Opportunities and Forecasts, 2022-2030”.
Tokyo, May 17, 2022 (GLOBE NEWSWIRE) — Global Production Chemicals Market The size is estimated to grow by one CAGR of over 5.8% within the forecast timeframe and up to approx. $10.201 billion by 2030.
The chemical industry produces a wide variety of products that affect almost every aspect of people’s lives around the world. While many products in this industry, such as household chemicals, are purchased directly by consumers, others are used as intermediates in the production of other products. The chemical industry is an important part of the growth of emerging economies. It plays an important role in meeting our basic needs and improving the quality of our daily lives. It is also an important part of agricultural and industrial development around the world, and is the basis for various other downstream industries.
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Production chemistry is concerned with the development and production of items using chemical processes. This includes creating procedures, methods and machines for refining raw materials. Production chemicals are key chemicals used in the drilling and extraction process to enhance overall production and operations. During the manufacturing process, demulsifiers, scavengers, scale inhibitors, biocides, surfactants, corrosion inhibitors, asphaltene inhibitors and other types of production chemicals are used. Additionally, these compounds are used in the oil and gas industry to save capital costs, improve performance and extend the life of structures, infrastructure and reservoirs. Controlling unwanted chemical and microbial reactions reduces process and flow assurance challenges while increasing yield and operational efficiency. However, these chemicals are added to the production for optimal performance and increase the oil recovery efficiency, thus the production chemicals market is expected to expand throughout the forecast period.
Global Production Chemicals Market Growth Aspects
Recent global developments in the shale oil and gas industry are driving the production chemicals market. Production chemicals are a must in the manufacturing process. Apart from proprietary products, the market is flooded with regional and global players. Continued efforts to meet global energy needs have brought more petroleum crude oil wells into production around the world, which is expected to fuel the production chemicals industry. Rising number of service providers and popularity of environmentally friendly oilfield chemicals will enhance numerous prospects, leading to the expansion of the production chemicals market throughout the forecast period.
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Rising demand for corrosion inhibitors is driving the market
Corrosion inhibitors are used in applications such as water treatment, process and product additives, and in various end-use sectors such as oil and gas production, such as oil and gas, refineries, power generation, metals and mining, and utilities. The corrosion inhibitor market is driven by growing demand from various end-use industries coupled with stringent environmental-related regulatory and sustainability obligations. Growing demand for corrosion inhibitors in the oil and gas industry in emerging economies is the underlying reason driving the market growth. In addition, the demand for corrosion inhibitors in industries such as metal and metalworking and subsequently other end-user industries will also directly impact the market growth rate.
North America, Europe, Asia Pacific, Latin America, Middle East and Africa are the regional classifications of the global production chemicals market. The Middle East and Africa is the region with the fastest market expansion, with the highest rates of crude oil extraction and consumption. This is due to the impact of production chemicals and raw or undeveloped natural crude oil ores in the region. Crude oil production in the region is also increasing. The Middle East and Africa region is rich in oil reserves. The chemical industry has long been an important part of the GCC countries, especially Saudi Arabia, which has one of the oldest and most important chemical industries. However, the expansion of the chemical industry in the Middle East and Africa will continue to assist the growth of the overall production chemicals market as it accounts for a large proportion of the overall production capacity.
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Acumen Research and Consultancy has segmented the global production chemicals market on the basis of type, field type, and region. On the basis of type, the market is segmented into asphaltene inhibitors, demulsifiers, scavengers, scale inhibitors, fungicides, surfactants, corrosion inhibitors, and others. On the basis of oil field type, the market is segmented into onshore and offshore.
Some of the major players in the production chemicals industry include BASF, Clariant, Halliburton, Universal Oilfield Chemicals Pte Ltd. Ltd., Schlumberger Limited, Huntsman International LLC, Akzo Nobel NV, Solvay, Baker Hughes Company, Croda International Plc, Dow Chemicals and Chemcon Specialty Chemicals Ltd.
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Mr. Frank Wilson
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