The United States oil and gas chemicals market consists of a wide range of chemicals that are used in oil and natural gas exploration & production. Some of the commonly used oil and gas chemicals include hydrates inhibitors, demulsifiers, corrosion inhibitors, paraffin inhibitors, scale inhibitors, biocides, and H2S scavengers. These chemicals are used at various stages of crude oil and natural gas production such as extraction, transportation, and processing. They provide several benefits such as prevention of corrosion, wax deposition, microbial growth, and water separation. With the increasing shale gas production in the United States, the demand for oil and gas production chemicals is growing substantially.
The global United States Oil and Gas Chemicals Market Size is estimated to be valued at US$ 5.50 Bn in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period of 2024-2031.
Key Takeaways
Key players operating in the United States oil and gas chemicals market are ExxonMobil, Chevron Corporation, Shell PLC, TotalEnergies SE, Baker Hughes and Among Others. These companies are focusing on adopting organic and inorganic growth strategies such as mergers & acquisitions, partnerships, and new product launches to strengthen their market position.
The growing demand for energy and petrochemicals from end-use industries is one of the major factors driving the growth of the United States oil and gas chemicals market. Increasing oil and gas E&P activities due to rising shale gas production are further augmenting the demand for production chemicals.
The market is also witnessing growth opportunities due to the expanding global presence of major United States oil and gas chemicals manufacturers. Leading players are investing heavily in foreign markets through acquisitions and collaborations to tap the potential of developing countries.
Market Drivers
Increasing shale gas production is one of the key drivers of the United States oil and gas chemicals market. Over the past decade, the shale gas revolution has transformed the energy landscape of the country. Shale gas production has increased sharply due to advancements in hydraulic fracturing and horizontal drilling technologies. This has significantly driven the demand for production chemicals to improve well productivity and extraction process efficiency. Growing shale gas output is expected to continue boosting market growth over the forecast period.
The current geopolitical instability across various regions is expected to impact the growth of the United States Oil and Gas Chemicals Market during the forecast period. The ongoing Russia-Ukraine war has disrupted the global oil and gas supply chain. Russia is one of the largest producers and exporters of crude oil and natural gas. The sanctions imposed on Russia by the US and its allies have led to a supply shock in the global energy market. This is affecting the production activities of oil and gas chemical companies operating in the US. Rising energy prices are also pushing up the production costs for chemical manufacturers.
The Midwest region in the US accounts for over 30% of the country's total oil and gas chemicals market value. States like Texas, Oklahoma, North Dakota account for a major share of the US's crude oil and natural gas production. The abundant availability of hydrocarbon reserves and strong pipeline infrastructure in this region attracts numerous national and international players. On the other hand, the Gulf Coast region consisting of Louisiana, Mississippi, Alabama is another key manufacturing hub for oil and gas chemicals. Over 60% of the US’s total petrochemical industry is based along the coastlines of Texas and Louisiana that have extensive port facilities. This region serves as an export base for American oil and gas chemical products.
The Southeast region encompassing Florida, Georgia is emerging as one of the fastest growing markets for oil and gas chemicals in the US. While this region lacks hydrocarbon reserves, it is well-connected to the fuel supply from the Gulf Coast refineries through pipelines, railways and ports. Also, the expanding population and industrial activities in states like Florida, Georgia are driving up the domestic demand for petrochemical products. Several major players are making investments to establish new production plants as well as import terminals to cater to the growing needs of end-use sectors in the Southeast region.
What Are The Key Data Covered In This United States Oil and Gas Chemicals Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the United States Oil and Gas Chemicals's growth between 2024 and 2031.
:- Accurate calculation of the size of the United States Oil and Gas Chemicals and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- United States Oil and Gas Chemicals Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of United States Oil and Gas Chemicals vendors
FAQ’s
Q.1 What are the main factors influencing the United States Oil and Gas Chemicals?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top United States Oil and Gas Chemicals companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the United States Oil and Gas Chemicals’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
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