June 13, 2024
United States Oil and Gas Chemicals Market

The United States Oil and Gas Chemicals Industry Poised to Witness High Growth Owing to Rising Need for Oilfield Chemicals

The United States oil and gas chemicals market is a comprehensive industry that involves manufacturing of drilling fluids, cementing chemicals, production chemicals, stimulation chemicals, enhanced oil recovery chemicals and oilfield downstream chemicals. Oilfield chemicals are specifically developed formulations that optimize oil and gas extraction process by helping drill, complete & cement the well, stimulate production and enhance oil recovery.

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 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. Key players are focused on developing bio-based and environment-friendly oilfield chemicals to meet sustainability goals of oil and gas industry.

The rising shale gas and tight oil production in United States has opened new opportunities for oilfield chemical manufacturers to cater to the evolving needs of unconventional oil and gas recovery methods. Additionally, maturing oil and gas fields require enhanced oil recovery methods like polymer flooding and surfactant flooding, thus propelling the demand for customized production and EOR chemicals.

With increasing oil and gas exploration and production activities in United States, the demand for oilfield chemicals is expected to significantly grow over the coming years. Key players are investing in R&D to introduce application specific formulations and expanding their production facilities across strategic locations to better serve oil and gas upstream operations.

Market Drivers

The main driver which is propelling the growth of United States oil and gas chemicals market is the rising need for oilfield chemicals from shale gas and tight oil operations. As unconventional oil and gas resources are complex to extract, specialized chemicals are needed in every phase from drilling to production and enhanced oil recovery. Thus, increasing shale gas production provides ample opportunities for continuous demand of drilling chemicals, cementing formulations, production chemicals and EOR chemicals.

Pest Analysis

Political: The oil and gas chemicals market is affected by regulations around carbon emissions and pollution control. More stringent environmental regulations may impact production volumes and costs.

Economic: Oil prices and economic growth influence spending on petrochemical infrastructure and products. Demand typically rises with GDP but declines during recessions. A strong US economy boosts consumption of oil and gas chemicals.

Social: Growing awareness around sustainability and climate change impact consumer preferences. Customers and investors demand that companies reduce environmental footprints. Producers must balance profitability with sustainable production.

Technological: Advances in extraction methods help access harder-to-reach reserves. Investments in renewable materials and green chemistry also present opportunities. Producers invest in innovative production processes to enhance efficiency and lower costs.

Geographical Concentration

The Gulf Coast region comprising Texas, Louisiana and surrounding states accounts for over 60% of US oil and gas chemicals production by value. This is due to abundant shale reserves and the presence of major manufacturing and export facilities along the coast. Transport infrastructure allows efficient distribution to domestic and international customers.

Fastest Growing Region

The Midwest region centred around Iowa, Illinois and neighbouring states sees rapid expansion. Increased tight oil and gas output from shale basins like the Bakken and Mississippian leads to new derivative plants. Growth in agriculture and manufacturing provide local demand. Developing pipeline networks boost supply to customers across the Central US. By 2031, the Midwest is projected to nearly double its market size for oil and gas chemicals.

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 Market’s growth between 2024 and 2031.

:- Accurate calculation of the size of the United States Oil and Gas Chemicals Market 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 Market 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 Market vendors

FAQ’S

Q.1 What are the main factors influencing the United States Oil and Gas Chemicals market?

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 Market companies compare in terms of sales, revenue, and prices?

Q.5 Which businesses serve as the United States Oil and Gas Chemicals market’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?

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it