by The United States oil and gas chemicals market consists of various chemicals that are used in oil and gas operations including drilling, refining, and distribution activities. Some of the key chemicals used include corrosion & scale inhibitors, biocides, demulsifiers, surfactants, solvents, and others. These chemicals help in increasing productivity, extend the equipment life, and improve the overall efficiency. Increasing shale gas production has been a major driver of growth for oilfield chemicals in recent years. The United States accounts for the largest share in shale gas reserves globally. According to the U.S. Energy Information Administration, U.S. marketed natural gas production from shale was around 31.2 trillion cubic feet in 2020. This is expected to drive demand for various oil and gas chemicals used extensively across the production and distribution chain.
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 are ExxonMobil, Chevron Corporation, Shell PLC, TotalEnergies SE, Baker Hughes and Among Others. These major players account for a significant share of the market.
There are several opportunities for market players in the U.S. oil and gas chemicals space including increasing production from shale oil and gas reserves, investments in midstream infrastructure, demand for specialty chemicals, and focus on environmentally acceptable solutions.
The U.S. oil and gas chemicals market is expanding globally as well with major companies focusing on partnerships, mergers and acquisitions to gain access to international markets such as Asia Pacific, Europe and Middle East & Africa. The increasing global demand for petrochemicals and refined fuels will drive this expansion.
Market Drivers
The major driver for the growth of the United States oil and gas chemicals market is the increasing shale gas production in the country. Abundant availability of shale gas reserves has boosted gas production, which in turn is spurring demand for chemicals. Other key drivers include rising investments in oilfield infrastructure, increasing complexities in oil and gas extraction processes, and stringent environmental regulations requiring use of specialized chemicals. Focus on improving well productivity and recovery rates from mature fields through advanced chemicals is another growth accelerator.
PEST Analysis
Political: The oil and gas industry in the United States is affected by changes in energy policies and regulations. Laws and regulations related to environmental protection, exploration and production also impact the industry.
Economic: The overall economic growth of the country coupled with demand for petrochemicals from end-use industries drives growth in the US oil and gas chemicals market. Fluctuations in crude oil prices also impact investments in the sector.
Social: Growing environmental concerns and focus on reducing carbon emissions are influencing product innovation in the oil and gas chemicals industry. Demand for ‘green’ and sustainable chemicals is increasing.
Technological: Companies are investing in R&D to develop advanced technologies for exploration, production and processing of oil and gas. New production technologies help in unlocking reserves from tight formations like shale plays.
The Gulf Coast region stretching across Texas, Louisiana and Mississippi accounts for a major share of the United States oil and gas chemicals market in terms of value. This is due to the presence of large refineries and petrochemical plants in the region that are integrated with oil and gas production facilities. The Permian Basin located in West Texas and southeastern New Mexico is also one of the fastest growing areas for production of crude oil and natural gas. This has resulted in increased investments for expanding midstream infrastructure and petrochemical plants in the region.
Growing shale gas production has boosted the chemicals industry in the Marcellus region spanning Pennsylvania, West Virginia and Ohio. States like Pennsylvania have emerged as a fast growing market for gas processing plants and petrochemical facilities supplying to the Northeast US. The synergies between oil and gas production and downstream integration provides opportunities for developing gas-based chemicals clusters in the Marcellus 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?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
