Energy Chemicals Global Market Report 2024

The energy chemical market size has grown strongly in recent years. It will grow from $114.94 billion in 2023 to $124.6 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth observed during the historic period can be attributed to several factors, including the increasing demand for chemicals used in carbon capture technologies, the rising need for energy-efficient processes, growing demand for corrosion inhibitors in energy infrastructure, expansion of the fuel additives market, and increased demand for chemicals utilized in the maintenance of electric grids.

The energy chemical market size is expected to see strong growth in the next few years. It will grow to $163.46 billion in 2028 at a compound annual growth rate (CAGR) of 7%. The projected growth in the forecast period is expected to be driven by several factors, including the escalating global energy consumption, a surge in energy transition initiatives, policies promoting renewable energy adoption, growing demand for petrochemicals, and an increasing need for specialty chemicals in energy production processes. Major trends anticipated during this period include technological advancements in fracking methods, the development of advanced drilling techniques, investments in smart grid technology, adoption of digitalization in energy production processes, and the expansion of biomass energy facilities.

The upward trajectory of global energy consumption is poised to propel the growth of the energy chemicals market in the foreseeable future. The adoption of various technologies, including electronic devices, electric vehicles, and smart appliances, contributes significantly to the surge in energy usage. Energy chemicals, encompassing fuel additives and catalysts, play a vital role in enhancing energy consumption efficiency by optimizing energy production processes, curbing emissions, and enhancing fuel economy in both vehicular and industrial applications. Notably, in 2022, the Energy Information Administration reported a substantial uptick in primary energy consumption in the United States, reaching 100.4 quadrillion British thermal units (quads), reflecting a notable 3% increase from the previous year. This surge in energy consumption serves as a primary driver behind the growth of the energy chemicals market.

Leading entities within the energy chemicals market are strategically focusing on innovative technological systems, such as downhole monitoring systems, to gain a competitive edge. Downhole monitoring systems are integral technologies employed in the oil and gas industry to provide real-time data from downhole and surface equipment, enabling continuous monitoring of crucial parameters such as pressures and temperatures. For instance, in July 2021, Halliburton Company, a prominent US-based oilfield service provider, unveiled Express Fiber, a single-use fiber-optic cable engineered to deliver precise, direct subsurface measurements, including cross-well communication capabilities. Leveraging products such as Express Fiber and Smartfleet, this system harnesses fiber optic sensing technology and real-time analytics to furnish comprehensive subsurface insights and enhance fracture monitoring during stimulation processes. By facilitating direct and accurate assessments of subsurface conditions, this technology empowers stakeholders to make informed decisions, thereby optimizing well performance and operational efficiency.

In September 2021, Standard Industries Holdings Inc., a leading US-based industrial conglomerate, finalized the acquisition of W.R. Grace for $7 billion. This strategic move is anticipated to bolster Standard Industries' commitment to sustainable modern industrialism and innovative technology solutions. W.R. Grace, headquartered in the United States, is renowned for its specialty chemicals and materials, including those utilized in the energy sector.

Major companies operating in the energy chemicals market report are Exxon Mobil Corporation, Royal Dutch Shell PLC, TotalEnergies SE, Chevron Corporation, Eni S.p.A., Reliance Industries Limited, BASF SE, Repsol S.A., The Dow Chemical Company, Saudi Basic Industries Corporation, LyondellBasell Industries N.V., Occidental Petroleum Corporation, Mitsubishi Chemical Holdings Corporation, Linde plc, Schlumberger Limited, Baker Hughes Company, Braskem S.A., PPG Industries Inc., Sasol Limited, Ecolab Inc., DuPont de Nemours Inc., Air Products and Chemicals Inc., Eastman Chemical Company, Huntsman Corporation, Clariant AG.

North America was the largest region in the energy chemicals market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the energy chemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the energy chemicals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Energy chemicals are substances vital to the production, processing, and distribution of energy resources such as oil, natural gas, and renewable energy sources. Engineered to augment or manipulate energy levels within diverse systems, these chemicals serve essential roles across a wide spectrum of industries and applications, from fuel refinement to pharmaceuticals.

The primary types of energy chemicals include polymers, fuel additives, and solvents. Polymer energy chemicals denote a category of polymers specifically tailored and optimized for use in energy-related devices and systems. Employed across applications ranging from petrochemicals to pharmaceuticals, packaging, cleaning products, automotive, and more, these polymers find utility across various end-use sectors such as oil and gas, power generation, and construction.

The energy chemicals market research report is one of a series of new reports that provides energy chemicals market statistics, including energy chemicals industry global market size, regional shares, competitors with an energy chemicals market share, detailed energy chemicals market segments, market trends and opportunities, and any further data you may need to thrive in the energy chemicals industry. This energy chemicals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The energy chemicals market consists of sales of drilling chemicals, refinery chemicals, catalysts, water treatment chemicals, and nuclear chemicals. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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