Production Chemicals Global Market Report 2024

The production chemicals market size has grown strongly in recent years. It will grow from $6.16 billion in 2023 to $6.68 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The expansion witnessed in the historical period can be attributed to several factors, including the increasing demand for oil and gas exploration and production, a rising need for specialty chemicals, the growth of deepwater drilling projects, the expansion of the enhanced oil recovery (EOR) market, and the demand for water management solutions.

The production chemicals market size is expected to see strong growth in the next few years. It will grow to $8.74 billion in 2028 at a compound annual growth rate (CAGR) of 7%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing demand for oil and gas production, the rise in global energy consumption, the demand for enhanced oil recovery techniques, the growing need for hydraulic fracturing chemicals, and the increasing demand for corrosion inhibitors. Major trends expected in the forecast period include the expansion of industrial activities, the growth of the petrochemical industry, the expansion of renewable energy projects, the incorporation of technology into production processes, and the fostering of strategic partnerships and collaborations within the industry.

The anticipated uptick in the demand for oil and gas is poised to drive the growth of the production chemicals market in the forthcoming period. The heightened demand for oil and gas stems from various factors including economic expansion, population growth, industrialization, transportation requisites, petrochemical needs, and weather fluctuations. Production chemicals play a pivotal role within the oil and gas sector by facilitating production optimization, bolstering operational efficiency, and ensuring the integrity of production equipment. Notably, according to the Energy Information Administration (EIA), global oil consumption witnessed a significant increase of 5.5 million barrels per day in 2021 compared to consumption levels observed in 2020. Consequently, the escalating demand for oil and gas acts as a key driver propelling the expansion of the production chemicals market.

Leading entities operating within the production chemicals sphere are directing their focus towards innovative technologies, particularly chemical processing technology, to secure a competitive advantage in the market. Chemical processing technology entails the application of scientific principles and technical expertise to operate chemical processing equipment, predominantly within industries such as chemical manufacturing. For instance, in December 2023, Sulzer Ltd., a Switzerland-based industrial engineering and manufacturing firm, unveiled SULAC, a licensed breakthrough technology facilitating polylactic acid (PLA) producers to seamlessly integrate new lactic acid to lactide capabilities. Lactide conversion is a pivotal step in PLA production, an environmentally friendly bioplastic. SULAC aids in overcoming supply restrictions by enabling the conversion of lactic acid to lactide, thus supporting the production of PLA.

In December 2021, Ascensus Specialties LLC, a US-based provider of specialty materials for life sciences and advanced technology, completed the acquisition of Wychem Ltd. for an undisclosed sum. This strategic acquisition expands Ascensus' production capacities within the life sciences domain, enhancing its European manufacturing footprint and commercial outreach. The acquisition enables Ascensus to offer a more comprehensive array of products and services to its global clientele. Wychem Ltd., headquartered in the UK, specializes in the manufacturing of fine chemicals and aromatic compounds, aligning with Ascensus' strategic objectives for market expansion and diversification.

Major companies operating in the production chemicals market report are BASF SE, Dow Inc., Mitsubishi Chemical Corporation, Schlumberger Limited, Baker Hughes Company, Evonik Industries AG, Halliburton Company, Sasol Limited, Solvay S.A., Chevron Phillips Chemical Company LLC, Ecolab Inc., Akzo Nobel N.V., Huntsman Corporation, Albemarle Corporation, FMC Corporation, Clariant AG, SNF Group, Kemira Oyj, Stepan Company, Croda International Plc, Ashland Global Holdings Inc., Innospec Inc., W. R. Grace & Co., Cabot Corporation, Calumet Specialty Products Partners, L.P., LANXESS AG, Lonza Group Ltd.

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

Production chemicals encompass a wide array of substances manufactured and employed across diverse industries such as agriculture, pharmaceuticals, construction, and manufacturing. These chemicals are vital for ensuring operational efficiency, safety, and environmental sustainability within industrial processes.

The primary categories of production chemicals include demulsifiers, corrosion inhibitors, scale inhibitors, asphaltene inhibitors, biocides, scavengers, surfactants, and more. Demulsifiers are specifically designed to separate emulsions and find application across diverse oil field operations such as cementing, drilling fluids, production chemicals, and well stimulation, among others, both onshore and offshore.

The production chemicals market research report is one of a series of new reports that provides production chemicals market statistics, including production chemicals industry global market size, regional shares, competitors with a production chemicals market share, detailed production chemicals market segments, market trends and opportunities, and any further data you may need to thrive in the production chemicals industry. This production 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 production chemicals market consists of sales of drag reducing agents, antifoaming agents, friction reducers, and emulsion breakers. 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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