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Production Chemicals
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The average annual savings achieved in Production Chemicals category is 16.40%
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The industry average payment terms in Production Chemicals category for the current quarter is 45.0 days
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Production Chemicals market report transcript
Global Market Outlook on Production Chemicals
The global production chemicals market is estimated to be $2.9 billion in 2020, and it is expected to reach $3.6 billion by the end of 2023, with a CAGR of 7.05 percent. In Q2 2020, the production chemicals market across all the regions is expected to
decline, due to production cuts by OPEC
- Production chemicals are mandatory requirement during production operation. However, there are many regional and global providers present in the market, except for proprietary products
- North America and Middle East regions are highly matured, while APAC and LATAM regions are medium matured markets
The global market for production chemical is estimated to be at $2.9 billion in 2020. On a global scale, demulsifier chemicals contribute to the majority of the market share in 2020
- The production chemicals market is expected to drop by more than $1 billion in 2020 compared to 2019, due to lower oil and gas activities across the globe
- In terms of value, the global oil & gas production chemicals market stood at $2.9 billion in 2020. The market is forecast to reach $3.6 billion by the end of 2023, with a CAGR of 7.05 percent
- The production chemicals market is completely dependent on oil & gas production. The oil production dropped by at least 10 million barrels/day in H1 2020 plummeting the demand for production chemicals. The market is expected to drop by $1 billion in 2020. Furthermore, OPEC has announced further production cuts by 1.2 million barrels/day from July 2020, which is expected to downward market impact on production chemicals
- Segment wise, demulsifier accounted for 30 percent of the overall production chemicals market in 2020, followed by corrosion and scale inhibitors, with 15 percent of the overall production chemicals market in 2020
Regional Market Overview for Production Chemicals
North America held the major share of the production chemicals market in 2020, and the trend is likely to continue throughout the forecast period. The high market share is ascribed to the high oil production across the region
The market is matured in the North America region. Highest oil production in the region compared to other regions poised demand for production chemicals. However, the market is expected to drop by approximately $1 billion in 2020, due to production cuts and COVID-19 pandemic in the region
- MEA contributed to around 20 percent of the overall production chemicals market. However, the market is expected to impact downward, due to production cuts
- The European and LATAM regions collectively contributed to 24 percent of the global oil & gas production chemicals market. In Europe, the production chemicals market is driven by the offshore activates across the North Sea region
- The APAC market stood at $0.4 billion in 2019
Global Production Chemicals: Market Drivers and Constraints
Drivers
- Production chemicals are a mandatory requirement during crude oil production and separation process post-production in oilfield. Increasing in number of drilling wells globally will increase demand for production chemicals
- An expected, increase in CAPEX spending by major oil & gas companies will drive the demand for production chemicals in the near future
- Advancement in technologies related to nanotech production chemicals is likely to increase the demand
Constraints
- Stringent environment & emission regulations are making production chemicals costlier across several countries
- Major oil & gas assets in Australian Offshore, Gulf of Mexico, Canada are located in environmentally sensitive areas requiring the state-of-art technology, which comes with higher cost
- Current scenario of low oil prices led to production cuts, affecting production chemicals market
- Persisting production cuts by OPEC has significantly affected the production chemicals market