June 19, 2024
United States Oil and Gas Chemicals Market

United States Oil and Gas Chemicals Industry Is Transforming Operations through Digitalization Trends

The United States oil and gas chemicals industry produces diverse range of products including basic petrochemicals, organic chemicals, and inorganic chemicals from oil, gas and coal. Some key products include petroleum derivatives, solvents, surfactants, plastic resins, synthetic rubber, and synthetic fiber. These chemicals find wide applications in sectors like construction, automotive, packaging, pharmaceutical, and personal care industries owing to their cost-effectiveness and durability.

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. ExxonMobil is one of the largest chemical and oil companies globally with focus on production of commodity chemicals, specialty chemicals and performance products.

The growing demand from end-use industries such as construction, automotive, healthcare etc. is driving the growth of the United States oil and gas chemicals market. Increasing application of specialty chemicals in pharmaceutical, personal care industries has been fueling the consumption of oil and gas chemicals in the country.

The United States oil and gas chemicals companies are expanding globally by entering into partnerships, joint ventures and acquisitions to tap emerging markets of Asia Pacific and Latin America. For instance, in 2022, ExxonMobil acquired a 50% stake in Catalyst Chemicals PBC, expanding its integrated manufacturing and chemical operations footprint in Texas.

Market Key Trends

One of the key trends gaining traction in the United States oil and gas chemicals market is digitalization of operations. Players in the market are increasingly deploying Internet of Things (IoT) sensors, cloud computing, data analytics, artificial intelligence etc. to optimize production processes, reduce downtime, enhance productivity and monitor assets remotely. For instance, major players like ExxonMobil have incorporated predictive maintenance solutions using machine learning algorithms to detect equipment failure at early stages and schedule repairs. This helps in minimizing unplanned downtime and improving overall operational efficiency. Such trends around Industry 4.0 are expected to transform production landscape of United States oil and gas chemicals industry over the coming years.

Porter’s Analysis

Threat Of New Entrants: Oil and gas sector requires large capital investments which act as a barrier for new players entering the market.

Bargaining Power Of Buyers: Large buyers in energy industry have moderate bargaining power due to availability of substitutes in market.

Bargaining Power Of Suppliers: Suppliers have moderate bargaining power due to availability of alternatives and suppliers in the market.

Threat Of New Substitutes: Alternative energy sources like renewable energy sources such as solar, wind act as substitutes threat for oil and gas industry.

Competitive Rivalry: Oil and gas industry faces intense competitive rivalry due large number of established players competing for market share.

Geographical Regions

The United States accounts for the largest share of around 30% of the global oil and gas chemicals market in terms of value due to presence of large producing regions and processing hubs. Texas and Louisiana are major producing hubs which contribute significantly to the United States market share. Middle East and Asia Pacific region is expected to witness fastest CAGR during the forecast period due to growing demand from emerging economies like China and India coupled with increasing exploration activities in countries like Saudi Arabia, UAE and Iran.

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