Overview and Scope
Energy chemicals are substances used in the production, processing, and distribution of energy resources such as oil, natural gas, and renewable energy sources. Energy chemicals are formulated to enhance or manipulate energy levels within various systems. These chemicals play crucial roles in a wide array of industries and applications, from fuel production to pharmaceuticals.
Sizing and Forecast
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 in the historic period can be attributed to rising demand for chemicals in carbon capture, demand for energy-efficient processes, rising demand for corrosion inhibitors in energy infrastructure, growth of the fuel additives market, rising demand for chemicals in electric grid maintenance.
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 growth in the forecast period can be attributed to rising global energy consumption, increasing in energy transition initiatives, renewable energy policies stimulating, growing demand for petrochemicals, increasing demand for specialty chemicals in energy production. Major trends in the forecast period include technological innovations in fracking, development of advanced drilling techniques, investment in smart grid technology, adoption of digitalization in energy production, expansion of biomass energy facilities.
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Segmentation & Regional Insights
The energy chemicals market covered in this report is segmented –
1) By Type: Polymers, Fuel Additives, Solvents
2) By Application: Petrochemicals, Pharmaceutical, Packaging Products, Cleaning And Detergent Products, Automotive, Other Applications
3) By End-Use Industry: Oil And Gas, Power Generation, Construction
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.
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Major Driver Impacting Market Growth
The rise in global energy consumption is expected to propel the growth of the energy chemicals market going forward. The adoption of technology, including electronic devices, electric vehicles, and smart appliances, contributes to increased energy consumption. Energy chemicals, such as fuel additives and catalysts, can help to improve energy consumption by enhancing the efficiency of energy production processes, reducing emissions, and improving fuel economy in vehicles and industrial applications. For instance, in 2022, according to the Energy Information Administration, a US-based government agency, in the United States, primary energy consumption reached a notable 100.4 quadrillion british thermal units (quads) in 2022, marking a 3% increase from the preceding year. Therefore, the rise in energy consumption is driving the growth of the energy chemicals market.
Key Industry Players
Major companies operating in the energy chemicals market 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
The energy chemicals market report table of contents includes:
1. Executive Summary
2. Energy Chemicals Market Characteristics
3. Energy Chemicals Market Trends And Strategies
4. Energy Chemicals Market – Macro Economic Scenario
5. Global Energy Chemicals Market Size and Growth
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31. Energy Chemicals Market Other Major And Innovative Companies
32. Global Energy Chemicals Market Competitive Benchmarking
33. Global Energy Chemicals Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Energy Chemicals Market
35. Energy Chemicals Market Future Outlook and Potential Analysis
36.Appendix
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