United States Oil and Gas Chemicals Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (undefined)

United States Oil and Gas Chemicals Market is Segmented By Location (Onshore and Offshore), By Application (Drilling, Production, Cementing, Workover & Completion). The report offers the value (in USD billion) for the above-mentioned segments.

United States Oil and Gas Chemicals Market Trends

United States Oil and Gas Chemicals Market Trends

  • Rise in demand for bio-based and sustainable chemicals: The demand for bio-based and sustainable chemicals is having a significant influence on the United States oil and gas chemicals market. There is a growing consumer sentiment towards adopting greener and more environmentally-friendly products. Many corporations are also focusing on becoming more sustainable and reducing their carbon footprint to attract environmentally-conscious consumers. This shift towards bio-based chemicals is impacting the market for traditional oil and gas-derived chemicals. This shift in demand poses challenges as well as opportunities for the United States oil and gas chemicals market. While traditional petrochemical companies may see some loss of business, they are increasingly focusing on investment in bio-based chemical production. For example, ExxonMobil is one of the largest integrated fuels, lubricants and chemical companies in the world and it has committed over US$ 15 million since 2017 towards developing bio-derived building blocks. This allows oil and gas majors to gradually diversify their product portfolio and tap into the growing bio-based chemical segment. In the long run, this trend can promote sustainable practices and technologies within the industry while balancing economic and environmental considerations.
  • Adoption of green chemicals and clean technology: The adoption of green chemicals and clean technology is having a significant influence on the United States oil and gas chemicals market. There is a growing demand among consumers and industries for more sustainable and environmentally-friendly products and processes. In response, companies in the oil and gas sector are increasingly investing in renewable and low-carbon solutions. Many major players have announced multi-billion dollar investments and ambitious targets towards developing bio-based chemicals and reducing their emissions footprint. For instance, ExxonMobil aims to invest US$ 15 billion through 2027 in initiatives to lower emissions, such as carbon capture and storage technologies. Shell has committed to invest US$ 3 billion per year in clean energy through 2025, including growing its biofuels business. The sector is also innovating with technologies like direct carbon capture from air or industrial facilities. Several start-ups are working on ways to convert captured CO2 into useful products.

Figure 1. United States Oil and Gas Chemicals Market Share (%), By Region, 2024

United States Oil and Gas Chemicals Market By Region