Market Size of Oil and Gas Water Treatment Chemicals Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Oil & Gas Water Treatment Chemicals Market Analysis
The Global Oil and Gas Water Treatment Chemicals Market is projected to register a CAGR of over 4% during the forecast period (2021-2026).
The market was negatively impacted by COVID-19 in 2020. The COVID-19 pandemic has resulted in a huge drop in the demand for oil. This has resulted in decreased investments and a major scaling back in the drilling activities. As a result, the demand for water treatment chemicals in the industry has declined. Owing to the pandemic scenario, the petroleum refineries units had cut their throughput as the demand for fuel had been decreased by about 30% to 40% globally during the lockdown. For instance, Indian Oil Corporation Ltd, with a refining capacity of 5 million barrels per day of crude oil, had cut its crude oil processing by about 30-40%, which had led to a decrease in the consumption of wastewater treatment chemicals in the oil and gas industry.
- Over the short term, rising shale gas extraction leading to water contamination and expansion of oil refineries across the world, leading to an increase in the wastewater volume, are expected to drive the oil and gas water treatment chemicals market growth.
- Availability of technological alternatives for water treatment is likely to act as a restraint to the market studied.
- Shifting focus toward the usage of green chemicals is likely to provide opportunities for market growth in the future.
- Asia-Pacific is likely to witness the highest growth rate during the forecast period.
