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According to the latest report by IMARC Group, titled "Stimulation Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global stimulation materials market reached a value of US$ 48.1 Billion in 2021. Simulation materials are generally used for improving the flow of hydrocarbons in the bore well. They are utilized for injecting microbes and eliminating deposits, including asphaltene and wax. There has been a considerable rise in the adoption of stimulation materials due to rapid industrialization and the growing demand for fuels across the globe. Besides this, numerous manufacturers are also offering customized and standard chemical solutions in order to enhance the stimulation process, which is catalyzing the demand for stimulation materials.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Stimulation Materials Market Trends:
The global market is primarily driven by significant growth in the oil and gas industry. In line with this, the increasing exploration activities across the industry for extracting natural gas is creating a positive market outlook. Besides this, the rising demand for crude oil in order to fulfil manufacturing needs in multiple industries, such as textile, polymers, chemical, plastic and construction, is propelling the market growth. Moreover, continual technological advancements in the production of stimulation materials are favorably impacting the market. Furthermore, numerous leading players are heavily investing in launching lightweight stimulation materials, which are gaining widespread prominence across the sector. Additionally, several initiatives undertaken by the government of multiple countries for promoting the adoption of eco-friendly stimulation materials are providing an impetus to the market. Other factors, including product innovations, continual development of unconventional energy resources and extensive research and development (R&D) activities conducted by key players, are also positively influencing the product demand. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 92.1 Billion by 2027, expanding at a CAGR of 11.35% during 2022-2027.
Market Summary:
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