Oilfield Biocides Market Demand To Witness Huge Growth 2022-2030
Market Highlights
The oilfield biocides are likely to attain a global value worth USD 7,13,200. 10 thousand by the end of the ongoing forecast period that will be ending in 2030. During the period, the market is expected to attain a global CAGR that accounts for 6.4%.The growth of the global oilfield biocides market is mainly driven by the growth of the oil and gas industry due to increasing energy demand mainly in India and China on account of rapid industrialization. The increasing investment in exploration and production of unconventional resources due to rising concern regarding depleting conventional resources is likely to increase the adoption of hydraulic fracturing technology in the oil and gas industry. The surge in the use of hydraulic fracturing has resulted in increased demand for water, which is derived from rivers, lakes, ponds, and recovered from previous fracturing treatments, which is expected to fuel the demand for oilfield biocides.
The increasing oil & gas production and extraction activities in the developing countries of Asia-Pacific and the Middle East & Africa is likely to create lucrative opportunities for the players operating in the global oilfield biocides market.
Segment Analysis
The global oilfield biocides market has been segmented on the basis of type, application, and region. On the basis of type, the global market has been divided into glutaraldehyde, THPS [tetrakis (hydroxymethyl) phosphonium sulfate], TTPC [tributyl tetradecyl phosphonium chloride], DBNPA, QAC (quaternary ammonium compounds), bronopol, and others. The glutaraldehyde segment held the majority market share in 2017 and is expected to register 7.21% CAGR to reach USD 1,46,648.4 thousand by the end of 2023. However, the DBNPA is projected to be the fastest-growing segment and is expected to reach USD 1,36,936.3 thousand by 2023. DBPNA is a non-oxidizing type of biocide that acts rapidly against the microorganisms and kills the microorganisms at a rapid rate in low ppm concentrates. It can be used with both acidic and alkaline solutions and is used in applications such as enhanced recovery systems, heat exchanges, and other process equipment.
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On the basis of application, the global market has been divided into upstream, midstream, and downstream. The upstream segment accounted for the larger market share in 2017 and is expected to register 7.31% CAGR to reach USD 3,13,579.5 thousand by the end of 2023. The upstream application segment includes applications such as drilling protection, crude oil treatment, hydraulic fracturing operations, and produced water. The drilling protection sub-segment accounted for the largest market share among others both in terms of tonnage and value. The downstream segment is expected to exhibit the highest CAGR of 7.89% during the forecast period. The downstream applications are divided into fuel treatment and other applications such as petrochemical processing, water treatment, and others. The increasing instances of bacterial formation in diesel fuel, heating fuel, and process water is driving the demand for the product in downstream applications.
Regional Analysis
Geographically, the global Oilfield Biocides companies market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. As per MRFR analysis, North America held the largest market share of 45.9% in 2017 and is expected to register 7.19% CAGR to reach USD 2,66,244.6 thousand by the end of 2023. Asia-pacific accounted for the second-largest market share of 23.1% in 2017 and is expected to register 7.82% CAGR during the review period. The increasing oil & gas production and extraction activities in the developing countries of Asia-Pacific mainly in South-East Asian countries is likely to drive the regional market growth. China accounted for the largest market share of 42.5% in 2017 and is projected to register a CAGR of 8.79% during the forecast period. The market in the Middle East & Africa is likely to register a CAGR of around 8.22% on account of the growing oil and gas industry in the region.
Key Findings of the Study:
The global oilfield biocides market is projected to reach over USD 5,85,143.0 thousand by 2023 at a 7.33% CAGR during the review period of 2018 to 2023.
North America accounted for the largest market share and the US being the major contributor to the growth of the market.
The glutaraldehyde segment is projected to register 7.21% CAGR during the forecast period.
The key manufacturers operating in the global oilfield biocides market are emphasizing on launching new products, making strategic initiatives such as expansion and collaborations with other industrial players to achieve competitive advantage and higher market value.
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