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%.
Biocides are likely to be used for preventing and eliminating different types of bacteria and algae in drilling pipes and fluids. These are associated enzymes and can degrade the fluids, result in corrosion followed by the pitting in pipes and other types of equipment. The market products might also create hydrogen sulfide which is a highly toxic and dangerous gas. Biocides are employed in various stages of oilfield development that are inclusive of the initial drilling of wells, oil and gas production in aspects like the oilfield maintenance that is inclusive of storage of oil and natural gas.
The dominance of progressing coronavirus pandemic has seriously influenced human lives and the business functioning internationally. With the primary cases that began in China transforming into the form of a worldwide pandemic, the COVID-19 has proved to be lethal. The global nations saw the rising death toll, external force, fall in income, and others. The world went on to witness the large-scale development followed by the rising cases and continuous waves of the pandemic. With antibodies under testing to control the alleged spread and impacts of COVID-19, there is a probable chance of the pandemic not going anywhere anytime sooner.
Market elements are changing for global businesses and ventures throughout the globe. The pace of use is diminishing hugely, which is bringing about the lack of demand and supply for countless companies and endless clients. The oilfield biocides market size saw a defeat in different areas, however, it spiked essentially in the medical care areas and emergency clinics to keep a proper pape of functions and administrations to treat patients that have contracted the virus. There has been a rising need for the markets for funds and investments to cater to the rising research and development needs followed by the launch of products at an international scale. The market companies are also opening their doors for collaborations, joint ventures, mergers, and acquisitions.
The market competition is increasing because of the prominent players of the market mentioned below:
Global Oilfield Biocides Market Revenue, by Type, 2019 (USD Million)
Sources: MRFR Analysis
The presence of microorganisms in the oilfield harms the drilling operations that are carried by the degrading petroleum hydrocarbons and result in an increase in the oil density, sulfur content, along viscosity, resulting in the disruption in oil extraction methods and processing technology. This has increased the demand for oilfield biocides, especially in the oil & gas industry. Thus, the growth of the market products in the oil & gas industry is likely to be the major factor that will be driving the demand for biocides and the global growth of the market during the forecast period that ends in 2028. Also, there has been an increase in the use of hydraulic fracturing technology, as a part of the oil & gas extraction process that boosts the demand for oilfield biocides at a global scale.
However, the oilfield biocides market trends showing signs of the development of factors that might affect the predicted growth for the market during the forecast period ending in 2028. The increasing preference for renewable energy sources for the reduction of greenhouse gas emissions is one of the major factors that will hamper the market growth for the period.
There has been an increase in oil and gas production along with the extraction activities in most of the developing countries of the Asia-Pacific countries, and the Middle East & Africa. The APAC regional countries include India, China, Thailand, Malaysia, Japan, Indonesia, Kuwait, Saudi Arabia, South Korea, and Iran owing to the rising demand for petroleum and petroleum-related products, along with fuel, and energy in a huge number of applications is likely to give rise create lucrative opportunities for the global growth of the oil and gas industry followed by a growing demand for the oilfield biocides market products.
The oilfield biocides market share’s rise is being attributed to the exceptional performance of the market segments that are mentioned as follows:
Based on the Type
The type segment of the oilfield biocides market includes glutaraldehyde, THPS, Tetrakis (hydroxymethyl)(phosphonium sulfate), TTPC [Tributyl Tetradecyl Phosphonium Chloride], DBNPA, QAC (Quaternary Ammonium Compounds), and others like bronopol.
Based on the market Application
The oilfield biocides market includes upstream, midstream, and downstream.
Based on the global regions
The oilfield biocides market has been divided based on the performance of the market segments, distribution of the resources, and the availability of the target audience. The market regions are North America, Europe, the APAC region, alongside the rest of the world.
Global Oilfield BiocidesMarket Share, by Region, 2019 (%)
Sources: MRFR Analysis
North America held the largest market share during the historic forecast period that ended in 2019. The same region is likely to maintain its dominance throughout the forecast period that will end in 2028; due to the growth of the oil & gas industry along with an increase in oil drilling activities followed by global government support. The US government in January announced the opening of the US coastal waters to oil drilling. This is likely to drive the demand in the region. The Asia-Pacific region accounted for the second-largest market share during the historic forecast period of 2019.
The oilfield biocides market report highlights the market functioning before and after the coronavirus pandemic hit the international market scenarios. The report helps in discussing the performance of the market segments followed by the market potential to produce and meet the rising demands of the target audience that is spread in various global locations. The report also highlights the factors that give birth to the global competition during the forecast period of 2021-2028 amongst the prominent players of the global market.
|Market Size||2030: USD 7,13,200.10 Thousand|
|CAGR||2019–2030: Substantial CAGR|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||DowDuPont Inc. (US), Solvay (Belgium), BASF SE (Germany), Lonza (Switzerland), Kemira Oyj (Finland), Vink Chemicals GmbH & Co. KG (Germany), Evonik Industries AG (Germany), BWA WATER ADDITIVES (UK), Pilot Chemical Corp (US), Stepan Company(US), and Nouryon (Egypt).|
|Key Market Opportunities||The increasing use of hydraulic fracturing technology in the oil & gas extraction process boosts the demand for oilfield biocides globally.|
|Key Market Drivers||The growth of the oil & gas industry is expected to be the major factor driving the demand for biocides and the growth of the global market|
Oilfield biocides market size is expected to touch a valuation of USD 7,13,200.10 by 2030.
Oilfield biocides market can showcase a CAGR of 6.4% from 2018 to 2030.
Oilfield biocides market is driven by the growth of the oil & gas industry.
The shift to renewable sources of energy can hamper the growth of the global oilfield biocides market.
North America can exhibit 7.19% CAGR in the global oilfield biocides market.
Evonik Industries AG, Nouryon, DowDuPont, BWA Water Additives, BASF SE, Lonza, Pilot Chemical Corp, Stepan Company, Kemira Oyj, Schülke & Mayr GmbH, and Solvay are notable players of the global oilfield biocides market.