The Oilfield Biocides & Bio Solvents Market size is estimated to reach US$754.3 million by 2027, after growing at a CAGR of 4.8% during the forecast period 2022-2027. The growth of the Oilfield Biocides & Bio Solvents market would be highly dependent on the lucrative growth scope and demand from transportation onshore and offshore sectors. Oilfield Biocides & Bio Solvents have the ability to kill microorganisms and are increasingly utilized in hydraulic fracturing, pit treatment, degreasing, packer fluids and others. This is driving the growth of the market.
According to the India Brand Equity Foundation (IBEF), the consumption of natural gas in India is projected to grow by 25 billion cubic meters, marking an annual growth of 9% until 2024. With the rising emphasis on oil & gas production, drilling activities and others in the onshore and offshore sectors, the Oilfield Biocides & Bio Solvents industry is observed to achieve robust growth.
Oilfield Biocides & Bio Solvents Market: The Offshore Industry Leads the Market
Based on the end-use industry, the Oilfield Biocides & Bio Solvents market can be segmented into Onshore and Offshore. The leading segment in the oilfield biocides & bio solvents industry has been evaluated to be offshore. During the forecast period 2022-2027, the offshore industry is projected to grow at a CAGR of 5.3%. This can be attributed to growth factors such as the utilization of oilfield biocides & bio solvents in the offshore sector for water purification, pit treatment, hydraulic fracturing, packer fluids and others.
According to the International Energy Agency (IEA), offshore oil production is projected to reach 27.4 thousand barrels of oil equivalent per day by 2040. Thus, the oilfield biocides & bio solvents industry would grow significantly as a result of emerging applications of oilfield biocides & bio solvents such as biocides, esters, alcohols and others in the offshore sector over the forecast period.
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Oilfield Biocides & Bio Solvents Market: North America Holds the Largest Share
Based on geography, the Oilfield Biocides & Bio Solvents market can be segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC's analysis, North America has emerged as the most profitable region. In 2021, the North American region held a 39% share of the total revenues earned by the market, globally. The North American region is estimated to grow rapidly due to the established base for the oil and gas sector, rising drilling projects and crude oil demand. The oil & gas sector is lucratively growing in North American countries, including the U.S., Canada and others due to rising exploration & production (E&P) activities, surging production for natural gas and industrialization.
According to the United States Energy Information Administration (EIA), the production of crude oil increased from 10809 barrels per day in September 2021 to 11473 barrels per day in October 2021. With robust growth scope for the oil & gas industry across North American countries, the Oilfield Biocides & Bio Solvents industry would emerge significantly due to applicability in drilling, hydraulic fracturing, degreasing and others over the forecast period.
The Oilfield Biocides & Bio Solvents market would also gain demand from the Asia-pacific region. China, India, Japan and others are emerging countries in the Oilfield Biocides & Bio Solvents industry.
In October 2019, DowDuPont launched the latest cold-weather biocides for hydraulic fracturing operations. The launch of products, namely, AQUCAR TN 250 LT water treatment micro biocide and AQUCAR 7140 LT water treatment micro biocide is strengthening the firm's position in the oilfield sector.
Oilfield Biocides & Bio Solvents Market: Competitive Landscape
Key companies holding major shares in the Oilfield Biocides & Bio Solvents market are BASF SE, DOW Chemicals, Solvay, Pilot Chemicals, Nalco Companies, Stepan Company, Ashburn Chemicals, Croda Chemicals, Nanotera Group and Seatex Corp.
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