Oilfield Biocides Market Demand to Show at Par Growth Due to COVID-19 Spread | Technavio
The combination of biocides with micro biocides for integrated solutions is a key trend in the global oilfield biocides market which will lead to significant market growth.
Scope of the report
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Technavio has announced its latest market research report titled Global Oilfield Biocides Market 2020-2024 (Graphic: Business Wire)
This report provides a detailed analysis of the oilfield biocides market by type (glutaraldehyde, chlorine, THPS, quaternary ammonium, and others) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Akzo Nobel NV, BASF SE, Clariant International Ltd., Dow Inc., DuPont de Nemours Inc., Evonik Industries AG, Halliburton Co., Kemira Oyj, Solvay SA, and The Lubrizol Corp. The combination of biocides with micro biocides for integrated solutions is a key trend in the global oilfield biocides market which will lead to significant market growth. Combining biocides with micro biocides is known to be effective against bacteria such as APB and SRB. It also helps prevent the formation of souring (H2S), corrosion of assets (microbial influenced), and biofouling. All these factors are leading to a positive outlook for the oilfield biocides market.
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Oilfield Biocides Market: Segmentation by Geography
The market is segmented into five regions encompassing APAC, Europe, MEA, North America, and South America. North America was the largest market for oilfield biocides in 2019, and the region is expected to offer several growth opportunities to market vendors during the forecast period. About 62% of the market’s growth will originate from North America during the forecast period. The growing global demand for energy has led oil and gas companies in Canada to increase unconventional exploration and production activities. In addition, the increasing consumer inclination toward the adoption of eco-friendly products and rising stringent regulations regarding the use of VOCs is driving the demand for oilfield biocides in North America. The US and Canada are the key markets for oilfield biocides in North America.
Oilfield Biocides Market: Segmentation by Type
The oilfield biocides market is segmented into five segments based on the type comprising of glutaraldehyde, chlorine, THPS, quaternary ammonium, and others. Glutaraldehyde was the most consumed type of oilfield biocides in 2019. This is due to the excellent performance of glutaraldehyde in both neutral and alkaline water. The application of glutaraldehyde significantly reduces biofilm accumulation, bacterial population, and metabolic activity in oilfields. These factors are creating significant growth potential in the segment.
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Oilfield Biocides Market: Growth Drivers
Increasing adoption of oxidizing oilfield biocides will drive market growth. End-users in the market are increasing the preference for oxidizing oil-field biocides due to their ability to destroy microorganisms in a wide range of applications, including commercial cleaning and industrial applications. They are also preferred in cases where oilfield microbial growth is too high and cannot be controlled by nonoxidizing agents. The growing competition in the oil and gas industry is driving oil and gas companies to continuously focus on discovering new resources, increase profit margins, and stay competitive. This is further increasing the demand for oxidizing oilfield biocides, which is driving the growth of the market.
Oilfield Biocides Market: Market Overview
The oilfield biocides market is fragmented with the presence of several domestic and international players. Hence, companies need to adopt advanced technologies and marketing strategies to remain competitive in the market. Akzo Nobel NV, BASF SE, and Clariant International Ltd. are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, the health hazards associated with exposure to oilfield biocides will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Market Sizing Methodology
Technavio uses a robust market sizing approach to estimate the total opportunity size for any market. Some of the examples of methodologies are shown for reference data is collected through both primary research (through industry interview with market participants and industry experts) as well as secondary research (through annual reports, press releases, company and industry presentations, industry associations, journals and in-house data repositories built over past 15 years)
Oilfield Biocides Market: Parent Market Overview
Technavio categorizes the global oilfield biocides market as a part of the global chemicals market. The parent global chemicals market covers companies engaged in the manufacture of various types of products under organic and inorganic chemicals. The global specialty chemicals market covers products and companies engaged in high value-added chemicals used in the manufacture of a wide variety of products, including, but not limited to, fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings.
Growth in the global specialty chemicals market will be driven by the shift in the preference toward specialty adhesives and sealants.
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