Oilfield Biocides Market

The global oilfield biocides market was valued at USD 3,82,078.2 thousand in 2017 and is expected to register a CAGR of 7.33% to reach to USD 5,85,143.0 thousand by the end of 2023.

The growth of the global oilfield biocides market is mainly driven by the significant growth of the oil and gas industry with the increase in the demand for energy in developing countries on account of rapid industrialization. Likewise, the growing preference for hydraulic fracturing technology, which requires large volumes of water, in the oil and gas exploration is expected to boost the demand for biocides and drive the growth of the global market during the forecast period. Additionally, the increase in oil and gas exploration activities in the developing nations is likely to create significant opportunities for the players operating in the global oilfield biocides market.

However, the shifting preference towards renewable energy sources such solar, wind, geothermal, biomass, and hydropower energy as an alternative to traditional fossil fuels and increasing environmental regulations pertaining to carbon emissions is expected to hamper the growth of the global oilfield biocides market during the review period.

The global oilfield biocides market has been segmented based on type, application, and region. By type, the global market has been segmented into glutaraldehyde, THPS [tetrakis (hydroxymethyl) phosphonium sulfate], TTPC [tributyl tetradecyl phosphonium chloride], DBNPA, QAC (quaternary ammonium compounds), bronopol, and others.

Based on application, the global market has been segmented into upstream, midstream, and downstream. The upstream segment has been further sub-segmented into drilling protection, crude oil treatment, hydraulic fracturing operations, produced water treatment. The midstream segment has been further sub-segmented into crude oil transportation and storage, and pipeline pigging and scraping operations. The downstream segment has been further sub-segmented into fuel treatment and others. Among these, the upstream segment accounted for the largest share of the global oilfield biocides on account of the presence of large number of microorganisms in offshore drilling.

The global market, by region, has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the global oilfield biocides market in 2017 due to the growth of the oil and gas industry with an increase in oil drilling activities and government support. Oil and gas exploration activities are likely to increase in Europe in the coming years. The markets in Asia-Pacific and the Middle East and North Africa are expected to grow at a significant rate during the review period on account of increase in exploration and production activities and startup of new oil and gas production projects. Additionally, the Latin American market is expected to register a moderate CAGR owing to increased spending on exploration and production activities by private and foreign companies in Mexico.