Oilfield Biocides & Bio Solvents Market - Forecast(2023 - 2028)

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. Oilfield Biocides are used to kill microorganisms and change and control their growth. Bio Solvents are used in oil-recovery procedures and cleaning equipment. The demand for oilfield biocides & bio solvents is growing for a wide range of applications in onshore and offshore sectors for hydraulic fracturing, production processes, degreasing, pit treatment and others. This acts as a driving factor in the oilfield biocides & bio solvents industry. In addition, the flourishing oil drilling and production activities are propelling the growth scope in the oilfield biocides & bio solvents market. The major disruption caused by the COVID-19 outbreak impacted the growth of the Oilfield Biocides & Bio Solvents market due to disturbance in oil exploration & production activities, supply chain disruption, falling demand and other lockdown restrictions. However, significant recovery in oil production and drilling projects is boosting the demand for oilfield biocides & bio solvents for a wide range of applicability and utilization in hydraulic fracturing, degreasing, pit treatment and others. Thus, the oilfield biocides & bio solvents industry is anticipated to grow rapidly and contribute to the Oilfield Biocides & Bio Solvents market size during the forecast period.

The “Oilfield Biocides & Bio Solvents Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Oilfield Biocides & Bio Solvents Industry.

The biocides (Oxidizing) segment held a significant share of the Oilfield Biocides & Bio Solvents Market in 2021 and is expected to grow at a CAGR of 4.9% during the forecast period 2022-2027. The oxidizing biocides have the ability to kill microorganisms through the electrochemical oxidation process. The demand for biocides, majorly oxidizing, is high due to their effectiveness and low costs over the over non-oxidizing type. These biocides destroy the cell and ultimately the harmful organisms and are thereby preferred for oilfield activities to maximize production. Thus, with bolstering growth in the oil & gas sector for applicability in water treatment during drilling, hydraulic fracturing, packer fluids and others, the biocides (oxidizing) segment is anticipated to grow rapidly in the Oilfield Biocides & Bio Solvents market during the forecast period.

The offshore segment held a significant share of the Oilfield Biocides & Bio Solvents Market in 2021 and is expected to grow at a CAGR of 5.3% during the forecast period 2022-2027. The oilfield biocides & bio solvents have major utilization in the offshore sector for drilling, hydraulic fracturing, packer fluids and others for purification of equipment and water treatment. The onshore sector is flourishing rapidly due to growth factors such as rising exploration & production activities (E&P), drilling projects and fuel consumption. 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. 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 rapid increase in onshore oil & gas production activities, the demand for oilfield biocides & bio solvents in drilling, packer fluids, production and others is projected to grow. This, in turn, is anticipated to boost its growth scope in the onshore sector during the forecast period.

North America held the largest share of up to 39% in the Oilfield Biocides & Bio Solvents Market in 2021. The growth scope for oilfield biocides & bio solvents in this region is influenced by flourished oil and gas sector, rising exploration and production activities and urbanization. The oil and gas sector experiences lucrative growth in North America, owing to factors such as rising development in shale oil and gas projects and advancements in drilling technologies. 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 the growing oil & gas production activities and drilling projects, the utilization of oilfield biocides & bio solvents in cleaning equipment, degreasing, hydraulic fracturing, drilling and others is growing. This, in turn, is projected to boost its growth prospects in the North American region during the forecast period.

The preference for environment-friendly and low volatile organic compounds (VOCs) is high. The bio solvents have low or negligible VOC content, which influences their flourishing utilization in the oil & gas sector. The strict regulations on volatile organic compounds (VOCs) to control environmental degradation and offshore pollution are fueling the growth scope for oilfield biocides & bio solvents. According to the US Environmental Protection Agency (EPA), various federal register citations and standards are established to control and reduce the VOC emissions under 40 CFR Part 59 Subpart D. Furthermore, with a preference for low volatile organic compounds (VOCs) content, the demand for bio solvents is growing, as it is bio-based and environment-friendly for onshore and offshore applications. This is driving the Oilfield Biocides & Bio Solvents industry.

Oilfield Biocides & Bio Solvents have a wide range of applications in the oil & gas sector for hydraulic fracturing, drilling, pit treatment, degreasing and cleaning of equipment and others. Oil & gas production is significantly rising due to factors such as growing fuel consumption, flourishing drilling activities and industrialization. According to the U.S. Energy Information Administration (EIA), oil production in China is expected to grow to 5.5 million barrels per day by 2030 and 5.7 barrels per day by 2040. According to the International Energy Agency (IEA), global oil consumption is projected to reach 104.1 mb/day by 2026, representing an increase of 4.4 mb/day from 2019 levels. Thus, with the rapid increase in oil & gas production and growth scope for drilling, the applicability of oilfield biocides & bio solvents in drilling, packer fluids, hydraulic fracturing and others is growing. This, in turn, is driving the Oilfield Biocides & Bio Solvents industry.

The trend of energy utilization for sustainability over the depleting conventional petroleum-based oil and energy sources poses a major challenge in the Oilfield Biocides & Bio Solvents market. The preparation of various fuels and oleochemicals from renewable and environment-friendly sources has hindered the demand for the petrochemical and crude oil sector. According to India Brand Equity Foundation (IBEF), renewable energy is expected to see a major investment of US$500 billion by 2028. This hampers the utilization of oilfield biocides & bio solvents for hydraulic fracturing, drilling and others. Thus, the Oilfield Biocides & Bio Solvents industry anticipates a major growth challenge and slowdown.

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Oilfield Biocides & Bio Solvents Market. The 10 companies in the Oilfield Biocides & Bio Solvents Market are: