Pune, India, May 22, 2019 (GLOBE NEWSWIRE) -- Market Research Future (MRFR)’s study has found out that the Global Oilfield Biocides Market is anticipated to strike a CAGR of 7.33% across the projection period 2018 to 2023. Its valuation has been estimated to reach USD 5,85,143.0 thousand towards the end of the assessment period. The primary factors expected to drive the expansion of the market globally is the growth of the oil & gas sector. After the price erosion witnessed in 2014, OPEC endeavored to recover its growth pace by restricting its supply. This worked in favor of the leaders, and the industry is expected to continue on its growth trajectory over the next few years, thus, increasing demand for biocides.
Rapid industrialization and urbanization being observed in the fast-developing economies, such as India and China, call for massive consumption of energy. The towering demand for energy is likely to accelerate activities in the oil & gas industry. This, in turn, is projected to have a favorable impact on the growth pattern of the market owing to the growing need for the prevention of bacteria formation.
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The growth of the Oilfield Biocides Market is also fueled by the expansion of end-user industries such as aerospace, automotive, and petrochemicals. Proliferating applications of oil & gas across these industries is anticipated to augment the market over the next couple of years. On the flip side, the shift witnessed towards the adoption of renewable energy sources as an alternative to conventional fossil fuels is expected to impede the market expansion in the foreseeable future.
Key Players:
The noted players operating in the Global Oilfield Biocides Market are DowDuPont (US), BASF SE (Germany), Solvay (Belgium), Lonza (Switzerland), Stepan Company (US), Schülke & Mayr GmbH (Germany), Kemira Oyj (Finland), Evonik Industries AG (Germany), Pilot Chemical Corp (US), BWA Water Additives (UK), and Nouryon (Egypt).
Latest Industry News:
Argentina has recently awarded permits for the exploration of hydrocarbons in 18 places off its southern coast. The winning companies, including but not limited to ExxonMobil, YPF SA, Total SA, and Royal Dutch Shell Plc, offered bids amounting to USD 724 Mn.
A provider of production optimization software to the oil & gas industry, Tachyus, has raised a funding of USD 15 Mn for the expansion of its oil & gas AI platform.
Browse the market data and information spread across 171 pages with 203 data tables and 36 figures of the report “Oilfield Biocides Market Report - Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/oilfield-biocides-market-7760
Market Segmentation:
This MRFR report offers an exhaustive segmental analysis of the Global Oilfield Biocides Market based on Type and Application.
Based on Type, the market has been segmented into THPS [tetrakis (hydroxymethyl) phosphonium sulfate], glutaraldehyde, TTPC [tributyl tetradecyl phosphonium chloride], QAC (quaternary ammonium compounds), bronopol, DBNPA, and others. Among these, the glutaraldehyde segment is anticipated to scale USD 1,46,648.4 thousand by the close of 2023. Its ability to penetrate through biofilms and eliminate microorganisms is anticipated to drive the demand generating force in the segment. On the other hand, the DBNPA segment is projected to expand at a comparatively higher CAGR of 7.34% over the review period.
The Oilfield Biocides Market, by Application, has been segmented into upstream, midstream, and downstream. The upstream segment dominated the market in 2017 and is projected to scale valuation of USD 3,13,579.5 thousand by the end of 2023. The segment is expected to exhibit a CAGR of 7.31% across the projection period 2018 to 2023.
The Middle East & Africa expected to observe a steep rise in the growth curve
The regional analysis of the Global Oilfield Biocides Market spans across North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa (MEA). North America accounted for the lion’s share of the market in 2017 accounting for 45.9% share. Led by the U.S., the regional market is expected to scale a CAGR of 7.19% between 2018 and 2023.
Asia Pacific, which stood at the second spot with 23.1% market share in 2017, is expected to strike a healthy CAGR during the assessment period. China is anticipated to account for the maximum share of the Oilfield Biocides Market in the region with India reflecting a comparatively higher CAGR of 7.81% across the review period.
The Middle East & Africa (MEA) resonates strong opportunities for growth due to the rising exploration activities being carried on in the region. The study indicates that the regional Oilfield Biocides Market is projected to touch a valuation of USD 51,093.9 thousand, striking a CAGR of 8.22% over 2023.
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