New York, Sept. 12, 2023 (GLOBE NEWSWIRE) -- The global Oilfield Biocides Market size is slated to expand at ~ 7 % CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 40 Billion by the end of 2035, up from a revenue of ~USD 18 Billion in the year 2022., owing to the growing demand for oilfield biocides for a multitude of applications in the onshore and offshore industries, including hydraulic fracturing, production processes, degreasing, pit treatment, and others. Further, hydraulic technology (fracking) is being increasingly used for oil extraction, which is anticipated to create lucrative opportunities for the global oilfield biocides market. For instance, there have been more than 1.5 million wells created by fracking. The hydraulic fracturing process contributes to 56% of US oil production and 68% of US natural gas production.
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Hydraulic technology works by injecting high-pressure water into oil wells to break up sediment and release oil. This process increases the amount of bacteria present in the oil, which may contaminate it. To prevent this, biocides are used to kill the bacteria and keep the oil clean. Additionally, the increasing implementation of oilfield biocides in the production and transportation of crude oil, drilling protection, produced water treatment, pipeline pigging, and the growth of the oil and gas industry, particularly in emerging economies such as India, China, and Brazil, is expected to augment market growth.
Global Oilfield Biocides Market: Key Takeaways
- Market in North America to propel at a highest growth
- The DBNPA (2-dibromo-3-nitrilopropionamide) segment to have the fastest expansion
- Market in Asia Pacific to grow at a substantial pace
Strict Government Regulations for the Emission of Volatile Organic Compounds (VOCs) to Boost Market Growth
Volatile organic compounds (VOCs) are released into the atmosphere from activities like oil and gas production and refining, and these compounds can be toxic or hazardous to the environment and human health when present in large amounts. As a result, governments are increasing the regulations on their emissions, which in turn is driving up the demand for oilfield biocides, which are used to reduce the release of VOCs into the atmosphere. For instance, in the United States, VOC emissions are regulated by the Environmental Protection Agency mostly in order to prevent the formation of ozone, which is the principal component of photochemical smog. Several New England states have adopted regulations requiring facilities to reduce emissions of VOCs. Biocides have been proven to be effective at reducing the emissions of VOCs, making them a viable option for oil and gas companies that must comply with government regulations. Additionally, biocides can be used in combination with other techniques, such as carbon capture and storage, to further reduce VOC emissions. Moreover, oilfield biocides market are preferred as they are non-toxic and safe for the environment. They reduce the release of harmful compounds into the atmosphere, and they are also more cost-effective than traditional biocides. They also reduce the risk of contamination in oil and gas reservoirs, making them a more attractive option for oil & gas companies.
Global Oilfield Biocides Market: Regional Overview
The global oilfield biocides market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rapid Growth in Shale Production Activities to Drive North American Market Growth
The oilfield biocides market in North America is estimated to garner the largest revenue by the end of 2035. This is mainly due to the rapid growth in the shale production sector as well as the increasing demand for oilfield biocides from the oil and gas industry in the region. It is estimated that some 2.64 billion barrels of crude oil were expected to be produced directly from tight oil resources in the United States in 2021 (or about 7.23 million barrels per day). This was equal to about 64% of total U.S. crude oil production in 2021. A tight oil formation consists of oil encased within a sandstone, shale, or carbonate rock formation that is less permeable. Additionally, North America has a well-established oil and gas sector and is home to one of the largest shale reserves in the world. Additionally, the region has experienced significant growth in exploration and production activities owing to the large number of investments in the sector. Urbanization has contributed to an increase in population and a higher demand for energy and electricity. This has also resulted in an increase in the number of oil and gas exploration and production activities in the region, which in turn has increased the demand for oilfield biocides to help protect the environment and minimize the impact of oil and gas production.
Rising Investment for the Expansion of the Oil and Gas Industry to Boost Market Growth in the Asia Pacific Region
The oilfield biocides market in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2035, backed by rising investments in the oil and gas industry. For instance, a USD 23 billion investment in exploration and production was expected in the oil and gas industry in India by 2022. Oil and gas resources are expected to be discovered and produced in India by 2023, at a cost of USD 55 billion. The increase in investment in the oil and gas industry is creating a need for more reliable and efficient methods of preventing the growth of bacteria and other microorganisms in oilfields. Biocides are one such method, as they can help to prevent corrosion, microbial fouling, and scale formation, which can improve production efficiency, reduce downtime, and prevent environmental contamination. As a result, the demand for biocides in the Asia-Pacific region is on the rise. Moreover, the increasing production of petroleum refineries in India is creating lucrative oilfield biocides market opportunities. Moreover, the increasing production of petroleum refineries in India is creating lucrative oilfield biocides market opportunities, as the growing production of petroleum refineries has created a need for biocides, which are chemicals used to control bacteria, fungi, and other microorganisms in the production process. It was observed that in December 2022, petroleum refinery production increased in India by 3.5% compared with December 2021. Over the same period of time last year, its cumulative index increased by 5.6%.
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Global Oilfield Biocides, Segmentation by Type
- THPS (Tetrakis Hydroxymethyl Phosphonium Sulfate)
- TTPC (Tributyl Tetradecyl Phosphonium Chloride)
- QAC (Quaternary Ammonium Compounds)
- DBNPA (2-Dibromo-3-Nitrilopropionamide)
- Others
The DBNPA (2-Dibromo-3-Nitrilopropionamide) segment is anticipated to hold the largest revenue by the end of 2035 as a result of its excellent performance in controlling bacteria and algae, along with its ability to stabilize emulsions and reduce corrosive effects. It also has low toxicity and low cost, making it a viable option for many oilfield and industrial operations. For instance, as a biocide, DBNPA is widely used in industrial water treatment owing to its instantaneous antimicrobial properties. Additionally, DBNPA is considered an alternative to antibiotics used in corn-to-ethanol fermentation for bacterial control. Additionally, DBNPA is effective at preventing bacterial contamination of produced fluids, and it can be used in a variety of formulations depending on the type of application. It works by disrupting the cell membranes of microbes, which prevents them from replicating and spreading. Additionally, it has been demonstrated to be compatible with other biocide treatments, thereby facilitating the growth of this segment.
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Global Oilfield Biocides, Segmentation by Application
- Downstream
- Midstream
- Upstream
The downstream segment is expected to generate significant revenue by the end of 2035, backed by increasing petroleum and crude oil production, as well as the need for reliable and efficient technology for drilling and well completion activities. Approximately 90 million barrels of oil were produced globally each day in 2021. 2019 was the highest year on record for oil production, with nearly 96 million barrels produced. Moreover, the availability of advanced technologies such as artificial lift systems and fracturing systems has also contributed to this segment's growth. Furthermore, oilfield biocides are used in downstream operations to prevent the growth of bacteria, fungi, and other microorganisms that can cause corrosion, fouling, and other problems. In order to protect downstream applications like pipelines and storage tanks from microbial growth and contamination, biocides are required.
Few of the well-known market leaders in the global oilfield biocides market that are profiled by Research Nester are Evonik Industries AG, Baker Hughes Company, CES Energy Solutions Corp., Albemarle Corporation, Zirax Limited, Flotek Industries, Inc., Huntsman Corporation, hevron Phillips Chemical Company, LLC, Gumpro Drilling Fluids Pvt. Ltd., Big Oil Co., and other key market players.
Recent Development in the Global Oilfield Biocides Market
- Evonik Industries introduces a new photovoltaic wafer cutting system with enhanced processing aids. The new system is designed to reduce production times and costs for solar cell manufacturers by optimizing the cutting process. It also provides advanced monitoring tools to ensure the highest quality products.
- Zirax participated in the 20th anniversary exhibition "Equipment and Technology for the Oil and Gas Complex" held in Moscow, Russia. The system uses advanced algorithms to determine the most efficient way to cut solar cells, resulting in faster production times and lower costs.
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