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The oil field bio-solvents market size is estimated to grow at a CAGR of 2.18% between 2023 and 2028. The market size is forecast to increase by USD 19.39 million. The growth of the market depends on several factors such as the increasing demand for environment-friendly products, the volatility in global crude oil prices, the lower percentage of VOCs in bio-based products, and the increased oil and gas production and exploration activities.
This oil field bio-solvents market report extensively covers market segmentation by type (hydrocarbons, esters, alcohols, glycols, and others), application (oil and gas, transportation, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the oil field bio-solvents market growth is the Increased oil and gas production and exploration activities. Several innovations, including horizontal drilling in conjunction with hydraulic fracturing, have been able to unlock unconventional potential in regions including Saudi Arabia, the US, Canada, Mexico, and Russia. For instance, in 2015, there were approximately 300,000 wells (hydraulically fractured) in the US, contributing to more than 50% of the global oil and gas production.
Moreover, the higher the number of oil and gas production and exploration, the higher the extent of oilfield bio solvents use. In addition, to meet global demands, the oil and gas industry has continued its development of oil and gas production and exploration activities, including the development of new and established hydrocarbon reserves. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
A key factor shaping the oil field bio-solvents market growth is the bio-based terpenes as a novel replacement for toluene and xylene. There has been a significant replacement for xylene and toluene in dissolving paraffin, bitumen, and asphaltenes. In addition, these are natural/bio solvents that demonstrate excellent solvency properties and can even be used in remediating wells.
Moreover, bio-based terpenes act as an effective replacement for toluene and xylene in cleaning up the drilling mud in wells before cementing operations. In addition, terpene solvent mixtures are employed in a wide range of applications in oilfields, including hydraulic fracturing stimulation, matrix stimulation, and wellbore clean-outs. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
Variations pertaining to the availability of raw materials for bio-based solvents are one of the key challenges hindering the oil field bio-solvents market growth. Bio solvents rely primarily on the availability of feedstock, including sugar cane, corn, oranges, tapioca, and wheat, among others. In addition, the manufacturing of such crops depends upon climatic conditions.
Moreover, the production varies considerably every year and is subject to external factors including excess rainfall, plagues of locusts, frost, and hurricanes. In addition, the non-availability of raw materials or fluctuations in the availability has a negative impact on the global oil field bio-solvents market and could lead to high production costs. Hence, such factors are negatively impacting the market. Therefore, it is expected to drive market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Oil Field Bio-solvents Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Ashburn Chemical Technologies: The company offers oil field bio solvent for applications such as automotive, aerospace, and transportation.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The hydrocarbons segment is estimated to witness significant growth during the forecast period. This segment refers to the organic compounds composed of hydrogen and carbon atoms. In addition, they are widely used as effective and safe cleaning agents in the oil industry to dissolve oils and greases, as well as to remove deposits from surfaces. Furthermore, they are also used for the purpose of decreasing, flushing, and cleaning process equipment and pipelines.
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The hydrocarbons segment was the largest segment and was valued at USD 117.92 million in 2018. Moreover, this segment is derived from crude oil and natural gas and is further refined into a wide range of products including mineral spirits, naphtha, and kerosene. In addition, the excellent solvency and low toxicity offered by hydrocarbons make them ideal for applications in oil and gas production, as well as in transportation, drilling, and other industries. Furthermore, oilfield biocides are being increasingly used in water treatment and fracking in oilfield operations. Hence, such factors are expected to fuel the growth of this segment which in turn drives the market growth during the forecast period.
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North America is estimated to contribute 29% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors that is significantly driving the oilfield bio-solvents market in North America is the environmental regulations regarding VOC emissions of solvents (synthetic) in the region. In addition, the market in North America is witnessing an increasing rate of adoption of oilfield bio-solvent products that are environment-friendly.
Moreover, regions including North America have witnessed rapid activities in the expansion of oilfield drilling and production. Furthermore, the increasing development of shale oil has led to increased demand for oilfield bio-solvents in North America. Hence, such factors are driving the market growth in North America during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global oil field bio-solvents market witnessed a significant slowdown due to the closure of several bio-solvent manufacturing units in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of operations in bio-solvent manufacturing units. Such factors are expected to drive the market during the forecast period.
The oil field bio-solvents market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Oil Field Bio-solvents Market Scope |
|
Report Coverage |
Details |
Page number |
178 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.18% |
Market Growth 2024-2028 |
USD 19.39 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
1.89 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 29% |
Key countries |
US, Canada, Saudi Arabia, China, and Russia |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Ashburn Chemical Technologies, BASF SE, Croda International Plc, Dow Chemical Co., DuPont de Nemours Inc., Evonik Industries AG, Gemtek Products, Halliburton Co., Kemira Oyj, National Aluminium Co. Ltd., Pilot Chemical Co., Seatex Corp., Solvay SA, Stepan Co., and Thermax Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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