Oilfield Biocides Market Trends

Growth Drivers

• Increasing Demand for Petroleum-Based Products– It is expected that rapid economic expansion is driving the demand for petroleum-based products which are chemicals made from crude oil. Therefore, to meet this demand oil & gas companies frequently expand their operations which necessitates the use of oilfield biocide. The demand for crude oil worldwide was over 90 million barrels per day as of 2021 estimations.
• Stringent Safety Regulations- Exposures to risks present in the oil and gas well drilling, service, and storage industry are heavily regulated at various levels of government since oil and gas corporations with operations all over the world are plagued by the risk of microbial contamination which can cause a variety of infectious waterborne diseases, including cholera, typhoid, and hepatitis. As a result, biocides are extensively being used to reduce the growth of bacteria leading to health hazards.

Challenges

• Side Effects of Biocides - The presence of side effects of biocides such as rodenticides and insecticides can even cause damage to the environment. The use of anticoagulants for rodents can also cause toxicity for birds and other predatory animals. Occupational and domestic exposure to biocides can cause side effects in humans. Hence only professionals and required industries are intended to use these products.
• Convenient Access to Alternative Products in the Market
• Increasing Electric Vehicle Adoption