Oil spill is a general term used for contamination of sea, soil or land by oil or release by accident or mistake. Oil sources are spread throughout the world and are drilled both onshore and offshore. Since oil is a key source of energy, it is important that oil be consistently distributed and shipped. Oil is mainly transported by sea vessels and land pipelines. The vessels are transferred to ships, transportation and tanker breaks or boiling on land, most of which occur during crashes. The small oil spills occur regularly and can be easily and rapidly controlled. The report provides analysis of global Oil Spill Dispersants market for the period 2016-2026, wherein 2019 to 2026 is the forecast period and 2017 is considered as the base year. According to Acumen Research and Consulting, the global Oil Spill Dispersants market is expected to grow at significant CAGR around 3% throughout the forecast period and reach around US$ 23.6 billion by 2026.
It is estimated that global oil spills will amount to up to US$23.6 billion by 2026, mainly due to frequent oil spills and the important role of reducing the after-effects of oil spills on the environment. Such dispersants are effective when used in constant weather, because high tides reduce dispersant efficiency. Such limitations of the oil spill distributors are main factors restricting the global market for oil spills. In 2018, the market share for offshore oil dispersal applications was over 70 percent in the application segment. The Onshore application segment is estimated to grow steadily due to new oil sources and frequent oil spills during transport or boiling. The onshore application segment will continue to increase at a steady rate. Boiling on land accounts for 70% of petroleum production, expected to increase in years to come. The demand for oil discharge dispersants in onshore spills will be increased further. The increase of the market in oil spillages depends directly on the frequency, duration and volume of the petroleum spillage events. Since the last decade, the number of large oil spills a year has declined, but very frequent small oil spills are primarily driving the market for spills.
Geographically, Asia Pacific will lead the global oil spill market driven by increased demand for oil in the region and increasing pressures on oil companies to explore further existing and new offshore and onshore oil sources. These explorations are expected to occur incidents due to failure in technology / equipment or human error. Middle East and Africa contribute to a substantial portion of global oil demand, similar to the Asian-Pacific region. Global financial, business and policy pressures around oil production and demand will definitely force petroleum companies to risk exploring new petroleum sources.
Oil Spill Dispersants Market by Application
Global Oil Spill Dispersants Market, by Geography
The market research study on “Oil Spill Dispersants Market (By Application: Onshore, Offshore) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global Oil Spill Dispersants market segments with market dynamics and their impact.
ACME Environmental is Likely to Continue to Lead the Global Oil Spill Dispersants Market
The Oil Spill Dispersants market is consolidated with large number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players of the market are ACME Environmental, Inc, Blue Ocean Tackle, Inc, Canadyne Technologies, Chemtex, Inc., and Desmi A/S.