The latest market research report by Technavio on the global oil field bio-solvents marketpredicts a CAGR of over 4% during the period 2017-2021.
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Technavio has published a new market research report on the global oil field bio-solvents market from 2017-2021. (Graphic: Business Wire)
The report segments the global oil field bio-solvents market by type (hydrocarbons, alcohols, glycols, ester, and ether) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global oil field bio-solvents market, according to Technavio chemicals and materials researchers:
- Increasing demand for environment-friendly products: a major market driver
- In 2016, the hydrocarbons segment dominated the market by occupying 69% share
- The Americas dominated the global oil field bio-solvents market with 68% share in 2016
- Ashburn Chemical Technologies, Croda, Stephan Company, and The Dow Chemical Company are the leading players in the market
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Increasing demand for environment-friendly products: a major market driver
Increasing demand for environment-friendly products is one of the major factors driving the global oil field bio-solvents market. The global oilfield bio solvents markets have witnessed increasing customer focus and demand for environment-friendly materials or products, such as green and bio solvents. The need for sustainable, and greener chemicals has prompted numerous research activities into renewable feedstock processing. Plants and a variety of wastes are being exploited to yield chemicals of interest.
According to Kshama Upadhyay, a lead analyst at Technavio for bio-chemicals and bio-materials research, "The development of bio solvents is considered an important step towards a more sustainable chemicals industry. The increased preference for such solvents is not only because of the biosynthesis of these compounds but also due to the excellent degradable properties of these solvents."
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Americas: largest global oil field bio-solvents market
Technavio researchers anticipate high growth for the global oil field bio-solvents market in the Americas due to the environmental regulations regarding VOC emissions of solvents, especially in North America. The market in the Americas is witnessing an increasing rate of adoption of oilfield bio solvents products that are environment-friendly. Furthermore, regions such as North America are witnessing rapid expansion of oilfield drilling and production. Increasing development of shale oil has led to increased demand for oilfield bio solvents in North America.
Competitive vendor landscape
The leading players such as Ashburn Chemical Technologies, Croda, Stephan Company, and The Dow Chemical Company are focusing on the development of multi-purpose and natural bio-solvents. For instance, one of the key players Ashburn Chemical Technologies offers a natural bio-solvent under the brand name ENVIRO-GREEN EXTREME. This solvent is used as a cleaning and degreasing agent in oilfield equipment. The global oil field bio-solvents market is significantly concentrated due to the presence of a few key players who account for a majority of the market share.
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