The global oil spill dispersants market size was valued at USD 18.3 billion in 2017. The global oil spill dispersants market is driven by frequent oil spill incidents, increasing awareness and regulations against environmental and economic damages of oil spills.
Oil spill is a general term used for contamination of sea water, land water or land due to an oil pour or release due to either accident or human error. Oil sources are spread worldwide and it is drilled from both onshore and offshore locations. As oil is an essential energy source, consistent distribution and transportation of oil is very important. Oil is transported majorly by ships on seas and pipelines on land. Most accidents occur while transferring the oil to vessels, transportation, and pipeline ruptures, or while drilling on land. The small scale oil spills occur on a regular basis which could be controlled easily and quickly. However, large scale oil spills such as the Deepwater Horizon oil spill can have a catastrophic effect on the ecosystem of the surrounding environment for decades. Similarly, such large scale oil spills could lead to ruining the infrastructure and economy of the area with long-term effects. Hence, restricting oil spills at early stage becomes very to avoid or reduce any further environmental and economic loss. There are multiple products and services available in the market to prevent oil spills. The use of oil spill dispersants is one of the popular methods to reduce the effect of the oil spill. Dispersants are chemical agents that help break up oil into very small droplets following the oil spill restricting possible damages.
The value of the Oil Spill Dispersants market is projected to grow to USD 9.3 billion with an estimated CAGR of 5.5 % by 2032
Growth of the oil spill dispersants market is directly dependant on the frequency of oil spill incidents, duration and volume oil spill. The number of large-scale oil spills per year are reducing since last decade, however small-scale oil spills are very frequent which will be primarily driving the market for oil spill dispersants. In addition, consistent search for new oil sources and newly established oil rigs will further fuel the growth for the oil spill dispersants market. Stringent government regulations and penalties to strengthen oil spill response is another driving factor for the global oil spill dispersants market.
Based on application, the global oil spill dispersants market is segmented into offshore and onshore. The offshore application segment led the market with 70% market share in the year 2017. The frequency and number of offshore oil spill incidents are comparatively higher than onshore oil spills, resulting in increased use of offshore oil spill dispersants.
Based on region, the global oil spill dispersants market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America is estimated to dominate the oil spill dispersants market with an estimated market share of 29% in the year 2025. Presence of major oil rigs and frequent oil spills will be driving the market for North America region. Strong regulatory implications and the highest level of environmental awareness are further enhancing oil spill recovery measures in the region.
Oil Spill Dispersants Market Scope
|Revenue forecast in 2032
|USD 9.3 billion
|CAGR of 5.5 during 2022-2032
|Type, Structure, By End-Use, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|ACME Environmental, Inc, Blue Ocean Tackle, Inc, Canadyne Technologies, Chemtex, Inc., and Desmi A/S.
Key segments of the global oil spill dispersants market
Application Type Overview, (USD Billion)
Regional Overview, (USD Billion)
- North America
- Rest of Europe
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa