The global Oil Spill Dispersant Market is anticipated to grow at a constant CAGR (Compound Annual Growth Rate) around 3% during 2019-2026 and reach the market value around USD 23.6 billion, according to a new report by Acumen Research and Consulting.
While small oil spills occur regularly and can be easily monitored, large-scale oil spills such as the oil spill of Deepwater Horizon can have a catastrophic effect on the environment’s ecosystem for decades.
In this regard, one of the most popular methods to reduce the effect of oil spills is the use of oil spills dispersants. The growth of the market for oil spillers depends directly on the frequency, the time and volume of petroleum spill events.
The number of major oil spills annually decreases since the last ten years, but very frequent small oil spills are mainly driving the market for petroleum spills, the report mentions.
In addition, a consistent search for the new petroleum sources and oil plants will fuel the growth of the market for petroleum spills.
Another driving force of the global market for oil spills is strict government regulations and penalties to enhance the response of oil spills.
The global market of oil spills is divided into offshore and onshore based on application. With 70% of market share in 2017, the offshore application segment led the market.
The incidents of offshore crude oil spills have a higher frequency than onshore crude oil spills, which leads to an increased utilization of offshore oil spills. Offshore and onshore products are the global market for oil spills.
According to the region, North American, Europe, Asia-Pacific, Latin America, and Middle East & Africa are the global oil spill distribution markets.
The oil-dispersing supplies market with an estimated market share of 29% is estimated to dominate North America in 2025. In North America, there will be large petroleum plants and frequent oil spills. Further strengthening the recovery measures for oil spills in the region are strong regulatory implications and the highest level of environmental awareness.
