The global crude oil flow improvers market
was valued at US$ 2,500.7 Million in 2018, according to Crude Oil Flow Improvers Market Report, by Product Type (Paraffin Inhibitors, Asphaltene Inhibitors, Scale Inhibitors, Drag Reducing Agent, Emulsion Breakers, Biocides, Pour Point, Depressants, Free Flow/Anticaking Agents, and Others (Hydrate Inhibitors, Wax Dispersants, etc.), by Application (Extraction, Pipeline, and Refinery), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), published by
The global crude oil flow improvers market is projected to reach US$ 3,576.4 million by 2027, exhibiting a CAGR of 4.2% during the forecast period. Increasing oil exploration and production activities in deepwater is expected to fuel growth of the global crude oil flow improvers market. The exhaustion of some of the shallow offshore resources has led vendors to explore and produce oil and gas from deepwater and ultra-deepwater (at depths of 1,500 meters or more) resources. Low temperatures and high pressure on the offshore locations can lead to precipitation of waxes, hydrates, and asphaltenes. Crude oil flow improvers help limit these issues and aid in carrying out smooth and efficient operations.
However, increasing natural gas production is expected to restrain growth of the global crude oil flow improvers market. According to Energy Information Administration (EIA), dry natural gas production in the U.S. averaged 86.9 billion cubic feet per day (Bcf/d) in October 2018, which increased by 0.7 Bcf/d from September 2018.
To know the latest trends and insights prevalent in this market, click the link below:
Browse 25 market data tables* and 15 figures* on "Crude Oil Flow Improvers market” - Global forecast to 2027.
Key Trends and Analysis of the Crude Oil Flow Improvers Market:
Key Takeaways of the Market:
- Among product type, paraffin inhibitors segment accounted for the largest market share in 2018, in the global crude oil flow improvers market. However, the biocides segment is projected to witness the fastest growth in the global crude oil flow improvers market during the forecast period. Biocides are used in all stages of oilfield development from the initial drilling of the wells during production of oil and gas to all aspects of the maintenance of the field, including storage and refining. Biocides for use in the oil and gas industry needs to meet the following requirements. They need to have high biocidal capabilities in a broad spectrum of activity, long duration of action, good solubility in water and hydrocarbons in addition to chemical and thermal stability.
- Among applications, the pipeline segment accounted for the largest market share in terms of revenue in the global crude oil flow improvers market in 2018. However, the extraction segment is expected to exhibit the fastest growth rate over the forecast period. Certain crude oils deposit solid waxes during extraction. These deposits plug the wellbore tubing and valves, as well as coat the surface safety and process control equipment. Wax is also accumulated in separators and in pipelines during extraction. Wells producing water are likely to develop deposits of inorganic scales during extraction.
- North America accounted for the largest revenue share in the global crude oil flow improvers market in 2018. According to EIA, around 75% of Canada’s crude oil production is exported mainly by pipelines. There is a huge demand for crude oil flow improvers in the midstream sector in North America. Four major pipelines, which includes TransCanada Keystone supplies 3 mb/d crude oil from Western Canada to domestic refining centers in the east or to consumers in the U.S.
- Africa is projected to witness significant growth in the global crude oil flow improvers over the forecast period. This is owing to increasing exploration and production activity especially in the deep and ultra-deep water depths in this region.
- Major players operating in the global crude oil flow improvers market include, Halliburton Company, BASF SE, LiquidPower Specialty Products Inc., Schlumberger Ltd., Baker Hughes, A GE Company, Nalco Champion, Clariant AG, Evonik Industries AG, Infineum International Limited, Innospec Inc., and others