IMARC Group, a leading market research company, has released a report titled “Crude Oil Flow Improvers Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. The global crude oil flow improvers market size reached US$ 1.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.3 Billion by 2028, exhibiting a growth rate (CAGR) of 6.04% during 2023-2028.
Crude oil has a high viscosity at room temperature, and when transported over long distances through pipelines, it becomes even sluggish and thicker. This can cause wax crystals to form on the pipeline’s walls, which can affect production and storage. Crude oil flow improvers are used to reduce the viscosity and pour points of crude oil. They are energy-efficient and cost-effective, help improve operational efficiency, and lower costs. At present, manufacturers are developing flow improvers that offer enhanced operational safety and adaptability across the globe.
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Crude Oil Flow Improvers Market Trends and Drivers:
The global crude oil flow improvers market is primarily driven by rising oil and gas exploration activities. Moreover, several favorable initiatives by governments of numerous countries, including financial aid, tax incentives, and investment provisions to facilitate oil and gas resource development, are positively influencing the market growth. Additionally, key players developing low-dose hydrate inhibitors to reduce the use of other chemical additives, thereby minimizing the risk of hydrate plugs and line blockages, has catalyzed the market growth. Furthermore, the introduction of advanced products that can reduce rig time, improve the productivity of oil wells, and ensure environmental safety is contributing to the market growth. Other factors, including escalating demand for energy, increasing mergers and acquisitions (M&A) among key players, and rising global crude oil production, are also anticipated to drive the market further.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Product:
- Paraffin Inhibitors
- Asphaltene Inhibitors
- Scale Inhibitors
- Hydrate Inhibitors
Breakup by Application:
- Extraction
- Transportation
- Refinery
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Baker Hughes Company
- BASF SE
- Berkshire Hathaway Inc.
- Clariant AG
- Dorf Ketal Chemicals Pvt. Ltd.
- Ecolab Inc.
- Evonik Industries AG (RAG-Stiftung)
- Halliburton Company
- Infineum International Limited
- Schlumberger Limited
- Thermax Limited.
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