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 is a highly viscous fluid at ambient temperature, which gradually becomes thicker and sluggish when transported long distances through pipelines. This leads to the formation of wax crystals on the pipeline walls from where it is being produced, carried, or stored. As a result, flow improvers are used to minimize the pour points and viscosity of waxy crude oils. They are energy-efficient and economical chemical additives that help reduce operational costs and improve production performance. Presently, manufacturers worldwide are focusing on developing flow improvers with enhanced operational safety and adaptability.
Crude Oil Flow Improvers Market Trends:
Rising oil and gas exploration activities around the world on account of the escalating demand for energy represents one of the key factors impelling the market growth. Moreover, due to depleting oil and gas reserves, hydraulic fracturing is gaining traction to reach previously inaccessible oil and gas resources. Governments of numerous countries are supporting hydraulic fracturing through various initiatives like financial assistance, investment provisions, and tax incentives to facilitate the development of oil and gas resources. This acts as another factor positively influencing the growth of the market. Apart from this, several manufacturers are developing low-dose hydrate inhibitors that substantially minimize the need for other chemical additives. This eliminates the risk associated with hydrate plugs and line blockages, which, in turn, is driving the market. They are also engaging in joint ventures and mergers and acquisitions (M&A) to introduce advanced products that help minimize rig time, improve the overall productivity of oil wells, and ensure environmental safety.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global crude oil flow Improvers market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product and application.
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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 and Thermax Limited.
Base Year of the Analysis
Product, Application, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
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 and Thermax Limited
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Key Questions Answered in This Report
The global crude oil flow improvers market was valued at US$ 1.7 Billion in 2022.
We expect the global crude oil flow improvers market to exhibit a CAGR of 6.04% during 2023-2028.
The introduction of low-dose hydrate inhibitors to minimize the need for other chemical additives, along with the advent of advanced products that can improve the overall productivity of oil wells, reduce rig time, and ensure environmental safety, is primarily driving the global crude oil flow improvers market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary halt in numerous exploration activities, thereby negatively impacting the global market crude oil flow improvers.
Based on the product, the global crude oil flow improvers market has been divided into paraffin inhibitors, asphaltene inhibitors, scale inhibitors, and hydrate inhibitors. Among these, paraffin inhibitors currently exhibit a clear dominance in the market.
Based on the application, the global crude oil flow improvers market can be categorized into extraction, transportation, and refinery. Currently, extraction holds the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global crude oil flow improvers market include 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, and Thermax Limited.
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