As per the latest report by IMARC Group, titled “Crude Oil Flow Improvers Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global crude oil improvers market exhibited moderate growth during 2015-2020. Crude oil is a highly viscous fluid at ambient temperature that gradually becomes sluggish and thicker when transported over long distances through pipelines. This results in the formation of wax crystals on the pipeline walls from where it is carried, produced, or stored. As a result, crude oil flow improvers are utilized to minimize the pour points and viscosity of crude oil. They are economical and energy-efficient chemical additives that assist in reducing operational costs and improving production performance.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Crude Oil Flow Improvers Market Trends:
The market is primarily driven by the rising oil and gas exploration activities due to the increasing demand for energy worldwide. Moreover, as oil and gas reserves are depleting, hydraulic fracturing is gaining traction to reach previously inaccessible oil and gas resources. As a result, governments of numerous countries are supporting hydraulic fracturing through various initiatives to facilitate the development of oil and gas resources. This acts as another major factor contributing to the market growth. Besides this, several manufacturers are developing low-dose hydrate inhibitors to minimize the need for other chemical additives. In addition, they are participating in mergers and acquisitions (M&A) and joint ventures to launch advanced products that can improve the overall productivity of oil wells, reduce rig time and ensure environmental safety. These factors are anticipated to propel market growth in the upcoming years. Looking forward, IMARC Group expects the market to grow at a CAGR of around 5% during the forecast period (2021-2026).
- Based on the product, the market has been classified into paraffin, asphaltene, scale, and hydrate inhibitors.
- On the basis of the application, the market has been segmented into extraction, transportation, and refinery.
- Region-wise, the market is segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined,with some of the key players being Baker Hughes Company, BASF SE, Berkshire Hathaway Inc., Clariant International Ltd, 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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