Crude oil flow improvers are essential equipment utilized throughout the entire process of crude oil extraction, refining, and transportation. They play a crucial role in maintaining the viscosity of crude oil at optimal levels, ensuring efficient operations at each stage. From the reservoir to the refinery, these solutions and additives enhance production by reducing the energy required for artificial lifting, and assisting with surface boosting, pipeline distribution, and processing. By acting as catalysts, crude oil flow improvers effectively lower the viscosity, pour point, and drag coefficient of crude oil.
According to Data Bridge Market Research, the Crude Oil Flow Improvers Market accounted for USD 1.69 billion in 2022, and expected to reach USD 2.58 billion by 2030. The market is expected to grow with a CAGR of 5.44% in the forecast period of 2023 to 2030.
“An increase in hydraulic fracturing activities leads to market growth”
The demand for crude oil flow improvers is expected to grow as a result of several factors, including the increasing use of hydraulic fracturing, the rising demand for crude oil, and investments in innovative and advanced products. Governments of many countries are actively supporting hydraulic fracturing by providing financial assistance, investment opportunities, and tax incentives, which further fuel the expansion of the market. Moreover, manufacturers are developing low-dose hydrate inhibitors that effectively minimize the requirement for additional chemical additives. This development helps eliminate the risk of hydrate plugs and line blockages, thereby positively impacting market growth.
What restraints the growth of the crude oil flow improvers market?
“Price fluctuations cause market restrictions”
During the forecast period of 2023 to 2030, fluctuating crude oil prices will act as market restraints for the growth of automotive carbon thermoplastic. The main obstacle to market expansion is the global recession. Market expansion will be hampered by the rise in oil prices, the switch to natural gas, and the global economic downturn. This is a response to the ongoing global economic recession and the price conflict between the major oil-producing countries, including Iran, Saudi Arabia, and Russia. In this way, the market's growth is constrained.
Segmentation: Global Crude Oil Flow Improvers Market
The crude oil flows market is segmented on the basis of type, application, and supply mode.
- On the basis of type, the crude oil flow improvers market is segmented into emulsion breakers, free flow/ anticaking agents, paraffin inhibitors, asphaltene inhibitors, scale and corrosion inhibitors, drag reducing agent, hydrate and hydrogen sulfide inhibitors, viscosity reducers, pour point, depressants, triethanolamine, polymer blend, others, demulsifiers, biocides, wax disperants.
- On the basis of application, the crude oil flow improvers market is segmented into extraction, pipelines and transportation, processing, refinery, others.
- On the basis of supply mode, the crude oil flow improvers market is segmented into direct, through distributor.
Regional Insights: North America dominates the Crude Oil Flow Improvers Market
North America dominates the market due to the major factors attributable to the region’s dominance are the country's abundance of shale oil reserves. In addition, the United States is the largest consumer market in North America. As a result of the increased use of unconventional petroleum extraction methods such as hydraulic fracturing and horizontal drilling, the need for drift improvement additives to reduce petroleum liquids' viscosity and improve their flow through pipes has grown.
Asia-Pacific is expected to be the fastest developing region during the forecast period of 2023-2030 owing to crude oil flow improvers, which makes the industry the sector with the fastest revenue growth. Additionally, In India and China consumption of crude oil acts as an important factor for continuous growth for flow improvers.
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Recent Developments in Crude Oil Flow Improvers Market
- In 2022, The signing of an agreement to acquire Altus Intervention, a global facility with more than 40 years of industry experience in down-hole oil and gas technology and well intervention services, was announced by Baker Hughes, an American energy services company.
- In 2022, A joint venture between Baker Hughes and the Saudi Industrial Investments Company Dussur was announced. The joint venture is established to supply industrial and oilfield chemicals to Saudi Arabia (KSA).
- In 2020, In order to sell the assets of its SPC Flow (surface pressure control flow) business unit, Baker Hughes entered into a contract with private equity firm Pelican Energy.
- In 2020, one of the world's top producers of specialty chemicals, Evonik, recently announced the acquisition of Porocel Group in Houston, USA. Porocel is a leading producer of specialty adsorbents, activated alumina, and support media, as well as a global innovator in the field of catalyst services.
The Prominent Key Players Operating in the Crude Oil Flow Improvers Market Include:
- Halliburton Energy Services, Inc. (U.S.)
- BASF SE (Germany)
- SLB (U.S.)
- CLARIANT (Switzerland)
- Dorf Ketal Chemicals (I) Pvt. Ltd. (U.S.)
- The Lubrizol Corporation (U.S.)
- Infineum International Limited (U.K.)
- WRT BV (Netherlands)
- PRODUCTION CHEMICAL GROUP(U.K.)
- Berkshire Hathaway Inc. (U.S.)
- Thermax Limited. (India)
- Ecolab (U.S.)
- Evonik Industries AG (Germany)
- NOV Inc (U.S.)
- Dow (U.S.)
- Innospec (U.S.)
- Sterling Auxiliaries Private Limited (India)
- Tricon Piping, Inc. (U.S.)
- Chevron Corporation. (U.S.)
- The Chemours Company, Chemours (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of crude oil flow improvers market companies contact,
https://www.databridgemarketresearch.com/contact
Research Methodology: Global Crude Oil Flow Improvers Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
