Global Crude Oil Flow Improvers Market Size, Trends & Growth Opportunity, By Product (Paraffin Inhibitors, Asphaltene Inhibitors, Scale Inhibitors, Hydrate Inhibitors), By Application (Extraction, Transportation, Refinery), By Region and Forecast till 2027.

Global Crude Oil Flow Improvers Market

The global Crude Oil Flow Improvers market was valued at USD 1.32 billion in 2021 which expected to reach USD 2.65 billion by 2027 at a CAGR 4.6% from 2021-2027.

One of the commodities that is traded the most frequently and has a consistent growth rate worldwide is crude oil. It must be transported through pipes after being collected from far-off places. Due to its viscosity and the need for an economical and effective method of transfer, crude oil transportation by pipeline is rather challenging. As a result, it's crucial to manage the heavy oil's viscosity for long-distance transportation without compromising quality or condition. The viscosity of crude oil is kept constant during processing and transportation due to crude oil flow improvers. Additionally, it functions as additives that provide suitable solutions at every stage of crude oil extraction, from reservoir to refinery, and maximize production.

Market Drivers

The market is driven by the rise in demand for crude oil flow improvers coming from emerging countries such as the Middle East and Africa, as well as the global expansion in crude oil production to meet the high demand. Additionally, it is anticipated that an increase in hydraulic fracturing will boost demand for crude oil flow improvers. Environmental issues and the ongoing drop in crude oil prices, however, are anticipated to impede market expansion in the short term. Furthermore, it is anticipated that in the near future, the manufacture of crude oil flow improvers from renewable resources would present a sizable growth opportunity.

Market Challenge

Transporting heavy crude oil is challenging due to its high viscosity. Therefore, controlling its viscosity is crucial to ensuring that crude oil can be transported over great distances without suffering any degradation in condition or quality. As a result of the cold temperatures that cause oil to thicken over long distances, it is also challenging to transport oil in cold regions. Increasing research activities and boosting the output from renewable resources, on the other hand, are anticipated to create fresh and suitable opportunities for the market to thrive throughout the forecast period.

COVID-19 Impact on the Crude Oil Flow Improvers Market

The market's expansion is being hampered by strict environmental restrictions as well as unfavorable circumstances brought on by the COVID-19 epidemic. However, due to lockdown in some nations and the closure of travel, tourism, e-commerce, and restaurants, the consumption of oil and gas will be dropped by at least 5 million barrels per day in 2020 as a result of the COVID-19 outbreak's exceptional conditions.

Market Segmentation

The Global Crude Oil Flow Improvers Market is segmented into Product, Application. By Product such as Paraffin Inhibitors, Asphaltene Inhibitors, Scale Inhibitors, Hydrate Inhibitors. Further, market is segmented into By Application such as Extraction, Transportation, Refinery.

Regional Analysis

Global Crude Oil Flow Improvers Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific dominated the Crude Oil Flow Improvers market. The increasing number of exploratory operations in this region is especially attributable to the market's growth. The Middle East and Africa are expected to increase at a moderate pace throughout the projected period, owing to consistent demand in the region's upstream sector. A number of upcoming offshore contracts in this region will necessitate the use of chemicals such as hydrate inhibitors, paraffin inhibitors, and pour point depressants to address fluid flow difficulties associated with offshore hydrocarbon extraction procedures. The COFI market has established a stronghold in this region and is expected to grow further.

Key Players

Various key players are listed in this report such as BASF; Halliburton; Schlumberger; Nalco; The Lubrizol Company; Clariant; Evonik.. among others.

Market Taxonomy

By Product

• Paraffin Inhibitors
• Asphaltene Inhibitors
• Scale Inhibitors
• Hydrate Inhibitors

By Application

• Extraction
• Transportation
• Refinery

By Region

• North America
• Latin America
• Europe
• China
• Asia Pacific
• Middle East & Africa

Key Questions Addressed by the Report

• What are the Key Opportunities in Global Crude Oil Flow Improvers Market?
• What will be the growth rate from 2020 to 2027?
• Which segment/region will have highest growth?
• What are the factors that will impact/drive the Market?
• What is the competitive Landscape in the Industry?
• What is the role of key players in the value chain?