According to a new report published by Allied Market Research, titled, Crude Oil Flow Improvers Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global crude oil flow improver market was valued at $1,282 million in 2016, and is estimated to reach $1,920 million by 2023, registering a CAGR of 5.7% from 2017 to 2023. In 2016, the extraction segment accounted for more than one-third share of the total market.
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Crude oil flow improvers act as additives for crude oil that enhances the properties of crude oil during all the extraction stages to maximize the production. It enables the transportation of crude oil over a long distance with controlled viscosity of heavy crude oil, without affecting the quality or state. Crude oil is specifically extracted in remote locations; hence, it is essential to transport extracted oil to appropriate destinations. Transportation of crude oil through pipeline is the most preferred way however, it is relatively difficult due to high viscosity of heavy crude oil. Flow improvers are widely employed to maintain viscosity, reduce the turbulence, and increase the flow rate inside the pipelines. In addition, it increases pipeline throughput and flow capacity of oil, thus decreasing transportation time.
Rise in hydraulic fracturing is further expected to increase the demand for crude oil flow improvers. However, steady decline in crude oil prices and environmental concerns are expected to hamper the market growth in the near future. The production of crude oil flow improvers from renewable resources is expected to provide a substantial growth opportunity in the near future.
Paraffin inhibitor was the leading segment in 2016, and is expected to dominate the market during the forecast period, owing to minimization or prevention of paraffin deposition. Paraffin compounds in crude oil can damage the formation, plug production, and transport equipment. In addition, it causes poor flowability or leads to flow-restricting deposits.
Key Findings of the Crude Oil Flow Improvers Market:
- In 2016, North America dominated the global market, with more than half share in the overall market.
- The asphaltene inhibitors segment is estimated to grow at the highest CAGR of 6.3% from 2017 to 2023.
- In 2016, paraffin inhibitor was the leading segment, accounting for more than one-third share in global market.
- The pipeline segment is projected to grow at highest CAGR of 6.2% from 2017 to 2023.
- Asia-Pacific is expected to grow at the highest CAGR of 6.9% during the forecast period.
- U.S. is the leading country in the global market, growing at a CAGR of 5.1% from.
In 2016, North America dominated the global market, owing to the increase in adoption of non-traditional oil extraction techniques such as hydraulic fracturing and horizontal drilling. It increases the crude oil production, in turn augment the need for flow improvers to reduce viscosity of oil to move freely through pipes. U.S. dominated the North America crude oil flow improver market in 2016, followed by Canada. LAMEA is the second leading geographical segment, which is expected to register a CAGR of 6.3% from 2017 to 2023.
The key companies profiled in the report include Halliburton Company, Baker Hughes, Nalco Champion, BASF SE, Schlumberger, Clariant, Dorf Ketal, Lubrizol Specialty Products, Inc., Infineum, and Evonik Industries.