Paraffin Inhibitors Market

1. Market Overview The Global "Paraffin Inhibitors Market" is expected to reach at a CAGR of 6% during the forecast period 2022-2029. In petroleum production, paraffin inhibitors are used to reduce wax deposition, viscosity and total gelling of high-wax-content petroleum fluids. The paraffin inhibitor is known as a pour-point depressant when used to reduce viscosity or prevent gel formation. The active chemistries in paraffin inhibitor/pour-point depressant products are specialized polymers that affect the wax crystallization process, changing the properties of wax deposits and wax gel networks in the process. The polymers are usually mixed in a carrier fluid for easy injection into the petroleum stream to be treated (using a simple injection pump). The polymer is usually dissolved in a solvent. Paraffin inhibitors are also utilized in marine umbilical applications, where the formulation must withstand the cold ambient seafloor temperatures and the combined effect of elevated pressure in the umbilical line. Further, Paraffin inhibitors are used in applications where the temperature is controlled via heated storage and injection. Although not extensively utilized, heated injection permits the most active concentration formulations to be employed and the widest choice of chemistries to be used. Market Dynamics The extensive global demand for petroleum and its growing production activities drive the global paraffin inhibitor market. However, the complexities in applying paraffin inhibitors, their ineffectiveness in certain temperature conditions and lack of awareness regarding the respective product tend to restrict the growth of the global paraffin wax inhibitors market. Humongous market demand for petroleum and its increased production When naturally occurring paraffin is accumulated on the walls of oil pipelines during the production, transportation and storage of oil and gas, it can cause flow problems such as downgrading the produced petroleum's quality and reducing its market value. As a result, pipelines require adaptable, high-performance paraffin inhibitors to allow easy oil flow. Furthermore, by improving the flow viscosity of crude oil, paraffin inhibitors minimize the frequency of workover operations and save operational time. As per data, in November and December 2021, global oil output is expected to rise 1.5 million barrels per day (mb/d), whereas U.S. accounts for 400 kb/d of that increase. Saudi Arabia and Russia would account for 330 kb/d, meeting OPEC+ targets. After U.S. recovered from Hurricane Ida, total oil output increased by 1.4 million barrels per day (m/d) in October 2021.

2. Seasonal maintenance is expected to increase global refining throughput by around 3 mb/d from October to December. The need for paraffin inhibitors is expected to rise in tandem with the oil and gas industry's rapid expansion, as they make it easier to produce, transport and store oil in subsea and deep-water operations by avoiding wax deposition in pipelines. Since the colossal market demand for petroleum and its increased production could be considered a major market driver for the respective market. Complexities in the application and lack of awareness The use of paraffin inhibitors at the right time is critical. If paraffin inhibitors are applied before the oil is cooled to a specific temperature, the paraffin inhibitors cause agglomeration because the colloidal solution's stability is disrupted and can diminish the paraffin inhibitor's effectiveness. Further, the paraffin inhibitors must be added before the crude oil cools to its cloud point and the asphaltene composition of the crude oil must be assessed to ensure the quality of the product. The forenamed factors are expected to restrict the paraffin inhibitors market's growth in the upcoming years. Furthermore, in several countries in Asia-Pacific, the knowledge of paraffin wax inhibitors is minimal and their uses are limited. As a result, a lack of knowledge could also be considered a big stumbling block to the market's expansion. COVID-19 Impact Analysis The pandemic COVID-19’s impact on the global paraffin inhibitors market is disastrous due to two significant reasons mentioned below: Firstly the disruptions in the production and supply of petroleum and petroleum-based products due to lockdowns, social distancing and closing of global borders. For instance, As the COVID-19 pandemic spread, US oil prices began to fall in April 2020, as May contracts expired and merchants were forced to sell supplies as storage became scarce. WTI futures for June, which expired on May 19, fared considerably better, approaching $30, but sluggish demand and storage constraints are likely to continue to suppress prices. Secondly, paraffin inhibitors are chemical compounds that require heavy pieces of machinery and an extensive amount of chemicals as raw materials. The disruptions in the manufacturing and supply chain of paraffin inhibitors due to pandemic reduced their production and supply in the market. Nevertheless, the global paraffin inhibitors market is expected to drastically as the pandemic subsides due to an experienced growth in demand for energy globally, which would substantially boost the production in the global petroleum market, where paraffin wax inhibitor is an important additive. Segment Analysis

3. The global paraffin inhibitors market is segmented based on chemistry, operation, application and region. The upstream segment dominates the operations segment of the market due to the growing consumption of crude oil and gas globally. The upstream segment will dominate the global paraffin inhibitor market due to increasing product consumption in crude oil exploration and production activities. Global oil consumption steadily expands, necessitating increased capacity for crude oil and natural gas. Emerging countries rely heavily on conventional resources to supply their local demand, which is one of the main reasons for the global market's high share of conventional onshore oil production. Such changes will drive demand for paraffin inhibitor additive solutions across the exploration and production activities of the oil & gas sector, complementing paraffin inhibitors' market expansion. Geographical Analysis The global paraffin inhibitors market is dominated by North America due to huge oil reserves and associated high petrochemical production. North America currently dominates the global paraffin inhibitors market and is expected to do so for the foreseeable future due to an increase in demand for paraffin inhibitors due to technological developments and the advent of unconventional ways for oil extraction. Further, due to the presence of big oil and petrochemical businesses in the region, demand for paraffin inhibitors is also high in the Middle East and Africa. Competitive Landscape The global paraffin inhibitors market is filled with global brands and is extremely competitive due to its widespread importance and application in the petroleum industry, one of the million-dollar markets globally. Some key market players include BASF SE, Dow, Chemiphase Global, SI Group, Inc, Croda Global PLC, Evonik, Champion X, Clariant, NALCO, Dorf ketal Chemicals, among others. The market players are known to incorporate numerous market strategies to achieve growth in global paraffin inhibitors market; these include mergers, acquisitions, product launches, contributions and collaborations.

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