Crude oil flow improvers market | Coherent Market Insights

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2. CRUDE OIL FLOW IMPROVERS MARKET ANALYSIS • Crude Oil Flow Improvers Market Report, by Product Type (Paraffin Inhibitors, Asphaltene Inhibitors, Scale Inhibitors, Drag Reducing Agent, Emulsion Breakers, Biocides, Pour Point, Depressants, Free Flow/Anticaking Agents, and Others (Hydrate Inhibitors, Wax Dispersants, etc.), by Application (Extraction, Pipeline, and Refinery), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019-2027

3. Crude oil flow improvers are also known as drag reducers and help to maintain the viscosity of crude oil during transportation and processing. Moreover, they act as additives that offer solution in all stages of crude oil extraction and also maximize production. The global crude oil flow improvers market is projected to reach US$ 3,576.4 million by 2027, witnessing a CAGR of 4.2% over the forecast period. The growth is attributed to increasing demand for crude oil worldwide. • According to The Organization of the Petroleum Exporting Countries (OPEC), the global oil consumption increased from 104 mboe/d to 268 mboe/d, accounting for an increase of 157% from 1970 to 2013. This rapid increase has been attributed to high consumption of oil in emerging economies such as India, China, and ASEAN. Furthermore, according to OPEC forecast, oil consumption is expected to increase by 49% from 268 mboe/d in 2013 to 399 mboe/d by 2040.

4. However, lower oil prices is expected to hamper growth of the global crude oil flow improvers market. Low oil prices leads to reduction in petroleum enterprises’ upstream profits and restrict exploration, development activities, and investments. Oil prices have witnessed a significant decline since 2014 and the total revenue of five major international oil companies (ExxonMobil Corporation, BP, Royal Dutch Shell Plc., Total S.A., and Chevron Corporation) decreased by over 40%.  • Among product type, paraffin inhibitors segment accounted for the largest market share in 2018. Paraffin inhibitors are used for protection during various stages of extraction, pipelines, and refining for issues such as plugging caused due to precipitation of paraffins. • The global crude oil flow improvers market was valued at US$ 2,500.7 million in 2018, and is expected to register a CAGR of 4.2% in terms of revenue over the forecast period (2019 – 2027).

5. Figure 1. Global Crude Oil Flow Improvers Market Share (%), By Region, 2018

6. North America accounted for the largest market share in the global crude oil flow imprvers market with the value of US$ 973.8 million in 2018. According to the International Energy Agency (IEA), U.S. oil output is expected to climb to 19.6 million barrels per day (bpd) by 2024 from 15.5 million bpd in 2018. Increasing drilling activities along with cost deflation and efficiency improvements in the exploration and production activities are some of the factors that propell the growth of crude oil flow improvers market in this region.

7. The market in Africa is expeted to witness significant growth in the global crude oil flow improvers market over the forecast period. This is owing to increaseing focus of major players in this region to enhance their revenue and market presence. For instance, in 2016, Kenya finalised an agreement with Tullow Oil and the company’s partners Africa Oil and Maersk Oil, in order to develop a crude oil pipeline.The partners planned to take a final investment decision for the project by the end of 2018 and begin construction in 2019.

8. Figure 2. Global Crude Oil Flow Improvers Market Share (%), By Application, 2018

9. Among applications, the pipeline segment holds dominant position in the global crude oil flow improvers market. Potential impediments in the pipeline can include formation and deposition of hydrates, paraffins, scales, and asphaltenes in the pipelines, as well as corrosive constituents in the flow stream that damage the pipeline components resulting in additional cost. Crude oil flow improvers play an important role in prevention of these conditions outlining importance of the flow improvers in the pipelines and during transportation. • Major players operating in the global crude oil flow improvers market include, Halliburton Company, BASF SE, LiquidPower Specialty Products Inc., Schlumberger Ltd., Baker Hughes, A GE Company, Nalco Champion, Clariant AG, Evonik Industries AG, Infineum International Limited, Innospec Inc., and others.

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