Natural Gas Is Fastest Growing Segment Fuelling The Growth of Crude Oil Flow Improvers Market

 

The global Crude Oil Flow Improvers Market is estimated to be valued at US$ 1.67 Bn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Crude oil flow improvers help in reducing viscosity at high temperatures, preventing wax deposition and breaking of emulsions in crude oil pipelines. They reduce friction between molecules thus allowing smooth transportation of crude oil even in extreme weather conditions.

Market Key Trends:

One of the key trends in the crude oil flow improvers market is increasing production and transportation of crude oil obtained from shale deposits and other unconventional resources which tend to be more complex and viscous in nature. This has significantly driven the demand for customized flow improvers that can effectively reduce viscosity and friction in pipelines transporting such heavier grades of crude oil over long distances.

Segment Analysis:

The global crude oil flow improvers market is segmented by type, application, and geography. By type, the paraffin dispersants segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. Paraffin dispersants are highly effective in dispersing paraffins present in crude oils and prevent the formation of wax deposits. They offer various benefits such as improved flow assurance, lower pumping and transportation costs, and prevention of pipeline shutdowns.

Key Takeaways:

The global crude oil flow improvers market size was valued at US$ 1.67 billion in 2023. It is expected to grow at a CAGR of 5.3% during the forecast period. The growth of the market can be attributed to increasing upstream oil and gas production activities globally amid rising energy demand.

Regionally, North America dominated the crude oil flow improvers market in 2023 and is expected to continue its dominance during the forecast period. The growth in the region can be attributed to increasing exploration and production of unconventional resources such as tight oil and shale gas. The Middle East and Africa is expected to be the fastest-growing regional market between 2023 and 2030 due to ongoing projects in oil-rich countries such as Saudi Arabia and UAE.

Key players operating in the crude oil flow improvers market are 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. These players are focusing on new product launches, expansions, and partnerships to gain a competitive edge in the market. For instance, in 2022, LiquidPower launched its new crude oil flow improver product MORCAT SC117 with improved performance.

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