The global crude oil flow improvers market was valued at $1,282 million in 2016, growing at a CAGR of 5.7% to reach $1,920 million by 2023. Crude oil flow improvers function as additive that provides suitable solution during crude oil extraction processes and maximize the production. Viscosity of heavy crude oil is crucial for long-distance transport to maintain its quality or state. Crude oil flow improvers enable reduction in viscosity of oil for processing and transport, thereby improving production performance and reducing operational costs. It is extracted from remote locations; hence, it is essential to transport extracted oil to appropriate destinations through pipelines, which is the most preferred and efficient way. High viscosity of heavy crude oil and its transportation specifically in cold regions is quite challenging as it becomes thicker with the decrease in temperature. Thus, crude oil flow improvers are widely used to control viscosity, reduce the turbulence, and increase the flow rate inside the pipelines.
In 2016, North America led the global crude oil flow improvers market, owing to the increase in adoption of nontraditional oil extraction techniques such as hydraulic fracturing and horizontal drilling. It increases the production of crude oil, in turn boost the need for flow improvers to reduce viscosity of oil to move freely through pipes. U.S. was the leading country in the North America crude oil flow improvers market, followed by Canada. LAMEA followed North America, owing to the increase in investment in the development of new oil well and rise in demand for crude oil flow improvers. The global market is driven by the increase in crude oil production globally owing to high demand and rise in demand for crude oil flow improvers from the developing markets such as Middle East and Africa. Moreover, rise in hydraulic fracturing is 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 global crude oil flow improver market is segmented based on type, application, and geography. On the basis of type, it is divided as paraffin inhibitors, asphaltene inhibitors, scale inhibitors, and hydrate inhibitors. On the basis of application, it is categorized into extraction, pipeline, and refinery. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
In November, 2015, Baker Hughes launched the high-performance and low-dosage asphaltene inhibitor that help to control asphaltene deposition with better flow assurance and minimize the risk of blockages in production lines & equipment.
The major market players are as follows:
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The other major players in the industry include the following:
*The above list of companies is not profiled in the report, but can be added based on interest.
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