Crude Oil Flow Improvers Market Outlook
According to the report by Expert Market Research (EMR), the global crude oil flow improvers market price, is projected to grow at a CAGR of 4.90% between 2023 and 2028. Aided by the rising energy requirement from the automotive industry and the growing demand for enhancing oil recovery, the market is expected to grow significantly by 2028.
Crude oil flow improvers, also known as drag reducing agents, are speciality chemicals used in the oil and gas industry to enhance the flowability and transportability of crude oil. They are primarily used in pipelines, where they reduce turbulence, minimise pressure drop, and increase the flow rate. In addition to this, flow improvers also play a pivotal role in reducing the viscosity and pour point of crude oil, thus ensuring uninterrupted oil flow, especially in cold climates.
The escalating demand for energy worldwide, coupled with the growing exploration and production activities, is driving the global crude oil flow improvers market growth. As the extraction of oil becomes increasingly challenging, the application of flow improvers as a cost-effective and efficient solution for increasing oil recovery and reducing energy consumption has gained significant traction. Additionally, the rise in unconventional oil production, including shale oil and oil sands, further fuels the demand for these additives.
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In addition, the expanding applications of crude oil flow improvers in various industries is significantly contributing to the crude oil flow improvers market expansion. In the oil and gas industry, flow improvers are extensively used to maintain the flow of crude oil in pipelines, thus preventing pipeline blockages. They are also used in refinery processes to enhance the efficiency of operations. Furthermore, their application in the field of hydraulic fracturing is increasing, owing to their ability to improve the recovery of hydrocarbons from reservoirs.
Moreover, the evolving regulations and standards concerning energy efficiency and environmental impact are encouraging advancements in the oil flow improver technologies. The development of environmentally friendly and high-efficiency products represents a significant opportunity for market players to enhance their market presence. Governments are also offering assistance through a variety of programmes, including financial and equipment support, among others, thus expanding the crude oil flow improvers market globally.
Crude Oil Flow Improvers Market Segmentation
The market can be divided based on product, application, and region.
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Market Breakup by Product
- Paraffin Inhibitors
- Asphaltene Inhibitors
- Scale Inhibitors
- Hydrate Inhibitors
Market Breakup by Application
- Transportation
- Extraction
- Refinery
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global crude oil flow improvers companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- The Lubrizol Corporation
- BASF SE
- Schlumberger Limited
- Evonik Industries AG
- Baker Hughes Company
- Others
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