According to Future Market Insights’ recent market study, the global market will be valued at US$ 1,679.9 Million by 2023. Crude Oil Improvers market value is expected to reach US$ 2,815.5 Million by 2033, with a steady growth rate of 5.3%.
| Attributes | Details |
|---|---|
| Market Size 2023 | US$ 1,679.9 Million |
| Market Size 2033 | US$ 2815.5 Million |
| Value CAGR (2023 to 2033) | 5.3% |
| Collective Value Share: Top 3 Countries (2023E) | 35% to 40% |
Crude oil is one of the most commonly traded commodities with a steady growth rate on a global scale. It is extracted by rigs in an offshore and onshore crude exploration model. Due to its viscosity and the need for an economical and effective method of transfer, crude oil transportation by pipeline is challenging. Therefore, it is crucial to maintain the viscosity of heavy oil for long-distance transportation without compromising the quality or state. The viscosity of crude oil is preserved during processing and transportation by crude oil flow improvers. It serves as an additive that provides suitable solutions at each stage of the extraction of crude oil, from the reservoir to the refinery, and helps to increase production. This additive is used as a drag-reducing compound and it is added to pipeline fluids for minimizing turbulence, preventing blockages and decreasing energy loss.
The market for crude oil flow improvers is being driven by the increase in global crude oil production to meet the rising demand. The demand for crude oil is increasing globally, and a large share of the world's energy basket is met by crude oil. The other non-renewable energy sources cannot provide the demand for energy on a global scale. Crude oil is needed to be delivered and used in an effective and efficient way because it is the main source of energy around the globe. These factors support the growth of the global market for crude oil flow Improvers.
Crude oil flow improvers also offer the best option for the three stages of exploration, transportation, and production refining. It is anticipated that a steady drop in crude oil prices and environmental issues will obstruct market expansion shortly. it is expected that stepping up research initiatives would lead to the creation of efficient and enormous market growth opportunities over the course of the forecasted year.
The market for crude oil flow improvers grew at a compound annual growth rate (CAGR) of 4.7% from 2018 to 2023. The global pandemic in 2019 has influenced almost every industry and at that instance, the crude oil price was minimised up to - 40$ per barrel. That was a historic price shock in the crude oil industry. Now, the industry has better demand but the Russia-Ukraine war scenario has changed the petro economic business in 2023.
With the increase in petrochemical and petroleum products demand and cross-country logistics pipeline infrastructure growth, Oil flow Improvers will expand its market share organically. The market is predicted to expand at a CAGR of 5.3% over the forecast period. Hydraulic fracturing is being popular as a means of accessing previously inaccessible oil and gas resources as oil and gas reserves are depleting. To aid with the development of oil and gas resources, many governments are pushing hydraulic fracturing through financial assistance, investment provisions, and tax breaks. This is another element that supports the growth of the oil flow improver market.
Significant Market demand from the fracturing of old crude oil wells to flourish the Market for Crude Oil Flow Improvers.
To increase production without incurring additional costs, operators are looking to restructure shale oil wells as a hot issue to boost production without incurring additional costs for new wells. Hydraulic simulation is used to finish the operations of old or poorly performing wells. Horizontal shale wells are currently using hydraulic simulation in the early stages. In the USA, less than 1% of all horizontal wells were re-fracked in 2018, which is a relatively low number. During the projection period, fracturing may result in a rise in demand for crude oil flow improvers. This factor will drive the growth of the market in the forecast period.
Thriving Demand for Crude oil to expand the market for Crude Oil Flow Improvers
The increased demand for crude oil in a green field or brown field refinery will initiate growth for crude oil flow improvers. The demand is outpacing other non-renewable energy sources, which are unable to supply it. it is essential to use and distribute in a logistically efficient manner. This is a significant factor in the global market's expansion. Crude oil flow improvers are used in the transportation stage because they are the ideal choice for the three processes of exploration, transportation, and refinement.
Stringent Regulations along with rising Crude Oil prices to Constraint the Growth
The relentless pressure from regulatory agencies like the Environmental Protection Agency (EPA) and Registration, Evaluation, Authorization, and Restriction of Chemicals is likely to restrict onshore and offshore activities, which will impede the expansion of the global market for crude oil flow improvers. The Oil and Gas Extraction Effluent Guidelines and Standards (40 CFR Part 435) were updated by the EPA in 2016. For wastewater discharges from production, drilling, field exploration, well treatment, production, and well completion activities, the law provides stringent requirements and policies. This technique requires a lot of resources and time.
Spike in petroleum prices, shift to natural gas and the world economic downturn will impede market expansion. This was in response to the world economy's ongoing recession, the emergence of a new coronavirus, and a pricing war between the main oil-producing nations like Iran, Saudi Arabia, and Russia. This aspect will limit market expansion within the anticipated time frame.
Paraffin Inhibitors type of Crude Oil Flow Improvers is anticipated to hold substantial market shares. A high-molecular-weight polymer known as a paraffin inhibitor is injected into an oil wellbore to prevent or reduce paraffin buildup. How well they function is influenced by the type of crude oil in the wellbore. Paraffin inhibitors help to decrease the impact of paraffin (wax) deposits during the extraction of crude oil. They interact with paraffin and modify wax crystal growth, including size, shape, and adhesion characteristics in petroleum liquids. These substances stop paraffin from accumulating in the system by causing repulsion between paraffin particles and the pipe surface. Paraffin inhibitors are becoming more widely used in the production and transportation of crude oil.
The potential of crude oil flow Improvers to maximize hydrocarbon output in a way that is both cost-effective and helps to reduce its environmental effects is expected to drive a rise in demand for Crude oil flow Improvers. The market is being driven by hydraulic fracking from unconventional sources and rising global hydrocarbon production. Heavy crude extraction requires greater energy input. Light crude flows more readily than heavy crude. Heavy Crude frequently has the same consistency as molasses at room temperature and, if unheated, can occasionally solidify. Due to its reduced processing requirements and a higher proportion of value-added products, such as gasoline, diesel, and aviation fuel, light crude is more expensive than heavier crude. Heavier, sourer crude usually sells for less because it needs more processing to make lighter products and produces lower-value-added products after simple distillation. These elements will fuel market expansion over the predicted period.
The United States dominates the market for crude oil flow improvers since it is a sizable industrialized country with a wide array of large medium and small businesses. The country is famous for having an active business community. A surge in foreign direct investment in the economic expansion of North America is changing the scenario. Considerable increases in production levels and significant investments in unconventional drilling methods like hydraulic fracturing and horizontal drilling are driving the need for crude oil flow improvers in the USA.
The Middle East and Africa region are anticipated to expand at moderate rates during the projection period as a result of the steady demand in the region's upstream industry. Several upcoming offshore projects in this region will require the usage of chemicals like paraffin inhibitors, hydrate inhibitors, and pour point depressants to handle the fluid flow issues connected to offshore hydrocarbon extraction activities. The heavy sulphur-added high viscous oil exploration sites have a need for crude oil flow improvers and such exploration sites are increasing in a geological survey.
To meet the expanding demands of end consumers, market participants are investing globally to increase their Crude Oil Flow Improvers production capacity. A wide range of market opportunities has been created by the numerous technological advancements and the main rivals' increasing attempts at expansion through strategic partnerships, mergers, and agreements. Additionally, to keep one step ahead of the competition, players are working very hard to develop and introduce cutting-edge technological breakthroughs. All of these trends suggest that there is a significant global growth potential for the crude oil flow improvers market.
For Instance,
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.3% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2023 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in US$ Million for Value, Volume in Tons, and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product Type, Application, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; Western Europe; Eastern Europe; Central Asia; Russia and Belarus; Balkan and Baltic Countries; Middle East and Africa |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Argentina, South Korea, China, Japan, India, ASEAN, Australia and New Zealand, Germany, France, Spain, Italy, BENELUX, Nordics, United Kingdom, Poland, Hungary, Romania, Czech Republic, Russia and Belarus, Kingdom of Saudi Arabia, Türkiye, Northern Africa, South Africa, Israel |
| Key Companies Profiled | Dorf Ketal Chemicals India Private Limited (India); Schlumberger; Clariant; Halliburton; Lubrizol Specialty Products, Inc.; BASF SE; Baker Hughes; Nalco Champion; Infineum; Evonik Industries; ExxonMobil; Total S.A; British Petroleum; Weatherford International; National Oil Varco |
| Customization & Pricing | Available upon Request |
In 2023, the value of the global Crude Oil Flow Improvers market reached over US$ 1,679.9 Million.
During the forecast period, the global Crude Oil Flow Improvers market is estimated to expand at a CAGR of 5.3% during 2023 to 2033.
The global Crude Oil Flow Improvers market is projected to reach US$ 2815.5 Million by the end of 2032.
The key players operating in the Crude Oil Flow Improvers market are Dorf Ketal Chemicals India Private Limited (India), Schlumberger, Clariant, Halliburton, Lubrizol Specialty Products, Inc., BASF SE, Baker Hughes, Nalco Champion, Infineum, Evonik Industries, ExxonMobil, Total S.A, British Petroleum, Weatherford International, National Oil Varco, and various others.
Explore Similar Insights
Crude Oil Flow Improvers Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
