Oil Production Is The Largest Segment Driving The Growth Of Crude Oil Flow Improvers Market

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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 viscosity reduction, friction reduction, and prevention of wax deposition and asphaltene precipitation during oil production and transportation. They facilitate efficient recovery of crude oil from reservoirs and its flow in pipelines over long distances.

Market Key Trends:

One of the key trends in the Crude oil flow improvers market includes growing investments worldwide in offshore and deepwater oil exploration projects. Uncertain geopolitical scenarios and declining reserves of onshore oilfields are prompting oil & gas companies to focus on tapping reserves in offshore and deepwater reserves. However, producing oil from these reserves poses several challenges such as wax deposition, asphaltene precipitation, and high filtration loss. This is expected to drive the demand for crude oil flow improvers that help overcome such challenges and optimize production from offshore and deepwater reservoirs.

SWOT Analysis:

  • Strengths: High demand for crude oil flow improvers from oil & gas industry to boost oil production and transportation.
  • Weaknesses: Stringent environmental regulations pertaining to the use of toxic chemicals.
  • Opportunities: Growing exploration and production (E&P) activities in unconventional reserves present opportunities.
  • Threats: Volatile crude oil prices and economic slowdowns threatening E&P budgets could hamper market growth.

Key Takeaways:

The global crude oil flow improvers market size was valued at US$ 1.67 Bn in 2023. The market is expected to grow at a CAGR of 5.3% during the forecast period due to increasing exploration and production (E&P) activities, especially in ultra-deep offshore reserves.

North America dominated the global market in 2023 with a share of over 30%, owing to rise in shale oil & gas production. Asia Pacific is anticipated to witness the fastest growth during the coming years due to increasing investments in oil & gas sector by China, India and other emerging Asian countries.

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 development of bio-based and environmental-friendly flow improver formulations to further strengthen their position in the market.