Published by Coherent Market Insights
Posted on September 22, 2021
The global crude oil flow improvers market was valued at US$ 2,500.7 million in 2018, and is expected to register a CAGR of 4.2% in terms of revenue over the forecast period (2019 – 2027).
Crude oil flow improvers are also known as drag reducers and help to maintain the viscosity of crude oil during transportation and processing. Moreover, they act as additives that offer solution in all stages of crude oil extraction and also maximize production. The global crude oil flow improvers market is projected to reach US$ 3,576.4 million by 2027, witnessing a CAGR of 4.2% over the forecast period. The growth is attributed to increasing demand for crude oil worldwide.
According to The Organization of the Petroleum Exporting Countries (OPEC), the global oil consumption increased from 104 mboe/d to 268 mboe/d, accounting for an increase of 157% from 1970 to 2013. This rapid increase has been attributed to high consumption of oil in emerging economies such as India, China, and ASEAN. Furthermore, according to OPEC forecast, oil consumption is expected to increase by 49% from 268 mboe/d in 2013 to 399 mboe/d by 2040.
However, lower oil prices is expected to hamper growth of the global crude oil flow improvers market. Low oil prices leads to reduction in petroleum enterprises’ upstream profits and restrict exploration, development activities, and investments. Oil prices have witnessed a significant decline since 2014 and the total revenue of five major international oil companies (ExxonMobil Corporation, BP, Royal Dutch Shell Plc., Total S.A., and Chevron Corporation) decreased by over 40%.
Among applications, the pipeline segment holds dominant position in the global crude oil flow improvers market. Potential impediments in the pipeline can include formation and deposition of hydrates, paraffins, scales, and asphaltenes in the pipelines, as well as corrosive constituents in the flow stream that damage the pipeline components resulting in additional cost. Crude oil flow improvers play an important role in prevention of these conditions outlining importance of the flow improvers in the pipelines and during transportation.
Major players operating in the global crude oil flow improvers market include, 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.
Market Dynamics
Increasing exploration and production activities especially in untapped regions is expected to increase the need to use products and services for efficient operation in the oil and gas industry, and therefore, increasing the demand for crude oil flow improvers.
“Before Buying Check Our Discount For Your Better Business” https://www.coherentmarketinsights.com/insight/request-discount/2573
The Red Sea is a potential host to large oil and gas fields. Exploration has been slow due to the complicated topography and the depth of the sea bed. The high depth significantly drives up the drilling costs. In March 2018, Minister of Petroleum ,announced that a global tender will be issued before the end of 2018 to explore petroleum reserves, including new sectors of the Red Sea after providing international research companies with geophysical data from Egypt’s economic zone in the Red Sea.
Political instability in various regions is one of the major restraining factors in growth of global crude oil flow improvers market. Political instability has plagued African countries for decades. Algeria, Libya, and Egypt were victim to the Arab Spring Revolution and have encountered political chaos since then. The oil production as a result has fallen in all the three countries. Egypt has become a net importer and depends on Saudi Arabia to meet its crude oil requirements.
Key features of the study:
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Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com
The post Crude Oil Flow Improvers Market Incredible Possibilities, Detailed Analysis And Forecast To 2027 appeared first on Gatorledger.
The global crude oil flow improvers market was valued at US$ 2,500.7 million in 2018, and is expected to register a CAGR of 4.2% in terms of revenue over the forecast period (2019 – 2027).
Crude oil flow improvers are also known as drag reducers and help to maintain the viscosity of crude oil during transportation and processing. Moreover, they act as additives that offer solution in all stages of crude oil extraction and also maximize production. The global crude oil flow improvers market is projected to reach US$ 3,576.4 million by 2027, witnessing a CAGR of 4.2% over the forecast period. The growth is attributed to increasing demand for crude oil worldwide.
According to The Organization of the Petroleum Exporting Countries (OPEC), the global oil consumption increased from 104 mboe/d to 268 mboe/d, accounting for an increase of 157% from 1970 to 2013. This rapid increase has been attributed to high consumption of oil in emerging economies such as India, China, and ASEAN. Furthermore, according to OPEC forecast, oil consumption is expected to increase by 49% from 268 mboe/d in 2013 to 399 mboe/d by 2040.
However, lower oil prices is expected to hamper growth of the global crude oil flow improvers market. Low oil prices leads to reduction in petroleum enterprises’ upstream profits and restrict exploration, development activities, and investments. Oil prices have witnessed a significant decline since 2014 and the total revenue of five major international oil companies (ExxonMobil Corporation, BP, Royal Dutch Shell Plc., Total S.A., and Chevron Corporation) decreased by over 40%.
Among applications, the pipeline segment holds dominant position in the global crude oil flow improvers market. Potential impediments in the pipeline can include formation and deposition of hydrates, paraffins, scales, and asphaltenes in the pipelines, as well as corrosive constituents in the flow stream that damage the pipeline components resulting in additional cost. Crude oil flow improvers play an important role in prevention of these conditions outlining importance of the flow improvers in the pipelines and during transportation.
Major players operating in the global crude oil flow improvers market include, 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.
Market Dynamics
Increasing exploration and production activities especially in untapped regions is expected to increase the need to use products and services for efficient operation in the oil and gas industry, and therefore, increasing the demand for crude oil flow improvers.
“Before Buying Check Our Discount For Your Better Business” https://www.coherentmarketinsights.com/insight/request-discount/2573
The Red Sea is a potential host to large oil and gas fields. Exploration has been slow due to the complicated topography and the depth of the sea bed. The high depth significantly drives up the drilling costs. In March 2018, Minister of Petroleum ,announced that a global tender will be issued before the end of 2018 to explore petroleum reserves, including new sectors of the Red Sea after providing international research companies with geophysical data from Egypt’s economic zone in the Red Sea.
Political instability in various regions is one of the major restraining factors in growth of global crude oil flow improvers market. Political instability has plagued African countries for decades. Algeria, Libya, and Egypt were victim to the Arab Spring Revolution and have encountered political chaos since then. The oil production as a result has fallen in all the three countries. Egypt has become a net importer and depends on Saudi Arabia to meet its crude oil requirements.
Key features of the study:
Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com
The post Crude Oil Flow Improvers Market Incredible Possibilities, Detailed Analysis And Forecast To 2027 appeared first on Gatorledger.
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