The global crude oil flow improvers market is expected to reach USD 2.03 billion by 2025, according to a new report by Grand View Research, Inc. The market is estimated to grow significantly over the forecast period owing to shale revolution positively affecting the COFI market. Despite several existing rigs being decommissioned over the last few years, the industry has witnessed an increase in the overall petroleum production. This has given an impetus to the need for utilization of these chemicals in the upstream extraction sector.
The existence and expansion of product pipelines have encouraged the utilization of these products to improve the productivity, minimize the throughput time and eliminate the bottlenecks during the various operations across the oil and gas value chain.
Asphaltene inhibitors are anticipated to be the fastest growing segment over the upcoming years and is projected to grow at a CAGR of 6.3% from 2017 to 2025. These products help to reduce the precipitation of asphaltenes, preserve the asset integrity of the flow lines and optimize the operations over the forecast period. The utility of these chemicals is predominant in the extraction and pipeline segments. The problems associated with the extraction and transportation of asphaltenic crude include pipeline deposition and wellbore plugging. These unwanted bottlenecks result in the increase in the demand for these products globally.
Paraffin inhibitors is expected to be the largest product segment. Paraffin content in crude oil can damage transport equipment. It helps in eradicating the effects of wax deposition during petroleum extraction, refining, and transportation.
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Further key findings from the report suggest:
The global COFI market is estimated to grow at a CAGR of 5.6% from 2017 to 2025
Extraction is projected to emerge as the fastest application segment, predicted to grow at a CAGR of 6% from 2017 to 2025
Refinery application segment in Russia accounting for 24% in 2016 and is expected to witness a similar consumption trend over the forecast period
Asia Pacific accounted for over 14% of the global revenue in 2016 and is projected to grow at a CAGR of 6.3% from 2017 to 2025
UK asphaltene inhibitor was valued at USD 10.3 million in 2016 and is projected to grow at a CAGR of 5% over the projected period
Central & South American crude oil flow improvers market was valued at USD 104.9 million in 2016 and is anticipated to grow at a stable rate over the upcoming years
Major companies actively operating in the industry in the present scenario would include BASF, Halliburton, Schlumberger, Nalco, and Baker Huges.
Grand View Research has segmented the global crude oil flow improvers (COFI) market on the basis of application:
Crude Oil Flow Improvers Product Outlook (Revenue, USD Million, 2014 - 2025)
Crude Oil Flow Improvers Application Outlook (Revenue, USD Million, 2014 - 2025)
Crude Oil Flow Improvers Regional Outlook (Revenue, USD Million, 2014 - 2025)
Central & South America (CSA)
Middle East & Africa
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