CRUDE OIL FLOW IMPROVERS MARKET ANALYSIS

Global crude oil flow improvers market was valued at US$ 1,587 million in 2022, and is expected to reach US$ 2,398.8 million,  exhibiting a CAGR of 5.3% from 2023 to 2030. Global crude oil flow improvers market is focused on  boosting production of crude oil across the globe. Increasing hydraulic fracturing activities, surging demand of crude oil, rising investment for the development of advanced and technical products are some of the factors that can drive t growth of global crude oil flow improvers market during the forecast period of 2023-2030. Increasing production from renewable resources and rising research activities will create new and ample opportunities for growth of global crude oil flow improvers market during the forecast period.

Global Crude Oil Flow Improvers Market: Regional Insights

North America accounted for the largest market share in the global crude oil flow improvers market. Increasing drilling activities along with cost deflation, and efficiency improvements in the exploration and production activities are some of the factors that can propel growth of crude oil flow improvers market in this region. The market in Africa is expected to witness significant growth in the global crude oil flow improvers market over the forecast period, owing to increasing focus of major players in this region to enhance their revenue and market presence. 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 restricts exploration, development activities, and investments.

Figure 1. Global Crude Oil Flow Improvers Market (%), By Region

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Global Crude Oil Flow Improvers Market: Growth Drivers

• Fracturing of old crude oil wells

In order to increase production without any additional costs for new wells, operators are planning to restructure shale oil wells  to resolve the issue mentioned above Hydraulic simulation is used to finish the operators of old or poorly performing wells. Horizontal shale wells uses hydraulic simulation in the early stages. In the U.S., less than 1% of all horizontal wells were re-fracked in 2018. During the project period, fracturing resulted in rising demand for crude oil flow improves, and this is expected to drive growth of the market during the forecast period.

• Demand for crude oil

Increasing demand for crude oil in a green field or brown field refinery is expected to boost demand for crude oil flow improvers. 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 because it is ideal choice for the three processes of exploration, transportation and refinement.

Global Crude Oil Flow Improvers Market: Restraints

• Stringent Regulation along with rising Crude oil prices

Stringent regulation from regulatory agencies like the Environmental protection Agency (PFA) and Registration, Evaluation, Authorization and Restriction of chemicals is expected to hamper onshore and offshore activities, and this is expected to hinder growth of global crude oil flow improvers market. The Oil and Gas extraction effluent guidelines and standards were updated by the EPA in 2016. The law provides stringent requirements and policies for wastewater discharges from production, drilling, field exploration, well treatment, production and well completion activities. This technique requires a lot of resources and time.

Crude oil flow improves to maximize hydrocarbon output. It is both cost-effective, and helps to reduce its environmental effects, and this is expected to boost demand for crude oil flow improvers. Global market is 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 has the same consistency as molasses at room temperature, and if it is unheated it can occasionally solidify. Due to its reduced processing requirements, and a higher proportion of value add products such as gasoline, diesel, and aviation fuel, light crude is more expensive than heavy 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.

Figure 2. Global Crude Oil Flow Improvers Market (%), By Application

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 Global Crude Oil Flow Improvers Market: Recent developments

In March 2022, The Saudi Industrial Investments Company Dussur and Baker Hughes signed a joint venture. This  joint venture will provide Saudi Arabia with industrial and oilfield chemicals

In March 2022, Baker Hughes, an U.S.-based energy services firm, announced the  that it has signed an agreement to acquire Altus Intervention, an international facility with more than 40 years of industry experience in down-hole oil and gas technology and well intervention services.

In November 2020, Porocel Group, was acquired by Evonik (U.S.). Porocel is a producer of specialty adsorbents, activated alumina, and supports media as well as a global innovator in the field of catalyst services.

Global Crude Oil Flow Improvers Market: Key Companies

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, and Innospec Inc