Global Crude Oil Flow Improvers Market to Grow at a CAGR of 4.90% During 2024-2032, Aided by Rising Demand for Energy

According to the United Nations, the global population reached 8.0 billion in mid-November 2022 and is expected to increase by about 2 billion persons in the next 30 years to 9.7 billion in 2050.

Prominent crude oil producers across the globe include Exxon Mobil Corp (NYSE: XOM), BP plc, and Devon Energy. Crude oil flow improvers help crude oil producers lower their operational costs by decreasing the viscosity of oil. Since the production of medium, heavy, and extra-heavy crude oil requires substantial investment to lift and transport it, owing to their high viscosity, flow improvers reduce the viscosity of these fluids, easing the transport processes. Crude oil flow improvers reduce operational costs and improve the production performance of companies, which favours the crude oil flow improvers market growth. Manufacturers of crude oil flow improvers are also developing customised solutions to help end users overcome their shortcomings. Flow improvers and viscosity reducers can lower viscosity by up to 95%.

The demand for crude oil flow improvers is also supported by the construction and expansion of pipelines for crude oil transport. As pipelines spread over longer distances amidst varying environmental conditions, the market for effective flow improvers becomes crucial to ensure uninterrupted flow. Crude oil flow improvers reduce energy consumption during transportation, contributing to reduced operational costs. The economic advantage offered by crude oil flow improvers encourages their adoption in the oil sector.

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Market Breakup by Product, Application, and Region:

• The market is segmented based on product into paraffin inhibitors, asphaltene inhibitors, scale inhibitors, and hydrate inhibitors.

• By application, the market is segmented into transportation, extraction, and refinery.

• Region-wise, the global crude oil flow improvers market can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The crude oil sector is a producer of reliable energy to help improve the living conditions of consumers. The cruciality of crude oil to fuel the economy supports the market growth.

• The expanding population is increasing the need for energy for residential and commercial purposes, boosting the demand for crude oil. Crude oil is a crucial component of gasoline, jet fuel, and lubricating oil.

• With rising enhanced oil recovery (EOR) activities to produce oil from mature wells, the demand for crude flow oil improvers is expected to rise.

• Extensive research and development in the field of flow improvers can lead to the creation of more effective and environmentally friendly solutions, providing a competitive edge to companies offering innovative products.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for crude oil flow improvers for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the product, application, and major regions of crude oil flow improvers.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global crude oil flow improvers market are The Lubrizol Corporation, BASF SE, Schlumberger Limited, Evonik Industries AG, and Baker Hughes Company., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.