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Crude Oil Flow Improvers (COFI) Market by Type (Paraffin Inhibitors, Asphaltene Inhibitors, Scale Inhibitors, Drag Reducing Agents, and Hydrate Inhibitors), Application (Extraction, Pipeline, and Refinery), by Supply Mode (Direct and Through Distributors) by Region - Global Industry Analysis, Size, Share, Growth, Investment, and Forecast | (2023-2028)

Published: March, 2023
ID: 8605
Pages: 175
Formats: report pdf report excel report power bi report ppt

Crude Oil Flow Improvers Market Size (2023-2028):

The crude oil flow improvers market was valued at $1,482 million in 2022 and is anticipated to succeed at $1,920 million, growing at a CAGR of 5.7% from 2023-2028

crude oil is one of the foremost actively traded commodities with a stable rate of growth globally. It's extracted from remote locations and wishes to be transported through pipelines. Transportation of crude oil via pipeline is comparatively difficult due to its viscosity and requirement for an economical and efficient mode of transferring the oil. Thus, control over the heavy oil's viscosity is important for long-distance transport without affecting the state or quality. Crude oils are complex mixtures of hydrocarbons with polar asphaltenes and nonpolar n-paraffins. Fresh crude is comparatively mobile since it's stored at very high temperatures. When it's to be transported to longer distances, the ambient conditions are lower temperature and pressure. Crude oil flow improvers help as catalysts in decreasing viscosity, depressing the pour point, and lowering crude oil's drag coefficient. Crude oil flow improvers are termed drag-reducing agents (DRA).

Crude oil flow improvers contain long-chain hydrocarbon polymers, which help to act as flow turbulence inhibitors along the pipeline walls to reduce the loss of energy in turbulent activity. In some cases where the pipeline carrying crude oil or where it's stored is shut for a protracted period of time, the cooled crude oil slowly develops a gel structure that ends up in high yield stress. Crude oil flow improvers also help restart the pipeline.

The constant changes in the viscosity and drag coefficient of crude oil are two main factors to consider when maintaining the uniform flow of crude oil. Crude oil flow improvers help achieve/maintain these factors at a relentless level wherein energy and capital expenditure are a smaller amount, with the desired result of smooth-flow crude.

Crude oils with a high proportion of sulfur (heavy/sour crude) have API gravity higher than 20, meaning the turbulence level is low.

Crude Oil Flow Improvers Market Drivers:

Rising acceptance of fracturing and drilling techniques could be a major factor expected to drive revenue growth of the worldwide crude oil flow improvers market over the forecast period. The rising extraction of crude oil due to the increasing demand for petroleum products in countries like Iran, Brazil, India, and China is another factor expected to drive revenue growth of the target market.

Crude Oil Flow Improvers Market Restraints:

However, the associated prices may restrain the market within the forecast period. Also, the market concentration in regions just like the Asia Pacific suppresses the market expansion into regions like the Middle East and Africa.

CRUDE OIL FLOW IMPROVERS MARKET COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022-2028

Base Year

2022

Forecast Period

2023-2028

CAGR

5.7% 

Segments Covered

  • By Type
  • By Application
  • By Supply Mode
  • By Region 

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

  • North America: United States, Mexico, Canada
  • Europe: United Kingdom, Germany, Italy, France
  • Asia Pacific: Australia, Canada, China
  • Latin America: Argentina, Brazil, Chile
  • The Middle East and Africa: Egypt, Iran, Iraq, Israel

Market Leaders Profiled

ExxonMobil (U.S.), Nalco Champion (U.S.), Schlumberger (U.S.), Halliburton Company (U.S.), Weatherford International (U.S.), National Oil Varco (U.S.), Clariant (Switzerland), Lubrizol Specialty Products, Inc. (U.S.), Total S.A. (France), BASF SE (Germany), Baker Hughes (U.S.), Infineum (U.K.), Dorf Ketal (India), and British Petroleum (U.K.)

Crude Oil Flow Improvers Market Segmentation:

By Type:

  • Paraffin Inhibitors

  • Asphaltene Inhibitors

  • Scale Inhibitors

  • Drag Reducing Agents

The paraffin inhibitors segment is the fastest growing and is predicted to own the most important market share. The expansion is especially attributed to the actual fact that the paraffin waxes constitute a major component in oil production and should cause challenges associated with casting and oil pipelines, mostly at a lower temperature.

By Application:

  • Extraction

  • Pipeline

  • Refinery

The extraction segment is the largest and is predicted to possess the fastest growth rate within the forecast as mentioned earlier, mainly because of a sizeable volumetric consumption of this product within the extraction process and a large number of oil wells across the world.

By Supply Mode:

  • Direct and 

  • Through Distributors

The pattern through distributors is the largest because the petroleum trade marketplace has grown sufficiently big to own various industries that solely rely on the export and provide of crude oil to multiple parts of the world.

Crude Oil Flow Improvers Market Regional Analysis:

  • Asia Pacific
  • Europe
  • North America
  • Latin America
  • The Middle East and Africa

The crude Oil Flow Improvers Market is segmented as Latin America, Europe, Asia Pacific, North America, and Middle-East & Africa. The region of North America has dominated the Crude Oil Flow Improvers (COFI) Market by both value and volume, as of 2019. Many key market players in this region with well-established infrastructure are the main reason for its market position. However, this region is only the second-fastest-growing region in the market, following the Asia Pacific. The Asia Pacific region holds the next most significant share of the Crude Oil Flow Improvers (COFI) Market in 2018 in terms of value and volume. The regional advantages offered in this region, such as ease of company setup, cheap resources, and a large skilled population, are the major reasons for the fast-emerging industries in this region, hence the region’s position in the market. Also, developing economies like India, Japan, and China is one of the main reasons for the developing regional market. These reasons make this region the third fastest-growing regional market in the proposed forecast period due to the lack of as many natural resources as in the Middle East. The Middle East and Africa region are next in the lead in the crude oil flow improvers market mainly due to the large scale of natural resources present in these regions. This abundance of resources makes this region the fastest-growing regional market for crude oil, mainly for exports. Europe is next in the lead of the market in the year 2018. The presence of a considerable customer base in and around this region is helping in the growth of the Crude Oil Flow Improvers (COFI) Market in this region.

Impact of COVID-19 Pandemic on Crude Oil Flow Improvers Market:

Due to the lockdown in different countries, stopping the spread of the coronavirus and logistical restrictions has a negative impact on industries. Availability of components, Workforce unavailability, supply chain disruptions, demand drop, logistical restrictions, low company liquidity, limited, and shutdown of manufacturing because of lockdowns in various countries have adversely affected the industry. Staple suppliers and other related businesses are forced to re-evaluate their strategies to cater to the current industry during this crisis period.

Crude Oil Flow Improvers Market Key Players:

The prominent players operating in the crude oil flow improvers market are

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