Paraffin Inhibitors Market to Witness Exponential Growth by 2017- 2027
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Global Paraffin Inhibitors Market Drivers
There is an increasing need to improve the flow of crude oil flow preventing blockages and reducing the wastage of oil caused due to deposition of paraffin from oil and this is one of the prime factors driving the paraffin inhibitors market. Moreover, the downtime for the flow of oil can also be reduced with the help of these inhibitors. With increase in oil exploration and production activities worldwide, the global paraffin inhibitors market is foreseen to remain lucrative over the span of next 10 years. The use of paraffin inhibitors has led to decrease in energy costs and has also managed to reduce the wear and tear of equipment. Moreover, paraffin inhibitors also prevent the deposition of sludge at the bottom of the tank. Thus, the use of paraffin inhibitors reduces operational issues and maximizes hydrocarbon production. All of these factors are expected to affect the market positively in years to come.
Global Paraffin Inhibitors Market Restraints
The time of application of paraffin inhibitors plays a very crucial role. If paraffin inhibitors are added before the oil is cooled to a particular temperature, the paraffin inhibitors induce the formation of agglomerates as the stability of the colloidal solution is disturbed. Thus, due to technicalities and complexities associated with application, the market is growing at a steady rate. Moreover, in regions such as Asia Pacific, the lack of awareness is a major factor restraining the growth of the market in the region
Global Paraffin Inhibitors Market Trends
The manufacturers have managed to develop such paraffin inhibitors that can work at low temperature conditions like subsea umbilical and cold climates. Efforts are being made to produce such paraffin inhibitors that can prevent deposition under extreme environmental conditions.
Global Paraffin Inhibitors Market Segmentation
The global market for paraffin inhibitors can be segmented on the basis of application and region.
On the basis of application the global paraffin inhibitors market can be segmented into:
Exploration and drilling
Global Paraffin Inhibitors Market Regional Outlook
North America holds a major share in the global paraffin inhibitors market and is anticipated to remain dominant over the forecast period, 2016-2026. This can be attributed to increasing technological advancements and development of unconventional methods for the production of oil which has shown rising demand for paraffin inhibitors. Western Europe also holds a significant share in the global paraffin inhibitors market. Asia Pacific and Japan are anticipated to expand at a moderate CAGR over the forecast period. Middle East and Africa is expected to expand at a significant CAGR owing to the large oil and petrochemical base industries in the region.
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Global Paraffin Inhibitors Market Participants
Some of the market participants identified across the value chain of the global paraffin inhibitors market are: BASF SE, NALCO, Halliburton, Evonik Industries AG, Croda International Plc, Schlumberger Limited, Baker Hughes Incorporated, GE Corporation, Clariant, AkzoNobel N.V, Zirax Limited, Refinery Specialties, Inc., Dorf ketal Chemicals.
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