Hydrate Inhibitor Market Analysis 2018-2026 Know Top Leading Key players Such as Halliburton, Ashland Global Specialty Chemicals Inc., Ecolab Inc., Baker Hughes Inc., Innospec Inc., JSC Gazprom Neftekhim Salavat, BASF SE, Evonik Industries AG, Clariant AG

Hydrate inhibitors are chemical substances or devices that are designed to control the formation of hydrates during the process of natural gas production. Natural gas hydrates are ice-like solids that form when natural gas and free water are combined at low temperature and high pressure. It is formed at a gas or an oil condensate well.

Hydrate inhibitors aid in reducing hydrate plugs and line blockages, which occur due to hydrate formation. Hydrate inhibitors are used where mechanical methods such as insulated flow line and active heating are not feasible.

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The market for hydrate inhibitors is expected to exhibit high growth in the near future, owing to increasing demand for natural gas & crude oil. Growth of hydrate inhibitors market is dependent on natural gas consumption as hydrate inhibitors are used to prevent or reduce gas hydrate formation in offshore and onshore production system. According to the International Energy Outlook 2017, U.S. Energy Information Administration, world energy consumption is estimated to increase from 575 quadrillion British thermal units (Btu) in 2015 to 663 quadrillion Btu by 2030. Furthermore, it is estimated to increase to 736 quadrillion Btu by 2040, thereby increasing demand for various energy sources including natural gas.

However, political instability and low prices of oil is a major factor negatively affecting growth of the global hydrate inhibitors market. According to Organization of the Petroleum Exporting Countries (OPEC), political instability has negative impacted oil and gas production in Venezuela in the Latin American region and it has witnessed a significant decrease. For instance, according to The U.S. Energy Information Administration (EIA), crude oil production in Venezuela was 2.3 million barrels per day (b/d) in 2016, which is decreased to 1.6 million b/d in January 2018.

The global hydrate inhibitor market was valued at US$ 170.0 Million in 2017 and is anticipated to register a CAGR of 6.9% in terms of revenue, over the forecast period (2017 – 2025) to reach US$ 290.3 million by 2025.

North America hydrate inhibitors market was valued at US$ 99.1 million in 2017. The U.S. held major market share in the North America hydrate inhibitors market. This is attributed to increasing exploration activities to discover untapped gas reserves and high consumption of natural gas in the country.

For instance, North America witnessed a shale boom post 2000, which has resulted in energy self-sufficiency. Also, superior technology has allowed North American shale producers to achieve breakeven at US$ 50 per barrel scenario. The availability of low cost feedstock has allowed petrochemical industry to thrive in the country. The major shale basins in the U.S. are Permian, Niobrara, Eagle Ford, Bakken, Marcellus, and Anadarko.

For instance, according to U.S. Energy Information Administration, total consumption of natural gas in the U.S. was 26,155 billion cubic feet in 2016, which increased to 27,090 billion cubic feet in 2017.

Hydrate inhibitors market is expected to grow rapidly in Asia Pacific during the forecast period (2018-2025). This is attributed to increasing demand for hydrate inhibitors from countries including China, Japan, South Korea, and India. Asia Pacific is heavily reliant on hydrocarbon imports from Middle East and Africa. According to the Energy Information Administration, India is host to large gas reserves off its east coast. Also, China's exploitable shale gas reserves are estimated at 21.8 trillion cubic meters, with proven reserves at 544.1 billion cubic meters.

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This release was published on openPR.