Crude Oil Flow Improvers Market Detailed Analysis & Focusing on Key Leaders are Halliburton Company, BASF SE, LiquidPower Specialty Products Inc., Schlumberger Ltd., Baker Hughes, A GE Company, Nalco Champion, Clariant AG, Evonik Industries AG

Crude oil flow improvers are also known as drag reducers and help to maintain the viscosity of crude oil during transportation and processing. Moreover, they act as additives that offer solution in all stages of crude oil extraction and also maximize production. The global crude oil flow improvers market is projected to reach US$ 3,576.4 million by 2027, witnessing a CAGR of 4.2% over the forecast period. The growth is attributed to increasing demand for crude oil worldwide.

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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 restrict exploration, development activities, and investments. Oil prices have witnessed a significant decline since 2014 and the total revenue of five major international oil companies (ExxonMobil Corporation, BP, Royal Dutch Shell Plc., Total S.A., and Chevron Corporation) decreased by over 40%.

Among product type, paraffin inhibitors segment accounted for the largest market share in 2018. Paraffin inhibitors are used for protection during various stages of extraction, pipelines, and refining for issues such as plugging caused due to precipitation of paraffins.

The global crude oil flow improvers market was valued at US$ 2,500.7 million in 2018, and is expected to register a CAGR of 4.2% in terms of revenue over the forecast period (2019 – 2027).

North America accounted for the largest market share in the global crude oil flow imprvers market with the value of US$ 973.8 million in 2018. According to the International Energy Agency (IEA), U.S. oil output is expected to climb to 19.6 million barrels per day (bpd) by 2024 from 15.5 million bpd in 2018. Increasing drilling activities along with cost deflation and efficiency improvements in the exploration and production activities are some of the factors that propell the growth of crude oil flow improvers market in this region.

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, Innospec Inc., and others.

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