Research Nester published a report titled “Paraffin Inhibitors Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global paraffin inhibitors market in terms of market segmentation by type, application, end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
Paraffin inhibitors are the polymers used to prevent the deposition of wax or paraffin in order to ensure efficient flow of oil in the pipelines. They are used in petroleum production process to reduce the viscosity in the flowlines. The paraffin inhibitors market is estimated to record a notable CAGR over the forecast period, i.e., 2021-2028. This growth can be attributed to the advancements observed in the oil, gas, and petrochemical industries. Moreover, rising concerns towards efficient and smooth transportation of oil is anticipated to create growth opportunities for the paraffin inhibitors market over the coming years.
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The paraffin inhibitors market is segmented by application into transportation pipelines, exploration and drilling, storage, and others, out of which, the transportation pipelines segment is estimated to account for the largest market share over the forecast period. This growth can be attributed to the increasing transportation of petrol, crude oil, and other fluids through pipelines. After drilling from the production wells, crude oil or natural gas is collected and then transported to a refinery through pipelines. When the petroleum is refined into products such as gasoline or kerosene, it is then transported to storage or distribution stations. As a result of increased transportation of petrochemical products, the demand for paraffin inhibitors is also anticipated to increase significantly. According to the statistics provided by the U.S Energy Information Administration (EIA), in the year 2019 in the United States, the total petroleum exports recorded was 8,471,000 barrels per day.
Regionally, the paraffin inhibitors market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America is predicted to hold the largest share over the forecast period on the back of increasing production and transportation of petroleum products such as crude oil, renewable fluids, and others in the region. In other statistic provided by the EIA, in the year 2019 in the United States, the total petroleum production was recorded to 18,198,000 barrels per day.
Increasing Production and Transportation of Petrochemical Products to Propel the Market Growth
Backed by the increasing petrochemical exploration activities, there is a rising concern amongst the oil and gas companies for the obstructions observed in the flow of oil in the pipelines and storage tanks. To resolve this concern, paraffin inhibitors are used which improves and enhance the flow of oil in the pipelines. Paraffin inhibitors also reduce oil flow downtime and facilitate ease of production, transportation, and storage of oil in subsea and deep-water operations by preventing deposition of wax in the pipelines. Owing to such beneficial properties of paraffin inhibitors, the market is anticipated to grow significantly in the coming years.
However, the concern regarding the effectiveness of a paraffin inhibitors is highly dependent on the composition of crude oil, which is anticipated to act as a challenging factor for the growth of paraffin inhibitors market over the coming years.
This report also provides the existing competitive scenario of some of the key players of the global paraffin inhibitors market which includes company profiling of Clariant (SWX: CLN), Dow (NYSE: DOW), Schlumberger Limited (NYSE: SLB), BASF SE (ETR: BAS), Baker Hughes Company (NYSE: BKR), ChampionX (NYSE: CHX), Halliburton (NYSE: HAL), Croda International Plc (LON: CRDA), Zirax Limited and Refinery Specialties, Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global paraffin inhibitors market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.