Crude Oil Flow Improvers Market, By Product Type (Paraffin Inhibitors, Asphaltene Inhibitors, Scale Inhibitors, Drag Reducing Agent, Emulsion Breakers, Biocides, Pour Point, Depressants, Free Flow/Anticaking Agents, and Others (Hydrate Inhibitors, Wax Dispersants, etc.), By Application (Extraction, Pipeline, and Refinery), and By Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)- Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030
Ability to transfer crude oil through pipelines from wellhead to refinery without any complication is important during transportation and extraction. Crude oil deposits is found during these procedures, and leads to several problems. Hence, crude oil flow improvers are used in oil pipelines to improve flow capacity and productivity of crude oil.
Market Dynamics
Increasing exploration and production activities especially in untapped regions is expected to increase the need to use products and services for efficient operation in the oil and gas industry, and therefore, increasing the demand for crude oil flow improvers.
Red Sea is a potential host for large oil and gas fields. Exploration has been slow due to the complicated topography and the depth of the sea bed. High depth leads to high drilling costs. In March 2022, Minister of Petroleum announced that a global tender will be issued before the end of 2022, in order to explore petroleum reserves including new sectors of the Red Sea after providing international research companies with geophysical data from Egypt's economic zone in the Red Sea.
Political instability in various regions is one of the major restraining factors in growth of global crude oil flow improvers market. Political instability has plagued African countries for decades. Algeria, Libya, and Egypt were victim to the Arab Spring Revolution and have encountered political chaos since then. Oil production has fallen in all the three countries. Egypt has become a net importer and depends on Saudi Arabia to meet its crude oil requirements.
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