Crude Oil Flow Improvers (COFI) Market - Forecast(2021 - 2026)

 

Crude Oil Flow Improvers (COFI) Market Overview

Crude Oil Flow Improvers (COFI) Market size is forecast to reach $2.18 billion by 2025 after growing at a CAGR of 6% during 2020-2025. Crude oil flow improvers maintain the viscosity of crude oil during processing and transportation. Moreover, it acts as additives that deliver apt solutions in all the stages of crude oil extraction from reservoir to refinery and maximize the production. The growth of the market is expected to be driven by the high demand of crude oil flow improvers from the oil and gas industry. 


Report Coverage

The report: “Crude Oil Flow Improvers (COFI) Market-Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of crude oil flow improvers (COFI) Industry.  
By Type: Paraffin Inhibitors, Asphaltene Inhibitors, Scale Inhibitors, Drag Reducing agent, Hydrate Inhibitors, and Others. 
By Application: Extraction, Pipeline, Refinery, and Others
By Geography: North America, South America, Europe, APAC, and RoW.


Key Takeaways

  • North America dominates the crude oil flow improvers market owing to increasing demand from oil and gas industry.
  • The rising acceptance of hydraulic fracturing and horizontal drilling techniques is projected to drive the market growth in the forecast period.
  • Steady decline in crude oil prices and environmental concerns are expected to hamper the market growth in the forecast period.


By Type-Segment Analysis

The Paraffin inhibitors held the largest share in the crude oil flow improvers market in 2019. A paraffin inhibitor is a polymer with a high-molecular-weight injected into an oil wellbore to prevent or minimize paraffin deposition. Their effectiveness is dependent on the crude oil's composition in the wellbore. Paraffin inhibitor should be injected into the well before the crude oil cools to its cloud point. These are a major component representing up to 20%, by weight, of crude oil. Paraffin deposits are formed mainly in subsea and deep-water applications that usually take place at subzero temperatures. This creates major problems in oil production and transportation. Paraffin inhibitors help dampen the effects of paraffin (wax) deposits during crude oil extraction. They interact with paraffin’s in the petroleum liquids to restrict the formation of wax crystal, size, shape, and adhesion characteristics. These agents inhibit the paraffin deposition in the system by establishing repulsion between paraffin particles as well as between paraffin particles and the pipe surface. The growth of Paraffin inhibitors is attributed to its use during crude oil production and transportation.  According to the trade map the total export of paraffin inhibitors globally in the year 2018 was 9, 74,159 tons of worth $13, 78,778.  Asphaltene Inhibitors has the second largest share in the oil flow improvers market. The growth in this segment is attributed to its increasing utilization in the upstream and offshore petroleum operations. They are used to maximize the production capacity by inhibiting the blockages in the flow lines. They preserve the integrity of subsea assets like flow lines and wells and manage the throughput time and minimizing down time. Since Asphaltene inhibitors prevent precipitation, they are best applied upstream of the location where Asphaltene onset pressure occurs, typically downhole. It is usually injected on a continuous basis through a downhole capillary string. These factors will drive the growth of the market in the forecast period.

By Application-Segment Analysis

Extraction held the largest share in the crude oil flow improvers market in 2019 growing at a CAGR of 5.5%. The demand for crude oil flow enhancers (COFIs) is poised to see growth due to its ability to optimize hydrocarbon production in a cost-effective manner and to help mitigate its environmental effects. Increasing global production of hydrocarbons and hydraulic fracking from excentric sources are driving the market. Extraction of heavy crude requires higher energy input. Heavy crude does not flow like light crude. In fact, its consistency is often compared to that of molasses at room temperature and it is even occasionally solid if not heated. Light crude is more expensive than heavier crude because it requires less processing and produces a slate of products with a greater percentage of value-added products, such as gasoline, diesel, and aviation fuel. Heavier, sourer crude typically sells at a discount, because it produces a greater percentage of lower value-added products with simple distillation and requires additional processing to produce lighter products. These factors will drive the growth of the market in the forecast period.
Location: United States

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