NEW YORK, Oct. 15, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The Global Paraffin Inhibitors Market size is estimated to grow by USD 157.6 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 4.83% during the forecast period. Sustainability of environmental and safety regulations is driving market growth, with a trend towards increasing investments in oil storage tanks. However, volatility in oil and gas prices poses a challenge - Key market players include AES Arabia Ltd., BASF SE, Clariant International Ltd., Croda International Plc, Dorf Ketal Chemicals I Pvt. Ltd., Dow Inc., Ecolab Inc., EMEC, Evonik Industries AG, FlexChem Corp, Force Fluids LLC, General Electric Co., Halliburton Co., Innospec Inc., Kosta Oil Field Technologies Inc., Refinery Specialties Inc., Rocanda, Roemex Ltd., Schlumberger Ltd., and Zirax.
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Paraffin Inhibitors Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
- |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.83% |
Market growth 2024-2028 |
USD 157.6 million |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
4.38 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 51% |
Key countries |
US, China, Japan, Germany, and United Arab Emirates |
Key companies profiled |
AES Arabia Ltd., BASF SE, Clariant International Ltd., Croda International Plc, Dorf Ketal Chemicals I Pvt. Ltd., Dow Inc., Ecolab Inc., EMEC, Evonik Industries AG, FlexChem Corp, Force Fluids LLC, General Electric Co., Halliburton Co., Innospec Inc., Kosta Oil Field Technologies Inc., Refinery Specialties Inc., Rocanda, Roemex Ltd., Schlumberger Ltd., and Zirax |
Market Driver
The paraffin inhibitors market is experiencing growth due to the rising demand for oil storage solutions. With countries like the US being major importers of crude oil, there is a need to expand oil storage capacities. In 2018, the US imported a significant amount of crude oil from Middle Eastern and African countries. To accommodate this increase, oil terminals in these regions are expanding their storage tanks. For instance, Brooge Energy Ltd. Announced the completion of Phase 3 refinery and storage expansion in Fujairah, UAE. Similarly, there are plans to expand oil terminal capacities in the Netherlands, Belgium, Estonia, France, Ukraine, and Russia. These expansions require new investments for storing both refined petroleum products and crude oil. Paraffin inhibitors are essential for maintaining the integrity of these tanks and preventing wax formation. As a result, the demand for paraffin inhibitors is expected to increase during the forecast period.
The Paraffin Inhibitors Market is experiencing significant growth due to increasing demand in the Oil & Gas Industry. Wax crystals, a common issue in petroleum-based products, can cause pumpability problems in various industrial sectors. Paraffin inhibitors help prevent wax deposition, especially during cold temperatures, in both downhole and surface locations. The global demand for paraffin inhibitors is driven by the need to maintain production tree efficiency and prevent wax deposition in subsea pipelines. Asphaltene composition and cloud point are crucial factors influencing the choice of inhibitors. Colloidal asphaltene, a major cause of wax deposition, can be mitigated by crystal modifiers, dispersants, and solvents like Hyperbranched Polyester, Poly Acrylate, and EVA Acrylate Copolymer. Energy costs and environmental concerns are pushing the industry towards midstream applications, including transportation pipelines. Paraffin inhibitors play a vital role in the exploration, drilling, and production phases of the Upstream sector, as well as in the transportation and refining processes of the Downstream sector. The market is expected to continue growing due to the ongoing expansion of the Oil, Gas, and Petrochemical industries.
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This paraffin inhibitors market report extensively covers market segmentation by
1.1 Onshore- The Paraffin Inhibitors Market refers to the business sector involving the production, sale, and use of chemicals that prevent paraffin wax from solidifying in fuel lines and oil wells. These inhibitors maintain fluidity, preventing costly blockages and downtime. Key players include BASF SE, INEOS, and Sasol Limited, who develop and supply various types of paraffin inhibitors to diverse industries, including oil and gas, and fuel retailers.
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Paraffin Inhibitors are specialized chemical compounds used to prevent or minimize paraffin deposition in pipelines, wells, and storage tanks. Paraffin, a natural wax found in crude oil and natural gas, can solidify under certain conditions, leading to operational inefficiencies and even pipeline failures. Paraffin Inhibitors work by modifying the behavior of wax crystals, preventing their growth and keeping the fluid pumpable. These eco-friendly solutions contribute to sustainability in the oil & gas sector, including upstream segments such as exploration and drilling, midstream transportation pipelines, and industrial sectors. Common types of Paraffin Inhibitors include Poly Acrylate, Modified Poly Carboxylate, and EVA Acrylate Copolymer. Paraffin Inhibitors play a crucial role in ensuring the smooth flow of crude oil and natural gas, contributing to the overall efficiency and productivity of oilfield projects. Pipeline engineers rely on these inhibitors to maintain the operational efficiency of pipelines and prevent costly downtime.
Paraffin Inhibitors are chemical additives used to prevent or reduce paraffin deposition in pipelines, wells, and storage tanks. Paraffin, a solid wax derived from crude oil, can cause operational inefficiencies and even shutdowns in the oil & gas sector. Paraffin deposition occurs when the temperature drops below the wax's cloud point, causing wax crystals to form and obstruct flow. Industrial sectors, including oilfield projects, pipelines, and the petroleum-based products industry, use paraffin inhibitors to maintain pumpability and prevent wax deposition in downhole and surface locations. Paraffin inhibitors are also used to address asphaltene composition and colloidal asphaltene issues, which can impact the total fluid volume and water/oil ratio. Paraffin inhibitors come in various forms, such as crystal modifiers, dispersants, and solvents. Hyperbranched polyesters, poly acrylate, and EVA acrylate copolymer are common types of paraffin inhibitors. The global demand for paraffin inhibitors is driven by the oil & gas industry's need for eco-friendly solutions and sustainability. The energy costs associated with upstream, midstream, and downstream processes make the use of paraffin inhibitors a cost-effective solution for the exploration, drilling, and transportation of natural gas and oil.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
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SOURCE Technavio