The Global Market for Asphaltene and Paraffin Inhibitors is Projected to Reach US$947 Million by 2022

Exploration of New Oil Wells and Opportunities in Offshore Deepwater Drilling Drive Demand for Asphaltene and Paraffin Inhibitors, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Asphaltene and Paraffin Inhibitors markets. The global market for Asphaltene and Paraffin Inhibitors is projected to reach US$947 million by 2022, driven by growing investments on new exploration projects in offshore & deepwater environments, development of new oil & gas wells, and ongoing efforts to increase production in existing wells.

Asphaltene and paraffin inhibitors find widespread use in oil exploration and processing activities. Asphaltenes (or tars) are naturally occurring molecules in crude oil, which possess high molecular weight and limited solubility in crude oil. Paraffins (or waxes) are naturally occurring saturated hydrocarbon molecules that are largely found in liquid crude oils. Together asphaltenes and paraffins represent organic deposits that form in and around the wellbore and cause clogging of oil wells and flow lines. Paraffin or asphaltene deposition problems are also aggravated when oils from different wells are commingled during production and transportation.  To prevent clogging and keep the asphaltene and paraffin particles in suspension and soluble in the fluid, paraffin and asphaltene inhibitors are employed. Asphaltene and paraffin inhibitors are oilfield production chemicals with their demand directly dependent upon growth in oil extraction. The market is therefore poised to benefit from the increase in the number of drilling rigs, sustained activity in the oil and gas exploration space, maturity of domestic crude oil fields and the need for increasing production in existing wells, and emphasis on new well discoveries especially in deepwater locations in developing regions. 

Oil extraction from heavy crude oil or extra heavy crude oil reserves aggravates the problem of asphaltene and paraffin deposition during production, transportation, storage and processing. Heavy grade crude oil is asphaltic and requires more use of asphaltene inhibitors as compared to light grade crude oil. Various materials and techniques are being developed that efficiently prevent asphaltene and paraffin deposition. A noteworthy innovation is the environment friendly paraffin inhibitor series, PAA (polyaminoamide) which uses vegetable oils such as canola and soyabean oil as raw materials for the poly-condensation and aminolysis process. 

As stated by the new market research report on Asphaltene and Paraffin Inhibitors, the United States represents the largest market worldwide. The Middle East is forecast to emerge as the fastest growing market with a CAGR of 3.9% over the analysis period supported by robust investment plans of domestic oil companies and sustained government support in the form of fossil fuel exploration subsidies. Other developing regions such as Africa and Asia-Pacific also hold potential for growth in the coming years. 

Major players in the market include AES Arabia Ltd., Akzo Nobel N.V., Baker Hughes (BHGE), Caradan Chemicals Inc., Clariant, Croda International Plc, EMEC, Force Chem Technologies, Halliburton, Innospec Inc., Janus Energy Resources, Kosta Oil Field Technologies Inc., LLC FLEK, NALCO Champion, Newpark Resources Inc., Rocanda Enterprises Ltd., Roemex Limited and Schlumberger Limited, among others. The research report titled "Asphaltene and Paraffin Inhibitors: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, drivers, acquisitions and other strategic industry activities of major companies worldwide. The report provides market estimates and projections for major geographic markets including the US, Canada, Europe  (UK, Russia, Norway, and Rest of Europe), Asia-Pacific (China, India, Indonesia, and Rest of Asia-Pacific), Middle East (Iran, Iraq, Kuwait, Saudi Arabia, UAE, and Rest of Middle East), Africa (Algeria, Libya, Nigeria, and Rest of Africa), and Latin America (Brazil, Mexico, Venezuela, Rest of Latin America). 

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