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Transportation plays a vital role in transporting
crude oil through pipelines in an efficient way. Transportation of crude oil in
the cold region is very challenging as it thickens while traveling long
distances. Therefore, it is important to maintain the viscosity of crude oil
without compromising quality. Flow improvers are emerging as a subsidiary for
the oil companies, providing suitable solutions from the reservoir to the
refinery and maximizing production. Moreover,
crude oil flow improvers (also known as drag
reducers) help increase the flow rate, as well as flow within the pipeline,
reducing turbulence.
The growth of the crude oil flow improvers market is attributed to the increasing demand for crude oil
worldwide. In 2019, the demand for crude oil was 100.1 million
barrels per day and is expected to fall to 91.3 million barrels per day in
2020, owing to the economic and mobility impacts of the global pandemic
(COVID-19), as well as widespread shutdowns worldwide. According to Statista,
both China and the United States are the largest consumers of oil in
the world, with 14 million and 19.4 million barrels per day, respectively.
Furthermore, oil consumption is expected to increase by 49% from 268 million
barrels per day in 2013 to 399 million barrels per day by 2040, according to
the OPEC forecast.
Crude oil is one of the world's largest energy
resources, therefore, it becomes necessary to use and distribute crude oil
productively and efficient. Moreover, crude oil flow improvers provide an
optimal solution for all the three stages such as extraction, transport, and
refining. These factors are expected to propel the growth of the crude oil flow improvers market. However, low oil
prices are expected to restrict the growth of the market, as lower oil prices
decrease the upstream profits of petroleum enterprises and restrict
investments, development activities, and exploration.
In terms of geography, the crude oil flow improvers market is divided into six
regions, such as North America, Europe, Asia Pacific, South America, the Middle
East, and Africa. North America is expected to witness robust growth in the
market due to increasing oil exploration and production activities in
the region. For instance, in 2019, North America produced around 24.61
million barrels of oil per day. Furthermore, due
to the lifting of sanctions on Iran, various companies have shown an
inclination towards investing in the region, which is offering around 18 energy
and power blocks and around 50 onshore and offshore projects valued more than US$
185 billion by 2025.
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