According to the latest report by IMARC Group “Crude Oil Flow Improvers Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, The global crude oil flow Improvers market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 5% during 2021-2026.
Crude oil gradually becomes thicker and sluggish while being transported long distances through pipelines. It results in the formation of wax crystals on the walls of pipelines. Consequently, flow improvers are utilized for reducing the pour points and viscosity of waxy crude oils. At present, leading manufacturers across the globe are introducing flow improvers with improved operational safety and adaptability.
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Increasing oil and gas exploration activities due to the surging demand for energy represents one of the key factors strengthening the growth of the market. Additionally, with the depleting oil and gas reserves, hydraulic fracturing is gaining immense traction worldwide to reach previously inaccessible oil and gas resources. Apart from this, governments of several countries are encouraging hydraulic fracturing via initiatives like investment provisions and tax incentives to facilitate the development of oil and gas resources. This acts as another factor impelling the market growth.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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