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The paraffin inhibitors market share is expected to increase by USD 168.31 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.15%.
This paraffin inhibitors market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers paraffin inhibitors market segmentation by application (offshore and onshore) and geography (North America, Europe, APAC, the Middle East and Africa, and South America). The paraffin inhibitors market report also offers information on several market vendors, including AES Arabia Ltd., BASF SE, Clariant AG, Croda International Plc, Dorf Ketal Chemicals I Pvt. Ltd., Ecolab Inc., EMEC, Evonik Industries AG, FlexChem Corp, Force Fluids LLC, General Electric Co, Halliburton Co., Kosta Oil Field Technologies Inc., Refinery Specialties Inc., Rocanda, Roemex Ltd., Schlumberger Ltd., The Dow Chemical Co., Zirax, and Innospec Inc. among others.
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The growing complexity in offshore field operations is notably driving the paraffin inhibitors market growth, although factors such as volatility in oil and gas prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the paraffin inhibitors market. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.
Key Paraffin Inhibitors Market Driver
The growing complexity in offshore field operations is one of the major drivers impacting the paraffin inhibitors market growth. With technological advancements, oil and gas companies are investing in deepwater and ultra-deepwater oil and gas fields. These offshore oil and gas fields, particularly deepwater and ultra-deepwater fields, have different characteristics from conventional oil and gas fields, making it difficult to carry out operations. The harsh operating environment further adds to the complexity of processes such as refining, transportation, and extraction. Therefore, the demand for paraffin inhibitors in offshore operations has increased in the oil and gas industry. The availability of paraffin inhibitors reduces the formation of paraffin deposition, thereby improving applications such as refining, pipeline, and extraction. Thus, the growing complexity in offshore field operations is expected to contribute significantly to the growth of the paraffin inhibitors market during the forecast period. With the rise in new offshore projects, the need for paraffin inhibitors in subsea production will increase, which, in turn, will contribute to the demand for paraffin inhibitors during the forecast period.
Key Paraffin Inhibitors Market Trend
Increasing investments in oil storage tanks is one of the major trends influencing the paraffin inhibitors market growth. The paraffin inhibitors market is growing due to the increase in investments in oil storage tanks. Countries that are importing crude oil from other countries need oil storage tanks and storage capacities and need to invest in the installation of new tanks for storage purposes. For instance, in 2018, the US was the largest importer of crude oil from the Middle East and Africa-based oil and gas companies. Besides, as there are many oil producers in the Middle East and Africa, oil terminals in this region are expanding their storage tanks. For instance, in April 2020, Brooge Energy Ltd. announced a contract with MUC Oil & Gas Engineering Consultancy LLC (MUC) to complete Phase 3 refinery and storage expansion at BPGIC's existing terminal operations in Fujairah, UAE. Besides, there are several plans to expand the existing oil terminal capacities in the Netherlands, Belgium, Estonia, France, Ukraine, and Russia. Thus, new investments for storing refined petroleum products and crude oil along with maintenance practices in existing tanks will increase the demand for paraffin inhibitors during the forecast period.
Key Paraffin Inhibitors Market Challenge
Volatility in oil and gas prices is one of the major challenges impeding the paraffin inhibitors market growth. The prices of crude oil influence the prices of several derivative products, such as gasoline and lubricants. Any unanticipated price fluctuations can change the course of the entire market within a short period. The petroleum industry is affected by frequent fluctuations in crude oil prices. Volatility in oil and gas prices also affects investment decisions in new and existing projects, leading to project abandonment, delays, and reduction in investment outlays. The global oil and gas storage service market is a critical part of the midstream industry, which is also directly affected by such decisions. The downward movement in oil and gas market prices has a direct impact on storage service customers, pressurizing the entire value chain. Volatility in oil and gas prices can directly affect the paraffin inhibitors market during the forecast period.
This paraffin inhibitors market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global paraffin inhibitors market as a part of the global diversified chemicals market within the global chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the paraffin inhibitors market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the paraffin inhibitors market encompasses successful business strategies deployed by the key vendors. The paraffin inhibitors market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The paraffin inhibitors market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the paraffin inhibitors market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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34% of the market’s growth will originate from North America during the forecast period. The US is the key market for paraffin inhibitors in North America. Market growth in this region will be faster than the growth of the market in other regions.
The increase in the production of oil and gas in this region will facilitate the paraffin inhibitors market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 negatively impacted the paraffin inhibitors market in North America. Due to the imposition of lockdowns and restrictions on mass movement, the demand for crude oil reduced drastically in the first half of 2020. Moreover, oil and gas prices declined, which negatively impacted oil companies in the region. Thus, the overall investments by E&P companies decreased in 2020, such as investments in Canada's oil and gas sector shrunk by 31% in 2020.
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The paraffin inhibitors market share growth in the onshore segment will be significant during the forecast period. The increase in onshore drilling activities in several countries, including India, Malaysia, Indonesia, China, South Korea, and Japan, is expected to accelerate the demand for paraffin inhibitors.
This report provides an accurate prediction of the contribution of all the segments to the growth of the paraffin inhibitors market size and actionable market insights on the post COVID-19 impact on each segment.
Paraffin Inhibitors Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.15% |
Market growth 2022-2026 |
$ 168.31 million |
Market structure |
Fragmented |
YoY growth (%) |
3.95 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 34% |
Key consumer countries |
US, United Arab Emirates, Saudi Arabia, China, Japan, and Germany |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
AES Arabia Ltd., BASF SE, Clariant AG, Croda International Plc, Dorf Ketal Chemicals I Pvt. Ltd., Ecolab Inc., EMEC, Evonik Industries AG, FlexChem Corp, Force Fluids LLC, General Electric Co, Halliburton Co., Kosta Oil Field Technologies Inc., Refinery Specialties Inc., Rocanda, Roemex Ltd., Schlumberger Ltd., The Dow Chemical Co., Zirax, and Innospec Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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