The global market size of COFI is estimated to reach USD 1.73 Billion by 2021 at a CAGR of 5.5%. Rise in worldwide crude oil production and increase in hydraulic fracturing, mainly from unconventional sources is driving the market.
Seattle, United States -- (SBWIRE) -- 12/13/2016 -- The report "Crude Oil Flow Improvers (COFI) Market by Type (Paraffin Inhibitors, Asphaltene Inhibitors, Scale Inhibitors, Drag Reducing Agents, and Hydrate Inhibitors), Application (Extraction, Pipeline, and Refinery), Supply Mode - Global Forecast to 2021", The market size of COFI is estimated to grow from USD 1.26 Billion in 2015 to USD 1.73 Billion by 2021, at a CAGR of 5.5%. Rise in crude oil production globally and increase in the hydraulic fracturing mainly from unconventional sources is driving the market.
Browse 32 market data Tables and 58 Figures spread through 111 Pages and in-depth TOC on "Crude Oil Flow Improvers (COFI) Market - Global Forecast to 2021"
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Paraffin inhibitor type accounted the highest demand in the COFI market
The paraffin inhibitor segment has been witnessing significant demand in recent years. Paraffin waxes are a major component representing up to 20%, by weight, of crude oil. Paraffin deposits are formed mainly in subsea and deep water applications that usually take place at subzero temperatures. This creates major problems in oil production and transportation. Paraffin inhibitors helps dampen the effects of paraffin (wax) deposits during crude oil extraction. Hence, this segment accounted for the largest market share, in terms of both volume and value, in 2015.
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Direct supply to end users is a preferred channel of distribution
Major oil & gas companies prefer procuring COFI products directly from the suppliers by issuing tenders. Key manufacturers such as Halliburton/Baker Hughes (U.S.), Schlumberger (U.S.), that provide oilfield services such as drilling and production, consume bulk of these chemicals internally for their operations. Remote locations are catered through distributors.
North America is the largest market for COFI
North America is currently the largest market for COFI. Significant increase in production levels and extensive investments in unconventional drilling technologies, such as hydraulic fracturing and horizontal drilling, in the U.S. are driving the demand of COFI in this region.
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The key players in the COFI market are Halliburton (U.S.), BASF SE (Germany), Baker Hughes (U.S.), Nalco Champion (U.S.), Schlumberger (U.S.), Clariant (Switzerland), Dorf Ketal (India), Lubrizol Specialty Products, Inc. (U.S.), and Infineum (U.K.).
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