Paraffin Inhibitors Market Trends

Growth Drivers

• Rapid Expansion of Oil and Gas Industry to Propel the Market Growth
  With the increasing oil exploration, drilling and production activities, there is also the growing concern regarding the precipitation of paraffins which obstructs the flow of oil in the pipelines and in the storage tanks. To solve this issue, paraffin inhibitors are used as it improves and enhances the flow of oil and reduces the oil flow downtime. With the rapid expansion of oil and gas industry, the demand for paraffin inhibitors is also anticipated to increase as they facilitate ease of production, transportation, and storage of oil in subsea and deep-water operations by preventing deposition of wax in the pipelines.
• Rising Need for Easy Flow of Oil in the Pipelines to Drive the Market Growth
  The naturally occurring paraffin which is present in crude oil can cause flow challenges when deposited on the walls of oil pipelines during the production, transportation and storage of oil and gas. Therefore, pipelines need versatile, high-performance paraffin inhibitors to facilitate easy flow of the oil.  Moreover, paraffin inhibitors reduce the frequency of workover operations and saves operational time by improving the flow viscosity of crude oil. Such factors are anticipated to drive the growth of the global paraffin inhibitors market over the forecast period.

Challenges

• Concern for Ineffectiveness of Paraffin Inhibitors
  Paraffin inhibitors must be added to the crude oil before the oil cools to its cloud point and asphaltene composition in the crude oil should be determined as it can reduce the effectiveness of the paraffin inhibitor. In some cases, if the stability of colloidal asphaltene is disturbed, then the use of a paraffin inhibitor can increase the rate of paraffin deposition in a wellbore, production tree, or subsea pipelines. This factor is anticipated to hamper the growth of paraffin inhibitors market over the forecast period.
• Impact of COVID-19 on Global Paraffin Inhibitors Market
  The COVID-19 pandemic had a minimal impact on the oil and gas industry. Despite the increasing demand for paraffin inhibitors from the end users, the manufacturers of paraffin inhibitors couldn’t meet up the delivery requirements owing to limited operations and for the restrictions imposed by the nations worldwide to reduce the spread of the virus.