The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.
They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.
Paraffin control and removal is considered as a severe problem in oil fields since the beginning. Paraffin deposition leads to loss in oil production and transportation problems by accumulating in tubing, producing formation face, flow-lines and valves. Various chemical-, mechanical- and thermal-based methods are available in order to combat the formation and removal of paraffin deposits economically. Paraffin control chemicals are basically complex formulations of different chemicals. Crude oil contains varying degree of long chain waxes or paraffin that tend to form deposits when the oil is subjected to changes in pressure, temperature or other conditions. Various paraffin control chemicals such as dispersants/detergents are utilized to remove the deposits that are already formed and inhibits to interfere with wax crystal formation and growth.
More than 80% of the world’s oil is prone to precipitated paraffin deposits, which over the time can reduce the oil flow to such an extent that production ceases altogether. Paraffin build up drastically reduces the efficiency of entire oil recovery and transfer systems. Further, utilization of paraffin control chemicals possess various advantages, which include reduction in crude oil viscosity, reduction in solids backup, maintained fluid flow through the pipeline, mitigation of lost production and energy saving, etc.
Global Paraffin Control Chemicals Market: Segmentation
The global paraffin control chemicals market can be segmented on the basis of product type and application.
Based on the product type, the global paraffin control chemicals market can be segmented into:
- Wax Crystal Modifiers
Based on the application, the global paraffin control chemicals market can be segmented into:
Global Paraffin Control Chemicals Market: Dynamics
Growing investments in the oil & gas industry is supporting the demand for the paraffin control chemicals. Oil & gas producers in the Middle East & Africa have been continuously spending on oil, petrochemical and gas production in order to meet the capacity expansion targets. Despite the lower crude oil prices, manufacturers in the region are continuously spending heavily on oil infrastructure to maintain the capacity. As per the MEED, the Saudi Arabia Co. plans to invest US$ 334 Bn on its oil and gas value chain by 2025 end. Thus, in turn, is expected to boost the demand for the paraffin control chemicals and driving the growth of the global paraffin control chemicals market over the forecast period.
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Utilization of paraffin control chemicals is primarily dependent upon the operating conditions of the oilfield. If the field is operating at optimum temperature and pressure than there is no need for the chemicals, thus in turn is expected to restrain the growth of the global paraffin control chemicals market over the forecast period.
Global Paraffin Control Chemicals Market: Regional Outlook
Globally, the paraffin control chemicals market is expected to be dominated by the Middle East & Africa followed by Latin America and North America. The Middle East & Africa accounts significantly for the production and refining of the crude oil, hence it is expected that the demand for the paraffin control chemicals is significant in these region. Asia Pacific in the global paraffin control chemicals market is expected to expand at significant growth rate over the near future owing to the upcoming investments in the oil & gas industry supported by the growing demand from the end-use sector. Europe is expected to account for low share in the market owing to the fact that there is limited production of oil in these region.
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Global Paraffin Control Chemicals Market: Key Participants
Examples of some of the market participants identified across the value chain of the global Paraffin Control Chemicals market include
- Oilfield Chemical Company,
- Innospec, Baker Hughes Incorporated,
- Akzo Nobel N.V.,
- Huntsman International LLC,
- Schlumberger Limited,
- Carden, LLC,
- Berryman Chemical Inc.,
- KMCO LLC,
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