Asphaltene Inhibitors Market: Overview
Asphaltene inhibitors are chemicals used in the oil & gas industry to remove asphaltenes from crude oil. Asphaltenes are impurities found in crude oil. If not removed, asphaltene inhibitors can cause significant damage to the refining equipment. An asphaltene inhibitor is an oilfield production chemical and the demand for these inhibitors is directly dependent on increase in oil extraction. Formation of asphaltene deposits may generate concerns related to health, safety, and environment, led by disruption of sub-surface safety-valve operations. Asphaltene inhibitors are used in both heavy crude oil and light crude oil. Asphaltenes are used in applications such as waterproofing, roofing, curing, and corrosion inhibition. However, they are highly used in the oil & gas industry. Asphaltenes are significant constituents of heavy oils that are entering refinery processing streams. They also play a role in maintaining the stability of oil–water emulsions.
Asphaltene Inhibitors Market: Trends & Developments
Removal of deposited asphaltene scales generally involves periodic cleanup operations. Asphaltene inhibitors are adsorbed onto the destabilized colloidal asphaltene solid, dispersing it into the oil phase. Asphaltene inhibitors are available in liquid or paste form. Common benefits offered by asphaltene inhibitors include reduction in the precipitation of asphaltene from crude oil and maximization of production by preventing deposition/restriction in flow lines. Asphaltene inhibitors interact with active sites in the core of asphaltene aggregates and form an aggregate–inhibitor complex. Asphaltene inhibitors gradually disperse into the oil phase, inhibiting the asphaltene deposition in the near-well bore area and tubing.
Increased drilling activities in the oil & gas sector are anticipated to augment the demand for asphaltene inhibitors market during the forecast period. Asphaltene inhibitors prevent flow restrictions caused to tubing, flow lines, pipelines, and process equipment. Safety concerns pertaining to activities in the oil & gas industry are fuelling the demand for asphaltene inhibitors. Cost-effectiveness is another factor propelling the demand for asphaltene inhibitors market, as use of these inhibitors reduces the additional cost required for remediation activities.
Asphaltene Inhibitors Market: Key Segments
Based on application, the global asphaltene inhibitors market can be classified into pumps, tubing, well heads, safety valves, flow lines, and surface facilities. Asphaltene inhibitors are added to the system before asphaltene starts to flocculate. Flocculation of asphaltene causes changes in temperature and pressure. Accumulation of asphaltene changes the chemical composition of crude oil. Asphaltene inhibitors prevent asphaltene from coming in contact with acids. Based on type, the global asphaltene inhibitors market can be classified into natural and synthetic.
Asphaltene Inhibitors Market: Regional Outlook
The global asphaltene inhibitors market witnessed significant growth in 2017. This trend is estimated to continue during the forecast period. Middle East & Africa holds a significant share of the global asphaltene inhibitors market. Growing oil and gas drilling activities in the region are anticipated to augment the demand for asphaltene inhibitors in Middle East & Africa during the forecast period. Middle East & Africa is a hub for oil production across the world. The asphaltene inhibitors market in North America is anticipated to witness moderate growth during the forecast period, owing to increasing expenditure on oil drilling activities by the federal government of U.S. Rising demand for fuel in developing economies in Asia Pacific such as China and India is likely to propel the demand for asphaltene inhibitors in the region in the next few years. In Latin America, demand for asphaltene inhibitors market is anticipated to remain moderate during the forecast period.
Asphaltene Inhibitors Market: Key Players
Key players operating in the global asphaltene inhibitors market include Halliburton, Akzo Nobel N.V, Baker Hughes, AES Arabia Ltd, Caradan Chemicals, Inc., and Innospec, Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.