Viscosity reducing agents have attracted groundswell of interest among industry players committed to produce and delivery crude oil cost-effectively. Worldwide, the application areas in the viscosity reducing agents market have been evolving at rapid pace due to the production of new oil and gas resources. In recent years, need the use of viscosity reducing agents for extracting heavy and extra-heavy oil resources has gathered steam in various developing and developed regions of the world. Viscosity reducing agents play crucial role in exploiting, transporting, and refining processes in crude oil production and application.
The viscosity stems from the presence of condensed poly-aromatic compounds and heavy metals. A growing number of studies looking for structure characterization of resins and asphaltene in crude oils have helped crude oil industry in testing and developing various chemical additives to reduce viscosity and improve flow properties. The application of these in deep oil wells is a key trend bolstering the prospect for industry players in the viscosity reducing agents market.
The viscosity reducing agents market has seen new avenues on the back of new partnerships and collaborations, deals and mergers, and acquisitions among industry players over the past few years. The strikingly expanding global energy market offers vast scope in the viscosity reducing agents market.
In recent years, a spate of studies have focused on using waste bio-materials as viscosity reducing agents. The cost-effectiveness of materials has further spurred attention of producers of crude oil in the viscosity reducing agents market. A study in 2019 was conducted by researchers in Oman looked at the viability of fiber of palm tree, walnut shell, and date palm kernel as parts of viscosity reducing agents. The researchers made a piping structure tailored to test the use of these biomaterials. The study threw interesting results, which will help in better designs in oil transportation pipeline.
More such studies in the viscosity agents market have helped end users get access to promising materials that can improve crude oil flowability.
Some of the well-entrenched players in the viscosity reducing agents market are Oil Flux Americas, Concophilips, Specialty Products, Inc., Lubrizol, Thomas Swan & Co. Ltd., PartowIdeh Pars, NALCO, Flowchem NuGeneration Technologies LLC, and Halliburton, Flowlift.
A wide range of studies have been conducted on utilizing nanotechnologies for engineering drag reduction materials for various industries, including the crude oil production application. This is a key trend bolstering the expansion of the viscosity reducing agents market. The growing demand for heavy oil has spurred the use of viscosity reducing agents in some of the largest oil fields of the world, such as in China.
The growing uptake of viscosity reducing agents in promoting the pipeline integrity by several end-use industries, notably cement and construction, paints and coatings, and oil sectors is a key trend boosting the prospects in the market. Strides in process industries in developing and developed regions of the world are also boosting the demand for drag reducing agents. The viscosity reducing agents market is also seeing a steadily expanding revenue potential due to the rising worldwide demand for high quality crude oil.
The key regional markets for viscosity reducing agents are North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Of these, the Middle East and Africa has making rapid strides in relation to new avenues in the viscosity reducing agents market. North America is also a promising market, propelled by the proliferation of studies on testing various polymers and biomaterials to act as powerful viscosity reducing agents.
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