The paraffin inhibitors market is expected to witness significant growth over the coming time period owing to growing need for oil production, proliferation of unconventional onshore oil production, and high demand for hyperbranched polymers in applications such as coatings, additives, nanotechnology among others.
Paraffin inhibitors are mainly used to safeguard the production tree, flowlines/subsea pipelines, and wellbore from plugging. The injection of these inhibitors is subject to the produced fluids composition. The paraffin inhibitors effectiveness is greatly dependent on composition of crude oil.
Paraffin inhibitors are utilized in petroleum production operations to decrease wax deposition or full gelling of high-wax-content based petroleum fluids. When the treatment is for gel prevention or viscosity reduction, the paraffin inhibitor is commonly termed as pour-point depressant.
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These chemical inhibitors are further utilized in deep-water umbilical applications on the other hand, these are also applied mainly in applications where thermal conditions are well-controlled with injection as well as heated storage.
Several benefits of paraffin inhibitors are likely to drive the market growth over the coming years. Chemical inhibitors eliminate or decrease deposits of paraffin in vessels thereby enhancing operation. These also eliminate downhole paraffin depositions further leading to increase in production. Paraffin inhibitors also decrease or eliminate paraffin made pads at separator interfaces thus enhancing the operation and vessel control.
The paraffin inhibitors market is bifurcated into various segments in terms of chemistry, operation, application, and regional landscape.
With respect to chemistry, the paraffin inhibitors market is classified into EVA acrylate copolymer, modified poly carboxylate, poly acrylate, and hyperbranched polyester. Among these, hyperbranched polymers segment will witness more than 4.5% CAGR over the forecast timeframe. This estimated growth is accredited to their unique chemical & physical properties along with their potential applications in supramolecular science, macromolecular building blocks, nanotechnology, coatings, and additives.
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In terms of application, the overall paraffin inhibitors market is segmented into offshore and onshore. Among these, onshore application segment will witness around 4% CAGR in terms of volume over the forecast time period. This anticipated growth is ascribed to the proliferation of unconventional onshore oil production. Paraffin inhibitors often modify the size and shape of wax crystals, dispersing the paraffin back to the oil to allow a steady flow.
From a regional frame of reference, Europe paraffin inhibitors market will witness substantial growth over the coming years owing to the growing need for oil production. This will further induce significant growth potential in the region and enhance the popularity of paraffin inhibitors in the region.