Paraffin Inhibitors Market Projected to Exceed $915 Million by 2027, Says Global Market Insights Inc.

SELBYVILLE, Del., Jan. 20, 2021 /PRNewswire/ --A Based on Global Market Insights Inc.'sA report, the Paraffin Inhibitors MarketA size was estimated at $655.5 million in 2020 and is slated to surpass $915 million by 2027, registering a CAGR of 6% from 2021 to 2027. The report provides a comprehensive analysis of the top winning strategies, wavering industry trends, drivers andA opportunities, top investment avenues, competitive scenarios, market estimations andA size.Paraffin inhibitors prevent wax deposition on cold surfaces such as pipeline walls, lower fluid viscosity, and offer better pumpability. Paraffin is a naturally occurring substance in crude oil, which causes flow challenges in the pipeline during production, storage, and transportation of oil & gas. With increasing crude oil production and rapidly rising industrial production, the use of paraffin inhibitors is expected to grow at a considerable pace.Request for Sample Report: inhibitors play a pivotal role in the upstream sector of oil & gas, as they provide superior flowability and enhanced productivity of crude oil. Rising consumption of oil & gas across major end-user industries will create the need for an increase in oil supply by 2027. Globally, crude oil production was projected to grow at a considerable rate from 2016 to 2019. The monthly data for crude oil production in July 2020 indicated around 1.5% growth compared to June 2020. According to estimates of the Organization of Petroleum Exporting Countries (OPEC), countries including Saudi Arabia, Iraq, the UAE, & Kuwait have increased their production output in July 2020.Apart from increasing demand from the end-user industry, advancements and innovations in the sector are also observed to be other driving factors as manufacturers are increasingly coming up with alternatives to reduce carbon footprint. Oil & gas companies spend a significant amount of time and money on technological advancements to improve the overall system efficiency. Increasing government pressure on curbing carbon footprints is driving the need for sustainability in the sector. Major companies are investing in new technologies that promote zero-carbon emissions. Such trends are further driving the need for new materials in the paraffin inhibitors market. Ongoing research activities related to the usage of biodegradable and waste materials may create innovations in the sector.
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