 |
| Hydrate Inhibitors Market |
Hydrate inhibitors are chemical thermodynamic or kinetic inhibitors added to crude oil systems to prevent the formation of gas hydrates or to dissolve existing gas hydrates during production or transportation of oil and gas. Hydrate inhibitors play a vital role in oil and gas production from offshore and deep-water reserves by allowing continuous flow assurance.
The global
Hydrate Inhibitors Market is estimated to be valued at US$ 275.34 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period
2024 to 2031, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The demand for hydrate inhibitors is primarily driven by increasing oil and gas
exploration and production activities globally. Rapid industrialization and
growing population have increased the energy demand worldwide, boosting
investments in offshore deep-water and Arctic oil and gas exploration.
Additionally, advancement in unconventional hydrocarbon production technologies
such as tight oil, heavy oil, and shale gas extraction have augmented global
crude oil production. Hydrate inhibitors play a vital role in transportation of
produced oil and gas through subsea pipelines from offshore reserves and
ensuring continuous production by preventing blockage due to gas hydrate
formation. Thus, rising offshore and unconventional oil and gas production is
expected to propel the growth of the global hydrate inhibitors market during
the forecast period.
Segment Analysis
The global hydrate inhibitors market is dominated by the thermodynamic hydrate
inhibitors sub-segment, which accounted for around 60% share of the overall
market in 2024. Thermodynamic hydrate inhibitors are preferred over kinetic
hydrate inhibitors due to their lower costs and ease of availability. They
inhibit hydrate formation by lowering the freezing point of water and getting
preferentially absorbed at the interface of water and gas molecules, thus
preventing hydrogen bonding between water-gas molecules which causes hydrate formation.
Key Takeaways
The global Hydrate
Inhibitors Market Growth is expected to witness high growth over the
forecast period of 2024-2031. The growing offshore and onshore oil & gas
production activities around the world are expected to drive the demand for
hydrate inhibitors which prevents blockage in pipelines by hydrates. The global
Hydrate Inhibitors Market is estimated to be valued at US$ 275.34 Mn in 2023
and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to
2031.
Regional analysis
The Asia Pacific region dominated the global hydrate inhibitors market in 2024
and is expected to witness the highest growth over the forecast period. This
can be attributed to the presence of major oil & gas producers such as
India and China in the region. With the increasing offshore and deepwater oil
& gas exploration activities in the region, the demand for hydrate
inhibitors is projected to rise substantially.
Key players
Key players operating in the hydrate inhibitors market are BP Plc, Chevron Corporation,
Essar Oil Ltd., ExxonMobil Corporation, HPCL - Mittal Energy Limited, Indian
Oil Corporation Limited, Reliance Industries Limited, Royal Dutch Shell Plc,
Saudi Arabian Oil Co., and Valero Energy Corporation. Royal Dutch Shell Plc
held the largest market share in 2024 owing to its strong production and
exploration portfolio across major oil & gas assets globally.
For more insights, read- https://www.newsstatix.com/hydrate-inhibitors-market-size-and-share-analysis-growth-trends-and-forecasts/
For more details on the report, Read- https://cmiinfopiece.blogspot.com/2024/01/the-global-luxury-travel-market-growth.html
0 Comments