Research Report with COVID-19 Forecasts – Demulsifier Market 2020-2024 | Increase in Global Crude Oil Production to Boost Market Growth | Technavio
LONDON–(BUSINESS WIRE)–#DemulsifierMarket–The demulsifier market is expected to grow by USD 254.62 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Growing global energy demands and technological advancements in oil and gas E&P activities have significantly increased the production of crude oil across the world. For instance, in 2019, the average crude oil production in the US stood at 12.23 million barrels per day which is 11% higher compared with the crude oil production in 2018. In the Middle East, leading crude oil producers such as Saudi Arabia and Iraq accounted for 12.6% and 5.6% of global crude oil production respectively. Demulsifiers are extensively used in crude oil production to separate oil-water emulsion. Therefore, the increase in global crude oil production is expected to drive the growth of the global demulsifier market during the forecast period.
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As per Technavio, the growing developments in green demulsifier will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Demulsifier Market: Growing Developments in Green Demulsifier
Conventional demulsifiers use certain synthetic chemicals such as polyoxyethylene and polypropylene. These are harmful to aquatic organisms and the surrounding environment. The harmful effects of conventional demulsifiers on the environment are compelling several governments and regulatory authorities across the world to impose stricter environmental regulations. This is prompting vendors in the market to replace existing substances used in conventional demulsifiers with environment-friendly chemicals, such as plant and silicone derivatives. This trend is expected to have a positive impact on the growth of the global demulsifier market during the forecast period.
“Advances in demulsifier formulations and the rise in global refining capacity will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Demulsifier Market: Segmentation Analysis
This market research report segments the demulsifier market by Type (Oil-soluble demulsifier and Water-soluble demulsifier) and Geography (MEA, North America, Europe, APAC, and South America).
The MEA region led the demulsifier market in 2019, followed by North America, Europe, APAC, and South America respectively. During the forecast period, MEA is expected to register the highest incremental growth due to the increase in E&P activities in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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