Increasing demand for flow-improving products, such as drag-reducing agents for expanding the flow capacity and enhancing the efficiency of pipelines, favoring market growth.
WILMINGTON, Del., Oct. 19, 2023 /PRNewswire/ -- The global drag reducing agents market is projected to flourish at a CAGR of 7.5% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 1.1 billion is anticipated for the market in 2031. As of 2023, the drag-reducing agents market is expected to close at US$ 606 million.
The growth in energy production, particularly in the oil and gas industry, has led to an expansion of pipeline networks to transport these resources over long distances. As pipelines extend, the demand for drag-reducing agents to improve the flow of these products grows.
The drag-reducing agents are increasingly used across the oil & gas refining and transportation industries to enhance the pipeline capacity and increase laminar flow; a slew of such developments are estimated to create lucrative growth opportunities in the market.
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Drag Reducing Agents Market Report Scope:
Report Coverage | Details |
Forecast Period | 2023-2031 |
Base Year | 2020 |
Size in 2022 | US$ 563.7 Mn |
Forecast (Value) in 2031 | US$ 1.1 Bn |
Growth Rate (CAGR) | 7.5 % |
No. of Pages
| 350 Pages |
Segments covered
| By Drag Reducer Type, By Form, By End-use |
Ongoing research and development have led to the introduction of more effective drag reducing agents. Advanced formulations with better flow-enhancing properties have made drag-reducing agents more attractive to users.
The extraction of oil and gas from shale formations often involves the use of pipelines. The growth of the shale oil and gas industry has led to an increased demand for drag reducing agents to optimize the flow of these hydrocarbons.
Competitive Landscape
According to the analysis of the latest drag-reducing agents market research report, the global industry is relatively fragmented due to several companies operating at the global level. A few significant players follow the latest drag-reducing agents' market trends and cater to niche markets and applications.
- Innospec
- NuGenTec
- Baker Hughes Company
- Oil Flux
- The Zoranoc Oilfield Chemical
- Flowchem LLC
- Onnyyxx
- Liquid Power Specialty Products Inc.
- Monsoon Oilfield Ltd
Key developments in the drag-reducing agents market
- In March 2021, Indian Oil Corp. Ltd, a leading petroleum refining company in India, entered into a partnership with a global chemical manufacturing and supply company, Dorf Ketal Chemicals LLC, to manufacture drag-reducing agents at the latter company's production facility at Dahej, Gujarat.
- Baker Hughes Company is a major player in the drag-reducing agents market, offering a range of DRA products and services to improve pipeline efficiency and reduce energy consumption.
Key Takeaways from the Market Study
- As of 2022, the drag reducing agents market was valued at US$ 563.7 million
- Based on drag reducer type, the polymer-based segment dominates the market as Polymer-based drag-reducing agents are highly effective in reducing frictional resistance in pipelines
- In terms of end-use, the oil & gas segment accounted for a high share of the global demand for DRAs in 2022.
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Drag Reducing Agents Market: Key Trends and Opportunistic Frontiers
- The Increase in global oil consumption due to the rise in oil & gas research activities is positively impacting the number of new oil & gas pipeline projects. It is propelling the drag reducing agents industry growth.
- Increasing research & development activities and integrating novel technologies for developing advanced drag-reducing agents such as nano-fluids to enhance their performance is expected to bode well for market growth in the coming year.
- Higher demand for an enhanced supply chain, the ongoing conflict between Russia and Ukraine, and the flourishing oil & gas industry are expected to create new opportunities for the market.
Drag Reducing Agents Market - Regional Analysis
- North America, particularly the United States and Canada, is a significant market for drag-reducing agents. The growth in shale oil and gas production and the expansion of pipeline networks have driven demand for these additives. Extensive crude oil and natural gas pipelines in these countries have contributed to adopting drag-reducing agents.
- Asia Pacific is witnessing significant industrial growth. Expansion of industries coupled with increased oil & gas exploration activities has increased the demand for DRAs to improve pipeline transportation efficiency. Rapid industrialization and growing energy demand have led to increased pipeline construction. Maintaining pipeline efficiency and reducing energy consumption has boosted the DRA market.
Drag Reducing Agents Market - Key Segments
By Drag Reducer Type
- Polymers
- Polyalphaolefin
- Polyethylene Oxide
- Polyacrylamide
- Others
- Suspensions
- Biological Additives
- Surfactants
By Form
- Liquid
- Powder
By End Use
- Oil & Gas
- Hydraulic Fracturing
- Clear Fluid Drilling
- Pipeline Transportation
- Others
- Civil Work
- Fire Fighting
- Marine
- Irrigation
- Biomedical
- Chemical
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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