The drag reducing agent market is likely to expand its roots at an average CAGR of 5.6% between 2023 and 2033. The market is expected to have a market share of US$ 1,159.5 million by 2033, while it is projected to be valued at US$ 672.4 million in 2023.
- The growing population is pushing people to find new accommodations. The situation also leads to higher renovation and construction activities in emerging economies are expected to propel market growth. Furthermore, advanced adhesive technology is garnering the market.
- The proliferating web of oil pipelines is demanding high-maintenance and turbulence-controlling tools and adhesives. The use of factors like frictional pressure drops and drag helps the pipelines control the turbulence while controlling the pipeline damage.
- New government projects, higher developments in oil and gas companies, and extension of oil supplies have garnered market growth. Alongside this, the private oil companies increasing their logistics budget for lower risks are also helping the market expand its roots.
- The fast-evolving requirements of oil producers and shippers push the vendors to add constant support to the bottlenecks. The new pipeline drags reducing agent (DRA) optimization systems and even identifies the areas where the DRA needs to be added.
- The ongoing Russia-Ukraine war has led countries to build new pipelines with advanced technological additions. Hence, higher sales of drag-reducing agents are expected during the forecast period.
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Key Points
1. The United States market leads the drag reducing agent market in terms of market share in North America. The United States region held a market share of 35.6% in 2022. The growth in this region is attributed to higher oil consumption, higher demand for faster oil supply, and the presence of oil companies importing oil through pipe transportation.
2. The German market is another important market in the European region. The market thrived at held a market share of 2.6% in 2022. The growth is attributed to the presence of pipelines supplying oil to gas to Europe through the Eastern Russian oil stations.
3. The Chinese drag reducing agent market thrives at a CAGR of 6.1% during the forecast period. The growth is caused by higher economic activities and rising oil consumption.
4. The Indian market thrives at a CAGR of 6.5% between 2023 and 2033. The higher growth rate is caused by higher consumption, exports through multiple sources, and enhanced pipeline transportation through private oil companies.
5. Based on product type, the polymer segment leads the market, as it held a share of 66.10% in 2022.
6. Based on the end user, the oil and gas segment leads the market as it held a market share of 40.2% in 2022.
Competitive Landscape
The key vendors focus on enhancing the laminar flow and pipeline capacity. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Recent Market Developments
- Innospec has introduced its Drag Reducing Agents (DRS). The product claims to improve operating costs without sacrificing the pipeline throughput.
- Baker Hughes has introduced the FLO XLWR drag reducing agent that boosts the pipeline performance and achieves greater than 70% drag reduction at a lower treatment rate.
Key Players
Baker Hughes
Flowchem
Innospec
Lubrizol Specialty Products Inc.
NuGenTec
Oil Flux Americas
Sino Oil King Shine Chemical
Superchem Technology
The Zoranoc Oilfield Chemical
China National Petroleum Corporation
Others
Key Segments Covered
By Product Type:
Polymer
Surfactant
Suspension/ Suspended Solids
By Application:
Crude Oil
Multi-phase Liquid
Refined Products
Heavy, Asphaltic Crude
Water Transportation
By End Use:
Oil & Gas
Chemicals & Petrochemicals
Power & Energy
Agriculture
Others
By Region:
North America
Latin America
Europe
Asia Pacific
The Middle East and Africa