The market is expected to create an absolute $ opportunity of US$ 1,682.1 Mn between 2022 and 2030
Category: Chemicals & Materials Published Date : May 2022 ID: CVC-00115-CH Format: PDF Pages: 324
Drag-reducing Agent Market Size Analysis
According to a research analysis conducted by ChemView Consulting, in 2022, the worldwide drag-reducing agent market was worth US$ 2.6 Bn, and it is expected to grow at a CAGR of 5.6% over the forecast period. The market is expected to hit US$ 4.0 Bn by 2030 end.
The market is expanding due to world oil and gas consumption, crude oil and natural gas production, and exploration.
Drag-reducing agents are predominantly used for transportation and logistical applications in pipelines for crude oil, refined products, asphaltic crude transportation in oil and gas, chemicals, petrochemical, power, and energy industries.
Which is the Key Factor driving the demand for Drag-reducing agent?
Drag-reducing agents are extensively used to reduce overall operating costs by optimizing pipeline efficiency. This works as a flow improver as it aids in reducing the frictional pressure loss in the pipeline carrying oil, fuels, and liquid chemicals.
The Asia-Pacific region dominates the global market over the forecasted period because of the potential of developing nations India and China.
What are the opportunities in the Drag-reducing agent business?
The surge in oil and gas exploration activities and growth of chemical and agricultural activities across the globe are driving factors for the huge demand of drag-reducing agents. Moreover, scientific research on the use of drag-reducing agents to treat tumor cells and reduce the drag of blood through arteries and veins will boost the market further.
They are extremely easy to install as they are directly injected into pipeline products using injection pumps and tanks and hence don’t require significant capital expenditure.
Why is Polymer drag-reducing agent type estimated to grow at a high CAGR?
Polymer drag-reducing agent type is expected to hold a prominent position in the drag-reducing agent market, growing at a CAGR of 6.7% between 2022 and 2030. Polymer types are bio-degradable, cost effective, and most easily available and compactible with many other pipeline exploration machinery.
Which application type creates the highest demand for Drag-reducing agent?
Crude oil application accounts for the highest market share of drag-reducing agent and is expected to grow significantly in the forecasted period. This is basically because of the growing energy demand of oil and gas in the market with the rise of exploration activities.
Which region is consolidating its drag-reducing agent market dominance in the world?
The Asia Pacific region is estimated to be the fastest growing market with a CAGR of about 7.6% within the estimated period. India is estimated to hold significant share of 3.8% in the global Drag-reducing Agent market in 2021. This is due to the numerous initiatives undertaken by the Government of India (GOI) to expand the oil and gas network across the country to reduce transportation costs and improve availability in rural areas.
For example, the Indian government has announced a nearly US$ 1.73 billion allocation to the Gas Authority of India Limited for constructing a 2655-kilometer gas pipeline called the Jagdishpur-Haldia-Bokaro-Dhamra Pipeline Project (JHBDPL).
The market is consolidated with few players accounting for high revenue share. The global drag-reducing agent market’s leading manufacturers are focusing on the introduction of novel biopolymer-based drag-reducing agents.
Several vital players invest a fair share of their revenue in research and development boosting their product portfolio. Market participants focus on technological development and utilizing a product in several applications.
Some of the key developments that have taken place in the drag-reducing agent market include:
A list of some of the critical suppliers present in the market are:
Market Segments Covered in Report
By End-Use Industry:
By Region and Country:
Global drag-reducing agent Market 2022-2030: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Billion for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Type, Application, End-Use Industry, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|