Drag Reduction Agent Market To Reach USD 2.24 Billion By 2027
The global Drag Reduction Agent Market was estimated at USD 930.4 million in 2019, according to the latest review of Reports and Data, and is expected to hit USD 2.04 billion by 2027, registering a 10.2 percent CAGR.
Additives used in pipelines or conduits that minimise frictional pressure loss during fluid flow are drag-reducting agents. In petroleum pipelines, they are most widely used to increase the pipeline capacity by minimising turbulence and allowing the flow of oil or other liquids more effectively, thereby allowing the liquid to be pumped through at lower pressures, saving energy and money. Drag reduction agents are used by pipeline performance enhancement for a substantial reduction in operating costs.
The market's key driving factors will be the upsurge in oil & gas exploration activities, the development of chemical industries and increased agricultural activities worldwide. In-depth research on the production of drag reducing agents has recently been conducted for the treatment of tumor cells and reducing the drag of blood through arteries and veins, which is expected to boost the market further.
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The worldwide demand for crude oil reached over 100 million barrels/day in 2019. It is predicted that a similar pattern will continue over the coming years and will fuel the growth of the drag reduction agent industry over the coming years. Several countries are transitioning to eco-friendly fuels with the global weather crisis, but emerging economies are still heavily dependent on crude oil, creating significant avenues for industry development. Growing investment in fossil fuel exploration activities to meet demand from the power & energy industry would strengthen price patterns in the industry.
North America consumed about 40.75% of the global supply of drag reducing agents, with the USA being the major player, led by MEA, consuming 27 kilos of metric tonnes in 2019. The Asia Pacific region is expected to be the world leader in the oil & gas and chemical industries, suggesting that it will also play an important role in the potential global consumption of drag-reduction agents.
The most important limiting factor for the market is that other industries such as oil & gas fracturing are largely dependent on it. If the prices in these industries fluctuate, the demand for the drag reduction agent will also fluctuate. Because numerous companies are transitioning to environmentally friendly practises, it is expected that the oil & gas industry will be affected, hampering the demand for drag reduction agents.
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Key Players in drag reducing agent market include:
· Baker Hughes
· Partow Ideh Pars.
· LiquidPower Specialty Products Inc.
· Oil Flux Americas
· Lubrizol Specialty Products Inc.
· Sino Oil King Shine Chemical
· National Petroleum Corporation
· The Zoranoc Oilfield Chemical
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Drag Reducing Agent Market: Segmentation
For this report, Reports and Data has segmented the Drag Reduction Agent market based on ingredient, product type, application, end-use, and region:
Product Type (Revenue USD Million; Volume in Tons, 2017–2027)
· High Viscosity Glue
· Low Viscosity Glue
· Rubber Latex
Application Outlook (Revenue USD Million; Volume in Tons, 2017–2027)
· Crude Oil
· Blood Treatment
· Chemical Transportation
· Other Application
Regional Outlook (Revenue USD Million; Volume in Tons, 2017–2027)
· North America
· Asia Pacific
· Middle East & Africa
· Latin America
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