A new market research report by Future Market Insights on the drag reducing agent market includes global industry analysis 2014 - 2018 and opportunity assessment 2019 - 2029.
The report investigates the drag reducing agent market and provides critical insights for the forecast period, and indicates that the global drag reducing agent market was valued at ~ US$ 500 Mn in 2018. The market is further slated for a healthy spike in revenues over the said timeline, at an estimated 6% CAGR, according to FMI’s projections.
Apart from the increasing oil & gas production activities across geographies, the growth is majorly driven by the increasing consumption of drag reducing agent for transportation and logistical applications in pipeline for crude oil, refined products, heavy, asphaltic crude and water transportation purposes in oil & gas, chemicals & petrochemicals, power & energy, agriculture among other industries. FMI expects a promising growth outlook for the market over the course of upcoming decade.
North America’s Market Attractiveness Rising
Regions such as North America and Europe are expected to hold prominent market shares in terms of value. However, the North America market is expected to project lucrative growth in the global drag reducing agent market over the forecast period of 2019-2029.
Furthermore, the effects of macroeconomic factors such as growth in the GDP, growing chemical industry, world oil & gas consumption, crude oil & natural gas production, and rapid industrialization, the confidence of investors and investments in oil & gas projects have increased significantly in North America and other regions as well. As a consequence, the oil field industry of North America, Europe and China has gained a significantly positive momentum over the past years, which has resulted in the growth of pipeline industry as there is a need for increasing distribution network for transportation and exploration of oil products.
Oil & Gas Industry to Remain as Key Consumer of Drag Reducing Agents
The global market of drag reducing agent has been segmented on the basis of different product types of drag reducing agent, their multiple applications, their end users and regions such as North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East and Africa.
By Product type, the polymer type of drag reducing agent segment is expected to hold prominent value shares of the global drag reducing agent market. Polymer drag reducing agents are easily available and compatible with a lot of pipeline exploration machineries, it also falls under bio degradable agents and is also cost effective. On the basis of application, the crude oil and refined products segment are expected to consume majority share of the global drag reducing agent market value.
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Drag Reducing Agent Market: Vendor Insights
The report highlights some of the prominent market players, who have established themselves as leaders in the global drag reducing agent market. Some of the examples of key players in the global drag reducing agent market are Baker Hughes, Liquid Power Specialty Products Inc. (Berkshire Hathaway), The China National Petroleum Corporation, Innospec Incorporated, KMG Chemicals Inc. and Zoranoc Oilfield Chemical Co., Ltd among others.
The global drag reducing agent market is significantly consolidated with some players holding prominent shares of the market. These players are offering drag reducing agent under their popular brands such as LiquidPower®, ExtremePower®, and FLO®, among others.