Drag Reducing Agent Market by Application and Geography - Forecast and Analysis 2021-2025

  • Published: Sep 2021
  • Pages: 120
  • SKU: IRTNTR44199
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The drag reducing agent market has the potential to grow by USD 63.88 million during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 5.21%.

This drag reducing agent market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by application (crude oil, chemical transportation, and others) and geography (North America, MEA, APAC, Europe, and South America). The drag reducing agent market report also offers information on several market vendors, including Baker Hughes Co., Berkshire Hathaway Inc., China National Petroleum Corp., Deshi Energy Technology Group Co.,Ltd, Evonik Industries AG, Flowchem LLC, Innospec Inc., Oil Flux Americas LLC, Specialized Technologies for Industrial Services Co., and Weifang Xinchang Chemical Co. Ltd. among others.

What will the Drag Reducing Agent Market Size be in 2021?

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Drag Reducing Agent Market: Key Drivers and Trends

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The increasing application of drag reducing agents in the oil and gas industry is notably driving the drag reducing agent market growth, although factors such as rising investments in electric vehicles may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the drag reducing agent industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

  • The increasing application of drag reducing agents in the oil and gas industry is one of the key factors driving the market growth during the forecast period.
  • Drag reducing agents are popular additives used in pipelines in the oil and gas industry. These agents help in increasing the pipeline capacity by reducing turbulency and allow the oil to flow efficiently.
  • These additives function as a fluidifier additive within the crude oil mass by positively altering the frictional pressure occurring in a pipeline.
  • Drag reducing agents are effective additives in reducing corrosion in these pipelines.
  • A huge number of vendors are offering drag reducing agents specifically for the oil and gas industry, owing to their rising demand. 
  • Friction resistance and other excellent properties are key market trends that will influence the growth of the market during the forecast period.
  • These agents achieve the reduction of turbulence-induced drag in the pipeline of the crude oil mass due to the rearrangement of bonds between atoms in crude oil without altering the inherent properties of crude oil.
  • These agents are environmentally safe non-residual contaminants.
  • The increase in offshore and deepwater exploration is driving the need for pipelines and their effective functioning. This, in turn, is creating a huge demand for drag reducing agents to prevent the occurrence of any friction and other similar disturbances in pipelines.

This drag reducing agent market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Drag Reducing Agent Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Baker Hughes Co.
  • Berkshire Hathaway Inc.
  • China National Petroleum Corp.
  • Deshi Energy Technology Group Co.,Ltd
  • Evonik Industries AG
  • Flowchem LLC
  • Innospec Inc.
  • Oil Flux Americas LLC
  • Specialized Technologies for Industrial Services Co.
  • Weifang Xinchang Chemical Co. Ltd.

 

This statistical study of the drag reducing agent market encompasses successful business strategies deployed by the key vendors. The drag reducing agent market is fragmented and the vendors are deploying growth strategies such as distinguishing their offerings through clear and unique value propositions to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The drag reducing agent market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Drag Reducing Agent Market?

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36% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for drag reducing agents in North America. Market growth in this region will be faster than the growth of the market in Europe and South America.

This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Application Segments in the Drag Reducing Agent Market?

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The drag reducing agent market share growth by the crude oil segment will be significant during the forecast period. The benefits of adding drag reducing agents in crude oil have made them a popular choice in crude oil applications. Leveraging this opportunity, several vendors in the drag reducing agent market have started offering a wide range of drag reducing agents for crude oil applications. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the drag reducing agent market size and actionable market insights on post COVID-19 impact on each segment.

 

Features

Included Data

Base year for market size assessment

2021

Forecast period

2021-2025

Growth momentum and forecast

Accelerate at a CAGR of 5.21%

Regional analysis

North America, MEA, APAC, Europe, and South America

Key consumer countries

US, Saudi Arabia, UAE, China, and Canada

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Baker Hughes Co., Berkshire Hathaway Inc., China National Petroleum Corp., Deshi Energy Technology Group Co.,Ltd, Evonik Industries AG, Flowchem LLC, Innospec Inc., Oil Flux Americas LLC, Specialized Technologies for Industrial Services Co., and Weifang Xinchang Chemical Co. Ltd.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Factors Covered in this Drag Reducing Agent Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive drag reducing agent market growth during the next five years
  • Precise estimation of the drag reducing agent market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the drag reducing agent industry across North America, MEA, APAC, Europe, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of drag reducing agent market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch

Drag Reducing Agent Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 5.21%

Market growth 2021-2025

$ 63.88 million

Market structure

Fragmented

YoY growth (%)

4.75

Regional analysis

North America, MEA, APAC, Europe, and South America

Performing market contribution

North America at 36%

Key consumer countries

US, Saudi Arabia, UAE, China, and Canada

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Baker Hughes Co., Berkshire Hathaway Inc., China National Petroleum Corp., Deshi Energy Technology Group Co.,Ltd, Evonik Industries AG, Flowchem LLC, Innospec Inc., Oil Flux Americas LLC, Specialized Technologies for Industrial Services Co., and Weifang Xinchang Chemical Co. Ltd.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The drag reducing agent market growth will increase by $63.33 million during 2019-2024.
The drag reducing agent market is expected to grow at a CAGR of 5.08% during 2019-2024.
Technavio has segmented the drag reducing agent market by application (Crude oil, Chemical transportation, and Others) and geographic (North America, MEA, APAC, Europe, and South America).
Baker Hughes Co., Berkshire Hathaway Inc., Cabot Microelectronics Corp., China National Petroleum Corp., Evonik Industries AG, Innospec Inc., Oil Flux Americas LLC, Shandong Deshi Petroleum Engineering Group Co. Ltd., Specialized Technologies for Industrial Services Co., Weifang Xinchang Chemical Co. Ltd. are a few of the key vendors in the drag reducing agent market.
MEA will register the highest growth rate of 41.12% among the other regions. Therefore, the drag reducing agent market in MEA is expected to garner significant business opportunities for the vendors during the forecast period.
  • US
  • Saudi Arabia
  • UAE
  • China
  • Canada
  • Russian Federation
The key factors driving the drag reducing agent market growth are:
  • Increasing application of drag reducing agents in oil and gas industry
The drag reducing agent market vendors should focus on grabbing business opportunities from the crude oil segment as it accounted for the largest market share in the base year.
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