Between 2023 and 2033, the drag reducing agent market is projected to grow at a compound annual growth rate (CAGR) of 5.6%. The market is anticipated to be valued at US$ 672.4 million in 2023 and to have a market share of US$ 1,159.5 million by 2033.
According to Future Market Insights (FMI), the global market for drag reducing agents is expected to increase at a rate of 5.6% between 2023 and 2033, creating an incremental opportunity of US$ 633.6 million by 2022.
North America will account for almost 48.9% of the drag reduction agents’ sales in 2022, continuing its dominance of the global industry. Through 2029, the market is anticipated to have strong growth in the oil and gas segment.
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Key Points
- 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.
- 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.
- 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.
- 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.
- Based on product type, the polymer segment leads the market, as it held a share of 66.10% in 2022.
- Based on the end user, the oil and gas segment leads the market as it held a market share of 40.2% in 2022.
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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
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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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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