As per FMI, North America is projected to continue dominating the global market, accounting for nearly 48.9% of the total drag reducing agents sales in 2022. The oil & gas segment is expected to register robust growth in the market through 2029.
Compared to the US$ 597.2 Million recorded in 2021, the market for drag-reducing agents is projected to reach US$ 937.3 Million by 2029. The market is developing as a result of rising demand for goods that improve flow, such as drag-reducing agents, which increase pipeline efficiency and flow capacity.
Get a Sample Copy of the Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-8274
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 2022-2029.
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.
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.
Ask Us Your Questions About This Report: https://www.futuremarketinsights.com/ask-question/rep-gb-8274
Key Segment
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
- South Asia
- East Asia
- Oceania
- Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
LinkedIn| Twitter| Blogs | YouTube
For Sales Enquiries: sales@futuremarketinsights.com