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 USD 672.4 million in 2023 and to have a market share of USD 1,159.5 million by 2033.
The growing population is pushing for new accommodations, leading to increased renovation and construction activities, particularly in emerging economies. This surge is expected to drive market growth, bolstered by advanced adhesive technology. Additionally, the expanding network of oil pipelines demands high-maintenance and turbulence-controlling tools and adhesives. Factors such as frictional pressure drops and drag help control turbulence and prevent pipeline damage, further fueling the market’s expansion.
The fast-evolving requirements of oil producers and shippers necessitate continuous vendor support to address bottlenecks. Innovations like new pipeline drag-reducing agent (DRA) optimization systems help identify areas where DRAs are needed. The ongoing Russia-Ukraine war has prompted countries to construct new pipelines with advanced technological features, leading to a higher demand for drag-reducing agents during the forecast period.
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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.
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.
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 Segmentation
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
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