Latest News- Drag Reducing Agent Market: Crude oil is expected to lead the Application segment during 2024-2028

The Drag Reducing Agent Market is being driven by Increasing application of drag reducing agents in oil and gas industry

The Drag Reducing Agent Market is expected to grow at a CAGR of 5.97% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 93.1 million. In the realm of advanced materials, bio-based polymers have emerged as a significant alternative to traditional petroleum-based polymers, driven by increasing global concerns over fossil fuel depletion and environmental pollution. These biodegradable bio-polymers, derived from living organisms, offer water-soluble and oil-soluble variants with impressive drag-reduction capabilities. Their unique rheological properties and chain flexibility under shear and extensional forces enable them to significantly impact turbulence flow behavior. Consequently, bio-based polymers have become indispensable in engineering applications, particularly in oil production and pipeline transportation, where manipulating turbulence is crucial. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Crude oil
  • Chemical transportation
  • Others
• Product
  • Polymer
  • Surfactant
  • Others
• Geography
  • North America
    • US
    • Canada
  • Middle East and Africa
  • APAC
    • China
  • Europe
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing application of drag reducing agents in oil and gas industry
• Friction resistance and other excellent properties
• Rising complexity in offshore field operations

However, the market also witnesses some limitations, which are as follows:

• Nanotechnology and biotechnology
• Volatility in crude oil prices
• Rising investments in electric vehicles

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Market Scope in Drag Reducing Agent Market Research Report

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

The Drag Reducing Agent (DRA) market is a significant segment of the petrochemical industry, particularly in the transportation sector. DRAs are essential additives used in petroleum pipelines to enhance the efficiency of fluid transportation, reducing the energy consumption and increasing the pipeline capacity. These agents are effective in both laminar and turbulent flows, making them suitable for multiphase liquids, including crude oil, natural gas, petrol, diesel, and refined petroleum. The demand for DRAs is driven by the increasing oil demand and the need to optimize pipeline operations. DRAs, also known as drugreducing polymers, work by reducing the drag force acting on the fluid, allowing it to flow more smoothly through the pipe. The use of DRAs can lead to significant energy savings, particularly in long-distance transportation of natural gas and crude oil. The Future Market Insights reports that the global DRA market is expected to grow at a CAGR of 5.4% between 2021 and 2031. The report attributes this growth to the increasing demand for energy sources and the need to improve pipeline operations in the transportation sector. Equity Foundation, one of the leading players in the DRA market, offers a range of flowimproving products designed to enhance pipeline efficiency and reduce energy consumption.

Market Research Overview

The global diversified chemicals market encompasses businesses producing a broad spectrum of chemical products that fall outside the realms of industrial gases, commodity chemicals, specialty chemicals, and fertilizers or agricultural chemicals. According to Technavio, the market size is determined by the consolidated revenue generated by manufacturers of these diverse chemical offerings. Key growth drivers for the global diversified chemicals market include robust demand from emerging economies, such as China, Brazil, Indonesia, and India. These nations present attractive opportunities due to factors like government incentives, abundant labor resources, ample land availability, and minimal transportation expenses, leading many diversified chemicals manufacturers to establish operations in these regions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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