Drag Reducing Agent Market to grow by USD 80.73 million from 2022 to 2027 | The rising complexity in offshore field operations drives the market - Technavio

NEW YORK, Aug. 24, 2023 /PRNewswire/ -- The drag reducing agent market is set to grow by USD 80.73 million from 2022 to 2027 progressing at a CAGR of about 5.5% during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The rising complexity in offshore field operations is notably driving market growth. The oil and gas companies are engaging in a considerable number of deepwater and ultra-deepwater oil and gas fields. These offshore oil and gas fields, particularly deepwater and ultra-deepwater fields, have distinct features from traditional oil and gas fields, which makes it hard to carry out operations. Further, the harsh operating environment adds to the complexity of the process, such as refining, transportation, and extraction. Consequently, the rising complexity of offshore field operations is anticipated to contribute enormously to the growth of drag-reducing agents in the oil and gas industry. The need for drag-reducing agents will increase with new offshore projects expected to rise, which will boost the growth of the market during the forecast period. -Here is an Exclusive report talking about Market scenarios with a historical period (2017-2021) and a forecast period (2023-2027). Download Sample Report in minutes!

The drag reducing agent market covers the following areas:

• Drag Reducing Agent Market Sizing
• Drag Reducing Agent Market Forecast
• Drag Reducing Agent Market Analysis

Drag Reducing Agent Market 2023-2027 - Market Dynamics

Significant Drag Reducing Agent Market Trend

The increasing use of drag-reducing agents in medical applications is an emerging market trend. Drag-reducing agents are demonstrated to be advantageous for blood circulation and useful in treating cardiovascular diseases. Such agents are administered for metastasizing tumor cells and also lower drag in veins and arteries and regularize blood flow. Furthermore, drag-reducing polymers enhance tissue perfusion via the modification of the red blood cell (RBC) traffic in microvessels. Drag-reducing polymers lower microvascular resistance and enhance myocardial perfusion during coronary stenosis. Moreover, several applications of drag-reducing agents in the medical field are advancing their popularity in this sector. Consequently, the rising use of drag-reducing agents in medical applications is anticipated to drive market growth during the forecast period. 

Major Drag Reducing Agent Market Challenge - Rising investments in electric vehicles are the major challenge hindering growth

What's New? -

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

Drag Reducing Agent Market 2023-2027 : Market Segmentation

This report extensively covers market segmentation by application (crude oil, chemical transportation, and others), product (polymer, surfactant, and others), and geography (North America, Middle East and Africa, APAC, Europe, and South America).

• The market share growth of the crude oil segment will be significant during the forecast period. By rearranging the bonds between atoms in crude oil, drag-reducing agents help in lowering turbulence in the pipeline of the crude oil mass. This helps in reducing pressure in the pipeline, which results in a high flow stream at the same pressure. Consequently, drag-reducing agents promote the continuous flow of the crude oil mass to prevent clogged production wells and flow stream processes. The advantages of adding drag-reducing agents in crude oil have made them a favored choice in crude oil applications. Leveraging this opportunity, several companies in the market have initiated delivering a broad range of drag-reducing agents for crude oil applications. Therefore, the rising popularity of drag-reducing agents in crude oil applications is anticipated to fuel the growth of this overall market in focus during the forecast period.

This report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters- View Sample Report

Companies Mentioned

• Baker Hughes Co.
• Berkshire Hathaway Inc.
• China National Petroleum Corp.
• Deshi Energy Technology Group Co.,Ltd
• Dorf Ketal Chemicals India Pvt. Ltd.
• Evonik Industries AG
• Finoric LLC
• Flowchem
• Indian Oil Corp. Ltd.
• Innospec Inc.
• Jiangyin Huaheng Auxiliary Co. Ltd.
• KMG Chemicals
• Monsoon Oilfield Ltd.
• NuGenTec
• Oil Flux Americas LLC
• Specialized Technologies for Industrial Services Co.
• The Lubrizol Corp.
• The Zoranoc Oilfield Chemical
• Weifang Xinchang Chemical Co. Ltd.
• Partow Ideh Pars Co. P.J.S

Company Offerings

• Baker Hughes Co. - The company offers drag-reducing agents such as FLO ULTIMA 91000 drag-reducing agent. 
• Berkshire Hathaway Inc. - The company offers drag-reducing agents through LiquidPower Specialty Products Inc. including DRA technology and products. 
• China National Petroleum Corp. - The company offers drag-reducing agents such as EP Series Drag Reducer. 

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Key Topics Covered:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

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8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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