Dublin, Aug. 25, 2023 (GLOBE NEWSWIRE) -- The "Drag-Reducing Agents (DRA) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The global drag-reducing agent market is poised to witness significant growth, with an anticipated Compound Annual Growth Rate (CAGR) of over 5% during the forecast period.
Impact of COVID-19
- The COVID-19 pandemic initially had adverse effects on the drag-reducing agent market, as various industries like chemicals, petrochemicals, oil and gas, agriculture, and energy were temporarily shut down, leading to decreased demand for the product.
- However, the market has rebounded from the pandemic's impact and is currently experiencing rapid growth.
Factors Driving Market Growth
- Rise in Crude Oil Consumption: Short-term growth is expected due to increased crude oil consumption driven by the expansion of end-use industries like petrochemicals, energy generation, and oil and gas.
- Challenges from Sustainable Alternatives: The market may face challenges due to the shift towards biofuels and heightened environmental concerns, which could slow down growth.
- Research and Development: Ongoing research and development efforts and the integration of advanced technologies, such as nano-fluids, to enhance drag-reducing agent performance are projected to contribute to market growth.
Regional Dominance
- North America: This region is expected to dominate the global market in terms of revenue during the forecast period, currently holding the largest market share. The US, with substantial crude oil production, imports, and an emphasis on oil and gas infrastructure, is a significant driver of growth in the drag-reducing agent market.
Market Trends
- Crude Oil Significance: The drag-reducing agent market's substantial share is attributed to its use in crude oil pipelines to reduce energy loss. Growing crude oil production in countries like the United States and Saudi Arabia is expected to drive demand for drag-reducing agents in the oil industry.
Competitor Landscape
- The market is consolidated, with major manufacturers such as Baker Hughes, Flowchem, Innospec, NuGenTec, and Oil Flux Americas leading the industry.
In conclusion, the global drag-reducing agent market is set to experience steady growth, driven by factors such as increased crude oil consumption, research and development initiatives, and regional dominance. While challenges related to sustainable alternatives are present, the market's utilization in crucial sectors like crude oil pipelines remains a significant growth driver.
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand from Refineries
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Switch to Biofuels
4.2.2 Rising Environmental Concerns
4.3 Industry Value-Chain Analysis
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION (Market Size in Value)
5.1 Application
5.1.1 Low- and Medium-phase Crude Oil
5.1.2 Heavy/Asphaltic Crude
5.1.3 Multiphase Fluid
5.1.4 Refined Products
5.1.5 Other Applications
5.2 Geography
5.2.1 Asia-Pacific
5.2.2 North America
5.2.3 Europe
5.2.4 South America
5.2.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share/Ranking Analysis
6.3 Strategies Adopted By Leading Players
6.4 Company Profiles
6.4.1 Baker Hughes
6.4.2 Dorf Ketal Chemicals India Pvt. Ltd.
6.4.3 Flowchem
6.4.4 Indian Oil Corp. Ltd.
6.4.5 Innospec
6.4.6 Jiangyin Huaheng Auxiliary Co. Ltd.
6.4.7 LiquidPower Specialty Products Inc.
6.4.8 NuGenTec
6.4.9 Oil Flux Americas
6.4.10 The Zoranoc Oilfield Chemical
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Advanced Drag-Reducing Agents such as Nano-Fluids
For more information about this report visit https://www.researchandmarkets.com/r/qb52m
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Attachments
- Drag Reducing Agents Market Crude Oil Production In Thousand Barrels Per Day United States 2017 2021
- Drag Reducing Agents Market Drag Reducing Agents Market Growth Rate By Region 2022 2027
