Drag Reducing Agent Market size to grow by USD 80.73 million from 2022 to 2027, Technavio
NEW YORK, March 26, 2024 /PRNewswire/ -- The drag reducing agent market size is expected to experience significant growth between 2023 and 2027, according to a recent market analysis. The market is anticipated to increase by USD 80.73 million during this period, representing a Compound Annual Growth Rate (CAGR) of 5.5%.
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The growth of the drag reducing agent market is attributed to various factors, including the rising complexity in offshore field operations within the petroleum industry. Offshore petroleum fields, especially deepwater and ultra-deepwater fields, present unique challenges in terms of operations due to their harsh environments and distinct characteristics. As a result, there's a growing demand for drag-reducing agents to facilitate the flow of crude oil through pipelines, thereby improving safety and efficiency in processes such as refining and transportation.
Furthermore, an emerging trend contributing to market growth is the increasing use of drag-reducing agents in medical applications. These agents have demonstrated benefits in improving blood circulation and treating cardiovascular diseases, making them increasingly popular in the medical sector.
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However, the market faces challenges such as the rising investments in electric vehicles (EVs), which could potentially impact the demand for crude oil. Nevertheless, the market remains poised for growth, supported by various strategies adopted by key players such as strategic alliances, partnerships, mergers and acquisitions, and geographical expansion.
The fastest-growing segment in the drag reducing agent market is anticipated to be the crude oil segment. Drag-reducing agents play a crucial role in reducing turbulence in crude oil pipelines, ensuring a continuous flow and preventing clogged production wells and flow stream processes.
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Geographically, the Middle East and Africa are projected to contribute significantly to the global market growth, followed by North America. In North America, the demand for drag-reducing agents is driven by the thriving oil and gas industry, particularly in countries like the US and Canada, which are key producers worldwide.
In summary, the drag reducing agent market is witnessing global growth fueled by factors such as increased crude oil consumption, rising demand for biofuels, and the utilization of nano-fluids to enhance efficiency in fluid transportation systems. The market caters to various sectors including oil and gas reserves, urbanization, infrastructure development, and industrialization, and is expected to offer solutions to enhance efficiency and productivity in these sectors.
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Analyst Review
The global drag-reducing agent market is experiencing robust growth, driven primarily by the escalating demand in various industries, particularly the surge in crude oil consumption. Drag-reducing agents, also known as flow improvers, play a pivotal role in mitigating energy loss and pressure drop in pipelines subjected to turbulent flow conditions, characterized by turbulent eddies that induce frictional forces.
One of the critical challenges in crude oil transportation is the untreated solvent, leading to increased energy consumption and operational costs. To address this challenge, the market witnesses a significant demand for drag-reducing agents. According to the Energy Information Administration, the rise in petrochemical projects, coupled with the increasing demand for biofuels and the need for efficient energy utilization in the wake of environmental concerns, further propels the market growth.
The Compound Annual Growth Rate (CAGR) of the drag-reducing agent market reflects the substantial demand across various sectors. Industries are increasingly adopting these agents to optimize energy usage and reduce operational costs. Moreover, the growing emphasis on environmental sustainability drives the demand for eco-friendly solutions, such as biofuels and nano-fluids, further boosting market growth.
Crude oil pipelines, vital for the transportation of oil and gas reserves, are witnessing a surge in demand owing to rapid urbanization, infrastructure development, and industrialization. As these pipelines traverse diverse terrains and encounter varying flow conditions, the need for effective drag-reducing agents becomes indispensable to ensure smooth operations and minimize energy losses.
The application of drag-reducing agents extends beyond the oil and gas industry to encompass diverse sectors such as water transportation, chemical processing, and wastewater management. The efficacy of these agents in reducing turbulence and enhancing flow efficiency makes them indispensable across multiple domains.
In conclusion, the global drag-reducing agent market is witnessing a significant upsurge owing to the escalating demand across industries, particularly in the context of rising crude oil consumption. With a focus on optimizing energy usage, mitigating pressure drop, and addressing environmental concerns, the market is poised for sustained growth, driven by advancements in technology and the evolving needs of various sectors.
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Market Overview
The global drag-reducing agent market is witnessing substantial growth, fueled by industries experiencing a rise in crude oil consumption. These agents combat turbulent flow by minimizing turbulent eddies, thus reducing energy loss and pressure drop in pipelines. With untreated solvents posing challenges, the demand for drag-reducing agents is escalating. Industries reliant on efficient transportation of fluids, such as oil and gas, are increasingly adopting these agents to optimize operations and minimize energy expenditure. As a result, the drag-reducing agent market is poised for significant expansion in the coming years, driven by the imperative need for enhanced fluid dynamics and reduced energy consumption in critical sectors.
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Key Topics Covered:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About US
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SOURCE Technavio
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