NEW YORK, Oct. 23, 2019 /PRNewswire/ -- Drag Reduction Agent Market Size – USD 930.4 Million in 2018, Market Growth - CAGR of 10.2% in the year 2026, Drag Reduction Agent Industry Trends – Growth in Oil & gas, chemical and agricultural industry and the introduction of DRA's to the medical field.
The rise in oil & gas exploration activities, the growth of chemical industries and agricultural activities across the globe and favorable research funding scenario for the use of DRA's in the medical field are key factors contributing to high CAGR of the Global DRA Market.
According to the current analysis of Reports and Data, the global drag reduction agent (DRA) market was valued at USD 930.4 million in 2018 and is expected to reach USD 2.04 Billion by year 2026, at a CAGR of 10.2%. The study segments the global DRA market based on product type, product, application, and end-use. The research takes a closer look at prominent driving factors responsible for this 10.2% CAGR. The study also analyses the market share of each region, company, and product. The report also presents constraints, opportunities, threats, challenges, and Investment opportunities prevailing in the market.
Drag-reducing agents are additives in any pipelines or conduits that reduce frictional pressure loss during flow of fluid. They are most commonly used in petroleum pipelines for increasing the pipeline capacity by reducing turbulence and allowing the oil to flow more efficiently, therefore, allowing the oil to be pumped through at lower pressures, saving energy and money.
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The surge in oil & gas exploration activities, the growth of chemical industries and agricultural activities across the globe will be the market's primary driving factors. Drag reduction agents are primarily used for reducing frictional pressure loss during fluid flow in any conduit or pipeline. Recently, there has been detailed research done on the development of drag-reducing agents for the treatment of tumor cells and reducing the drag of blood through arteries and veins, which is expected to boost the market further.
DRA market is that it largely depends on other industries like oil & gas fracturing, which is its primary restraining factor. This implies that as the oil & gas industry fluctuates so will the DRA market. Since numerous corporations are shifting towards environmental-friendly practices, the oil & gas industry is predicted to fall, therefore hampering this market.
Further key findings from the report suggest
- Currently, the market is estimated at USD 930.4 million and is predicted to grow at a CAGR of 10.2%, forecasting global valuation at 2.04 Billion USD in 2026.
- The major driving forces are the growth in oil & gas expeditions, chemical refinement, and agricultural activities. All these activities involve the passing of some sort of fluid through a tube which is where DRA's come into play. It reduces the friction inside the pipe, allowing efficient flow of fluid through these tubes.
- The primary purpose and advantage of DRA's are it lowers pipeline frictional pressure loss by reducing the turbulence in the flow. It also alleviates constraints in a pipeline, overall allowing the flow rate across the pipeline to be increased. Accelerating flow rate allows the operator to save pumping energy as the pressure required to maintain the flow is reduced, thereby drastically reducing energy management costs.
- DRA's are extremely easy to install as it is injected directly into pipeline products, using injection pumps and tanks and hence doesn't require significant capital expenditures. It reduces friction, thus having a property of reducing heat. Pipelines that use DRA's have been shown to have lower heat transfer properties, lowering heat transference to the surrounding pipelines. Thus using DRA's make oil fields safer. Since it has a low-cost, high benefit ratio, most players in the field tend to install them.
- DRA's are mostly used in the petroleum market due to the number of pipelines that are used in the industry. After petroleum, it is mainly used in the chemical transportation market.
- Different liquids require different strengths of DRA's. The heavier the liquid, the stronger the DRA needs to be. The most transported liquid in the petroleum industry is heavy crude oil and requires high viscosity glue making it the most popular DRA product.
- North America consumed about 40.75% drag reducing agent globally, the key player being the USA, followed by MEA, with 27 K MT being consumed in the same year.
- The Asia Pacific is forecasted to be the global leader in the oil & gas and chemical market, which implies that they would also lead in terms of global consumption in the future.
- The most significant restraining factor is that it largely depends on other industries like oil & gas fracturing, implying as these industries fluctuate so will the DRA market. Since numerous corporations are shifting towards environmental-friendly practices, the oil & gas industry is predicted to fall, therefore hampering the DRA market.
- Baker Hughes, Partow Ideh Pars., LiquidPower Specialty Products Inc., Oil Flux Americas, NuGenTec, Innospec, Lubrizol Specialty Products Inc., Sino Oil King Shine Chemical, Flowchem, National Petroleum Corporation, and The Zoranoc Oilfield Chemical are dominating players in the market and are the companies considered for this report.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/drag-reducing-agent-market
Segments covered in the report:
For this report, Reports and Data have segmented the drag reduction agent market based on product type, application, end-use, and region:
Product Type (Revenue USD Million; Volume in Tons, 2016-2026)
- High Viscosity Glue
- Low Viscosity Glue
- Rubber Latex
Application Outlook (Revenue USD Million; Volume in Tons, 2016-2026)
- Crude Oil
- Blood Treatment
- Chemical Transportation
- Other Application
Regional Outlook (Revenue USD Million; Volume in Tons, 2016-2026)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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