(MENAFN- PR Newswire)
NEW YORK, Aug. 14, 2024 /PRNewswire/ -- The global
drag reducing agent market
size is estimated to grow by USD 93.1 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of about
5.97%
during the forecast period.
Increasing application of drag reducing agents in oil and gas industry
is driving market growth,
with a trend towards
emergence of bio-based drag-reducing polymers. However,
nanotechnology and biotechnology
poses a challenge. Key market players include Baker Hughes Co., berkshire hathaway Inc., China National Petroleum Corp., Deshi Energy Technology Group Co.,Ltd, Dorf Ketal Chemicals I 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, Partow Ideh Pars Co. P.J.S, Specialized Technologies for Industrial Services Co., The Lubrizol Corp., The Zoranoc Oilfield Chemical, and Weifang Xinchang Chemical Co. Ltd..
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Technavio has announced its latest market research report titled Global drag reducing agent market 2024-2028
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| Forecast period |
2024-2028 |
| Base Year |
2023 |
| Historic Data |
2018 - 2022 |
| Segment Covered |
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) |
| Region Covered |
North America, Middle East and Africa, APAC, Europe, and South America |
| Key companies profiled |
Baker Hughes Co., Berkshire Hathaway Inc., China National Petroleum Corp., Deshi Energy Technology Group Co.,Ltd, Dorf Ketal Chemicals I 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, Partow Ideh Pars Co. P.J.S, Specialized Technologies for Industrial Services Co., The Lubrizol Corp., The Zoranoc Oilfield Chemical, and Weifang Xinchang Chemical Co. Ltd. |
Key Market Trends Fueling Growth
Bio-based polymers, produced by living organisms, have gained significant attention due to the depletion of fossil fuel resources and environmental concerns. These water- and oil-soluble polymers exhibit efficient drag-reduction capabilities, making them valuable in turbulence flow applications. Their rheological properties and chain flexibility under shear and extensional forces influence turbulence behavior. Bio-based polymers are used extensively in oil production and pipeline transportation. Small quantities of these agents yield high drag reduction efficiency in both aqueous and organic liquids. Traditional synthetic polymers, which have adverse environmental impacts and safety concerns, are being replaced by bio-based alternatives. This shift is expected to boost the global drag reducing agent market, making bio-based polymers a promising solution for drag reduction applications.
The Drag Reducing Agent (DRA) market is experiencing significant growth due to increasing demand for efficient fluid flow in various industries. In petroleum production, DRAs help reduce frictional pressure and pressure loss in conduits, enhancing the flow rate of crude oil and refined petroleum. In the oil field, nanotechnology-based DRAs are trending, offering adaptability to pipeline conditions and multiphase liquids. Chemical processing and water transportation sectors also benefit from DRAs, minimizing resistance and ensuring consistent flow. Energy consumption and operating expenses are key concerns, making DRAs essential for infrastructure alterations and refinery operations. The future market for DRAs is promising, with applications in fuels like diesel, petrol, and natural gas. The polymer segment, particularly polymers and additives, is a significant contributor to the DRA market. Overall, DRAs play a crucial role in optimizing energy requirement and improving flow in diverse industries.
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Market
Challenges
.
The drag-reducing agent market has been traditionally dominated by petroleum-based products due to their efficiency in reducing friction in pipelines and transport systems for liquids and gases. However, emerging technologies such as nanotechnology and biotechnology present new opportunities and challenges to this market. Nanotechnology utilizes nanoscale materials to manipulate substances, potentially leading to the development of more effective drag-reducing agents. For instance, nanoparticles can be added to fluids to reduce friction and enhance fluid flow, resulting in increased pipeline efficiency and lower energy costs. Biotechnology, on the other hand, involves utilizing living organisms to produce new products. In the context of drag-reducing agents, biotechnology could lead to the development of renewable and biodegradable agents, offering a more sustainable alternative to conventional petroleum-based products. The creation of such agents could potentially disrupt the market for traditional drag-reducing agents and shift the focus towards more sustainable options. This shift may be driven by increasing consumer and business demand for eco-friendly solutions and the potential for cost savings. Overall, the integration of nanotechnology and biotechnology in the drag-reducing agent market presents both opportunities and challenges, requiring companies to adapt and innovate to remain competitive.
.
The Drag Reducing Agent (DRA) market in the oil sector faces several challenges. In oil exploration wells and natural gas production, suspended solids and turbulence can impact pipeline operations, leading to increased energy consumption and reduced pipeline capacity. DRAs, such as surfactants and nanofluids, are used to improve laminar flow and reduce drag in petroleum pipelines. In the gas refining and petrochemical industry, the demand for DRAs is high due to the need for efficient fluid transportation. Leading manufacturers are focusing on collaborations, mergers, and acquisitions to expand their product offerings, including biobased polymers and mucilage-based DRAs. The Crude oil segment, including crude oil transportation and oil exploration, also requires DRAs to reduce drag and improve efficiency. Liquefied petroleum gas and the transportation sector are significant markets for DRAs, as they require efficient transportation to meet growing demand. Government initiatives and the Energy Information Administration are promoting the use of DRAs to increase pipeline capacity and reduce greenhouse gas emissions. The market for DRAs is diverse, with applications in various industries, including petrochemicals, plastics, fertilizers, and raw materials.
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Segment Overview
This drag reducing agent market report extensively covers market segmentation by
Application
1.1 Crude oil
1.2 Chemical transportation
1.3 Others
Product
2.1 Polymer
2.2 Surfactant
2.3 Others
Geography
3.1 North America
3.2 Middle East and Africa
3.3 APAC
3.4 Europe
3.5 South America
1.1
Crude oil-
Drag-reducing agents are effective additives used in the crude oil industry to minimize energy loss during pipeline transport. These agents alter the frictional pressure in the pipeline by modifying the thixotropic characteristics of the crude oil mass. By doing so, they decrease turbulence in the pipeline, lowering pipeline pressure and enabling a high flow stream at the same pressure. Drag-reducing agents are beneficial for moving crude oil of varying API degrees and viscosity through production and extraction casing, upstream gathering systems, midstream pipelines, tankers, storage tanks, and delivery flow stream systems, all the way to refineries. Their ability to prevent clogged production wells and flow stream processes makes them a popular choice in the industry. The global drag reducing agent market is witnessing growth due to the increasing demand for these agents in crude oil applications. Several vendors offer a wide range of drag-reducing agents to cater to this demand.
For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 - 2022)
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Research Analysis
The Drag Reducing Agent (DRA) market is expected to grow significantly in the future due to the increasing demand for efficient fluid transportation in various industries. DRAs are chemical additives used in pipelines to reduce the drag force acting on the flowing fluids, thereby increasing pipeline capacity and reducing energy consumption. The market scope includes flow-improving products for gas segment, polymers, additives, and multiphase liquids. Crude oil, refined petroleum, diesel, petrol, natural gas, water, and energy sources are among the primary applications. DRAs are essential for pipeline operations in the transportation sector, particularly in petroleum pipelines, to mitigate turbulence and ensure laminar flow. Drugreducing polymers are a type of DRAs used in the petrochemical industry to enhance the efficiency of fluid transportation and improve pipeline capacity. The market is driven by the rising demand for petrochemical products and the need to increase the efficiency of fluid transportation in the energy sector.
Market Research Overview
The Drag Reducing Agent (DRA) market is expected to grow significantly in the future due to the increasing demand for efficient fluid transportation in various industries, particularly in the gas segment. DRAs are additives used in pipelines to reduce turbulence and friction, thereby increasing pipeline capacity and reducing pressure drop. They are used in the transportation of crude oil, refined petroleum, multiphase liquids, water, and energy sources such as natural gas, diesel, petrol, and liquefied petroleum gas. DRAs are used in the oil sector for crude oil transportation, oil exploration, and natural gas production. The petrochemical industry also utilizes DRAs in gas refining and the production of petrochemical products like plastics and fertilizers. The market for DRAs includes flow-improving products such as surfactants, suspended solids, biobased polymers, mucilage, and drugreducing polymers. Leading manufacturers in the market are focusing on collaborations, mergers, and acquisitions to expand their product offerings and increase their market share. DRAs are also used in nanofluids and are finding applications in the transportation industries, development activities, and government initiatives aimed at increasing efficiency in fluid transportation. The adaptability of DRAs to different pipeline conditions and their ability to improve flow rate make them an essential component in the oil and gas industry.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Application
Crude Oil
Chemical Transportation
Others
Product
Polymer
Surfactant
Others
Geography
North America
Middle East And Africa
APAC
Europe
South America
7
Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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