Drag reducing agents are high-molecular-weight substances that are injected into a pipeline to reduce turbulence and thereby boost the pipeline's capacity and efficiency. Turbulence in pipelines is caused by friction or interaction between the moving fluid and the pipe wall. Reduced drag agents limit the amount of interaction and contact between the wall and the fluid. In the oil sector, drag-reducing chemicals are commonly used. Drag reduction chemicals are prone to breakdown due to their high molecular weight. Many end-user sectors, including chemicals and petrochemicals, oil and gas, agriculture, electricity and energy, and others, utilize drag reduction compounds.

Market Scope and Structure Analysis

COVID-19 Impact analysis

• The drag reducing agents market was negatively affected due to the outbreak of COVID-19 pandemic.
• The industries such as chemicals and petrochemicals, oil and gas, agricultural, power and energy and others were shut down during the COVID-19 pandemic this decreases the demand for drag reducing agents which affected the drag reducing agents market.
• The COVID-19 pandemic has caused the imposition of lockdown due to which the production of diisononyl phthalate decreased and the global supply chain was affected, this decreased the demand for drag reducing agents market.
• The decline in oil and gas development activity and industrial capacity has harmed demand for drag-reducing agents and faced a downfall of revenue due to the COVID-19 pandemic.

Top Impacting Factors

The market for drag reduction agents is expected to expand at a rapid pace. Drag-reducing agents are becoming more popular in the medical field. They are used to treat tumor cells that have spread. This keeps prospective cancer cells from settling and deprives them of nourishment. The increase in demand for crude oil as a result of the expansion of end-use industries such as energy generation, oil and gas and petrochemicals are driving the drag reducing agents market. This is boosting the demand for these agents in the transportation, extraction and refining of crude oil. Companies in the drag reducing agents market are increasingly focused on biomaterials that can operate as drag reducing agents, such as plant polysaccharides. Plant polysaccharides are more resistant to the mechanical degradation that drag-reducing compounds go through. Polysaccharides derived from the aloe vera plant and okra have been discovered to have more mechanical resistance than many manufactured drag reducing agents.

Market Trends

• In2020, Asia Pacific dominated the global market for drag reducing agent.  The region's market is expected to increase significantly, due to the rise of the oil and gas sector.
• In 2020, the U.S. was a key country for drag-reducing agents in North America. In the country, drag-reducing chemicals are employed in crude oil production and a variety of medicinal uses. The region's drag reducing agents market is likely to be driving by growth in oil and gas production.
• Exploration efforts in Europe are likely to increase dramatically. As a result, use of drag-reducing agents is expected to increase in the region in the near future. The Middle East and Africa market is expected to grow rapidly, owing to the region's high presence of the oil and gas industry.
• Leading drag reducing agent manufacturers are presently prioritizing R&D and capacity expansion to keep up with the expanding oil and gas exploration operations as well as new pipeline projects.
• Portfolio expansion is also listed as one of the important development methods used by drag reduction agent makers.
• Manufacturers of drag-reducing agents will continue to rely on inorganic techniques such as mergers and acquisitions to gain a firmer footing in target markets.

Key Benefits of the Report

• This study presents the analytical depiction of the drag reducing agents industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the drag reducing agents market share.
• The current market is quantitatively analyzed from 2020 to 2030 to highlight the drag reducing agents market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed drag reducing agents market analysis based on competitive intensity and how the competition will take shape in coming years

 Key Market Segments

 
Key Market Players

• Baker Hughes
• Flowchem
• Innospec
• Lubrizol Specialty Products Inc.
• NuGenTec
• Oil Flux Americas
• Sino Oil King Shine Chemical
• Superchem Technology
• The Zoranoc Oilfield Chemical
• China National Petroleum Corporation