Drag Reducing Agent Market Size & Share, by Type (Polymer, Surfactant); End-user (Petrochemical, Oil and Gas, Water Treatment) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5221
  • Published Date: Jun 07, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024 - 2036

Drag Reducing Agent Market size was over USD 680.26 Million in 2023 and is likely to cross USD 1.25 Billion by the end of 2036, growing at more than 5.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of drag reducing agent is estimated at USD 701 Million. The growth of the DRA market is estimated to be influenced by factors such as fluctuations in oil and gas prices, advancements in DRA technology, increased focus on sustainability, and regulatory changes. The demand for DRAs is expected to continue to grow in tandem with the expansion of pipeline infrastructure and the need for more efficient fluid transportation.

DRAs are chemicals or additives used in pipelines for the transportation of crude oil, natural gas, and other fluids. They are designed to reduce the frictional resistance between the fluid and the pipeline's inner surface. By doing so, DRAs help increase the flow rate and reduce energy consumption in pipeline operations. The main drivers for the DRA market included the growth of the oil and gas industry, increased pipeline transportation, and the need to improve the efficiency of fluid transportation systems.


Drag Reducing Agent Market overview
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Drag Reducing Agent Sector: Growth Drivers and Challenges

Growth Drivers

  • Expanding Oil and Gas Industry: The relentless growth in the oil and gas sector necessitates the efficient transportation of hydrocarbons through pipelines, a prime application area for DRAs. Enhanced flow rates and reduced energy consumption are imperative to meet this surging demand. According to the International Energy Agency (IEA), global demand for oil and gas is projected to rise steadily, with oil demand surpassing 105 million barrels per day by 2040.
  • Technological Advancements: Advanced technologies enable precise DRA formulation and application, optimizing their performance in various fluid compositions and pipeline configurations, further driving industry adoption.
  • Environmental Regulations: To comply with these regulations, the DRA sector is investing heavily in developing eco-friendly formulations. This shift toward sustainable solutions opens up new market segments and opportunities.

Challenges

  • Environmental Concerns: Some conventional DRAs are not biodegradable and can pose ecological risks if they enter the environment. Industry players are actively working on developing eco-friendly DRAs with reduced environmental impact. Regulatory compliance and adherence to stringent environmental standards are becoming essential.
  • Regulatory Compliance
  • Market Competition

Drag Reducing Agent Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

5.5%

Base Year Market Size (2023)

USD 680.26 Million

Forecast Year Market Size (2036)

USD 1.25 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)
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Drag Reducing Agent Segmentation

Type (Polymer, Surfactant)

The polymer segment in the drag reducing agent market is estimated to gain the largest revenue share of 60% in the year 2036. As the demand for hydrocarbons escalates, the polymer-based DRA segment benefits from optimizing the transportation of crude oil and natural gas, reducing energy consumption and increasing flow rates. The International Energy Agency (IEA) predicts that global energy demand will grow by 27% by the year 2040.

End User (Petrochemical, Oil and Gas, Water Treatment)

The petrochemical segment is expected to garner a significant share in the year 2036. Petrochemical DRAs are benefiting from technological advancements, enabling tailored solutions for various fluid compositions and pipeline configurations, ultimately enhancing their effectiveness. Investment in research and development for advanced DRA formulations is driving innovation in the sector. By optimizing fluid transportation and reducing energy consumption, petrochemical DRAs contribute to substantial operational cost savings, increasing the competitiveness of petrochemical manufacturers.

Our in-depth analysis of the global market includes the following segments:

           Type

  • Polymer
  • Surfactant

            End User

  • Petrochemical
  • Oil and Gas
  • Water Treatment

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Drag Reducing Agent Industry – Regional Synopsis

APAC Market Forecast

The drag reducing agent market in the Asia Pacific region is projected to hold the largest market share of 38% by the end of 2036. With increased industrial activity comes greater demand for energy and petrochemicals. The Asia Pacific DRA market is well-positioned to cater to these growing requirements for efficient fluid transportation. Asia Pacific economies, including India and Southeast Asian nations, are experiencing rapid industrialization and urbanization. The Asia Pacific DRA market benefits from technological advancements, enabling the development of tailored solutions that address fluid composition variations and pipeline configurations specific to the region.

North American Market Statistics

The drag reducing agent market in the North America region is projected to hold the second largest share during the forecast period. As North America continues to lead in hydrocarbon production, the DRA market benefits from the need to enhance the efficiency of transporting these resources via pipelines, resulting in increased flow rates and energy savings. The United States was the world's leading producer of oil and natural gas in the year 2020, contributing to record-breaking production levels. As new pipelines are constructed and existing ones are expanded, the North American DRA market experiences robust growth by ensuring the smooth and efficient flow of hydrocarbons through these vital arteries.

Research Nester
Drag Reducing Agent Market size
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Companies Dominating the Drag Reducing Agent Landscape

    • Nalco Champion (Ecolab Inc.)
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Baker Hughes
    • Innospec Inc.
    • Lubrizol Corporation
    • Halliburton
    • Clariant AG
    • Schlumberger Limited
    • The Dow Chemical Company
    • Flowchem
    • Croda International Plc

In the News

  • Baker Hughes and Avports announced an agreement to develop lower-carbon energy solutions for the airport industry. The agreement will focus on developing sustainable technologies and practices for airport operations, including electric ground support equipment, renewable energy, and energy efficiency measures.
  •  Baker Hughes announced that its board of directors has declared a quarterly dividend of $0.17 per share. The dividend is payable on September 15, 2023, to shareholders of record on August 15, 2023.

Author Credits:  Rajrani Baghel


  • Report ID: 5221
  • Published Date: Jun 07, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of drag reducing agent is estimated at USD 701 Million.

The drag reducing agent market size was over USD 680.26 Million in 2023 and is likely to cross USD 1.25 Billion by the end of 2036, growing at more than 5.5% CAGR during the forecast period i.e., between 2024-2036. Increasing demand for oil and gas is the major factor driving the market growth.

Asia Pacific industry is projected to hold revenue share of 38% by 2036, due to the increasing industrial activity comes greater demand for energy and petrochemicals in the region.

Nalco Champion (Ecolab Inc.), Baker Hughes, Innospec Inc., Lubrizol Corporation, Halliburton, Clariant AG, Schlumberger Limited, The Dow Chemical Company, Flowchem, Croda International Plc

In the year 2024, the industry size of drag reducing agent is estimated at USD 701 Million.
Drag Reducing Agent Market Report Scope
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