WASHINGTON, Nov. 23, 2021 (GLOBE NEWSWIRE) -- The Global Drag Reducing Additives Market size is expected to reach USD 927 Million by 2028, exhibiting a CAGR of 3.6% during the forecast period. Factors that driving the growth of Drag Reducing Additives Market are rising number of pharmaceutical industries, petrochemicals industries, growing healthcare sector and energy generation industries. The growth in expansion of chemical refinement, oil & gas industry, cement and construction industries, and paints and coating industries also fuel the market growth during the forecast period, states Vantage Market Research, in a report, titled “Drag Reducing Additives Market By Type (High Viscosity Glue, Low Viscosity Glue, Others), By Application(Oil and Gas Industry, Chemical Industry, Cement and Construction, Paints and Coatings, Pharmaceuticals, Others) : Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.” The market size stood at USD 726 million in 2020.
The report on drag reducing additives market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Market Overview:
Increase use of Drag Reducing Agents in medical field to stood the market
The key factor to drive the market growth of Drag Reducing Additives market is the high demand of Drag Reducing Agents in medical industry. It is basically used to percolate the spread of tumour cells. It reduces drag in arteries and veins to regularize the blood flow. This in turns fuel the demand of the market in the coming years. In addition, increase use of drag reducing agents in biomaterials such as gum, xylem and guar etc. is expected to expand the market in the near future.
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High demand of crude oil in various industries to propel the market
Increase in demand of crude oil in various industries such as energy generation, petrochemicals and oil & gas is attributed the fastest growth of drag reducing additives in the market. It is basically used to improve flow capacity and productivity of crude oil, thus to propel the drag reducing additives market growth in the projected years. In addition, increasing use of drag-reducing agents in friction resistance, oil and gas industry and for some other excellent properties projected the fastest growth of the market.
Regional Analysis:
Asia Pacific estimated the steady market growth due to the increasing oil & gas sector
Asia pacific is accounted the steady growth of drag reducing additives market during the forecast period. This is actually happens due to the expansion of various oil & gas industries in the region. This also increases the consumption of drag reducing additives in the region. This also propels the growth of drag reducing additives market in the region.
List of Prominent Players in the Drag Reducing Additives Market:
| SR. NO. | COMPANIES | HEADQUARTER |
| 1. | Baker Hughes | Houston, Texas, United States |
| 2. | Flowchem | Ahmedabad, Gujarat |
| 3. | Innospec | Littleton, Colorado, United States |
| 4. | Lubrizol Specialty Products Inc. | Houston, Texas, US |
| 5. | NuGenTec | Emeryville, CA, United States |
| 6. | Oil Flux Americas | Oak Blvd, Houston, TX |
| 7. | Superchem Technology | Mumbai, Maharashtra, India |
| 8. | The Zoranoc Oilfield Chemical | Cangzhou, Xinchang |
| 9. | China National Petroleum Corporation | Beijing, China |
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Recent Developments in the Industry:
1. September 2021: HOUSTON and LONDON announced a new collaboration with leading energy technology company Baker Hughes. The collaboration agreement creates a new offering for customers by combining LYTT’s fiber optic data analytics and cloud-based software with Baker Hughes’ completions and well intervention hardware and service expertise.
2. March 2020: NuGenTec announced the production of emergency demand for NuRinse® Hand sanitizers.
This report of Drag Reducing Additives Market provides emerging market trends and provides insights to identify market opportunities. It also provides effective strategies to optimize the market positions.
| Report Attribute | Details |
| Base Year | 2020 |
| Historic Years | 2016 - 2019 |
| Forecast Years | 2021 - 2028 |
Segments Covered |
|
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2021 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Table of Content –
- Chapter No. 1: Introduction
- Report Scope
- Objectives of the Study
- USP & Key Offerings
- Target Audience
- Vantage Market Research Report Guidance/Walk-through
- Chapter No. 2: Premium Insights
- Market Snapshot
- Top Investment Pockets
- Market Attractiveness Analysis, By Type
- Market Attractiveness Analysis, By Application
- Market Attractiveness Analysis, By North America
- Insights from Primary Respondents
- Chapter No. 3: Key Market Dynamics
- Introduction
- Market Drivers
- Market Restraints
- Market Opportunities
- Porter’s Five Forces Analysis
- PEST Analysis
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