Vancouver, Jan. 02, 2024 (GLOBE NEWSWIRE) -- The global Drag Reduction Agent (DRA) market continues to witness substantial growth, with a market size of USD 596.20 Million in 2022, projected to achieve a rapid revenue Compound Annual Growth Rate (CAGR) of 5.8% during the forecast period. The surge is primarily attributed to the increasing adoption of DRAs in petrochemical industries, where these agents play a crucial role in pipeline operations by reducing turbulence.
DRAs, also known as drag-reducing polymers, prove effective in enhancing laminar flow and reducing turbulence in petroleum pipelines, leading to increased pipeline capacity. The rising usage of DRAs to lower pumping power and improve pipeline capacity is a key driver, supported by data from the Organization of the Petroleum Exporting Countries (OPEC), indicating a continuous increase in global oil demand and refinery capacity.
Furthermore, the demand for DRAs in the production of chemical products is anticipated to fuel market growth. These agents play a vital role in chemical manufacturing by lowering frictional resistance between fluids and pipeline walls, contributing to improved production quality and Return-On-Investment (ROI).
Despite the positive trajectory, environmental concerns and a growing awareness of biofuels pose challenges to market growth. The International Energy Association (IEA) notes that Oil & Gas (O&G) operations contribute around 15% of total energy-related emissions globally. The rise in biofuel demand, set to increase by 28% over 2021-2026, reflects a shifting preference towards cleaner, renewable energy sources.
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Type Insights: High Viscosity Glue Dominates the Market
In 2022, the high viscosity glue segment emerged as the frontrunner in the global DRA market. This dominance is attributed to the superior properties of high viscosity glue, making it an ideal adhesive in various petrochemical applications. High viscosity glue is recognized for its gap-filling properties, making it suitable for bonding rubber, plastics, including Polyvinyl Chloride (PVC’s), and other materials.
Application Insights: Crude Oil Segment Steadily Grows
The crude oil segment is expected to register a fast and steady revenue growth rate in the global DRA market throughout the forecast period. This is driven by the essential role crude oil plays as a fossil fuel in producing various products such as gasoline, jet fuel, lubricating oil, plastics, and consumer goods. The world economy's reliance on oil, coupled with increasing spare crude oil production capacity, is anticipated to sustain the growth of this segment.
Regional Insights: North America Leads, Europe Gears Up
North America accounted for the largest revenue share in the global DRA market in 2022, driven by the rising demand for DRA in the production of crude oil and other energy products. The Permian Basin in the U.S. stands out as the largest producer of petroleum, further bolstering the region's market share. The Asia Pacific market secured the second-largest revenue share, fueled by the increasing demand for chemicals in Asian countries and government initiatives supporting chemical trade.
Europe is poised to register the fastest revenue growth rate during the forecast period, propelled by the escalating demand for petroleum products and the region's position as the second-largest chemical producer globally. Significant investments in research and innovation, as outlined by the European Union, are expected to further catalyze growth in the European DRA market.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 596.20 Million |
| CAGR (2023–2032) | 5.8 % |
| Revenue Forecast To 2032 | USD 1033 Million |
| Base Year Of Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Million and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Products, ingredient, application, end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Baker Hughes Company, Dorf Ketal, Flowchem, Indian Oil Corporation Ltd., Innospec, Jiangyin Huaheng Auxiliary Co., Ltd., Liquid Power Specialty Products Inc., NuGenTec, The Zoranoc Oilfield Chemical, China National Petroleum Corporation, Partow Ideh Pars Co. (P.J.S), The Lubrizol Corporation, and SUPERCHEM Surface Chemistry Co., Ltd. |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global DRA market is fragmented, with several key players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new DRA products and solutions in the market. Some major players included in the global DRA market report are:
- Baker Hughes Company
- Dorf Ketal
- Flowchem
- Indian Oil Corporation Ltd.
- Innospec
- Jiangyin Huaheng Auxiliary Co., Ltd.
- LiquidPower Specialty Products Inc.
- NuGenTec
- The Zoranoc Oilfield Chemical
- China National Petroleum Corporation
- Partow Ideh Pars Co. (P.J.S)
- The Lubrizol Corporation
- SUPERCHEM Surface Chemistry Co., Ltd.
Strategic Development
- On 19 September, 2023 Exxon Mobil announced the launch of new chemical production units in the manufacturing facility situated at Baytown, Texas. The new performance polymers line will produce 400,000 metric tons per year of Vistamaxx and Exact -branded polymer modifiers, which can enhance the performance of a broad range of chemical products used to make automotive parts, construction materials, hygiene and personal care products, and various packaging applications.
- On 11 October 2022, Infineum and Entegris, Inc. announced that the companies have entered into a definitive agreement for Infineum to acquire Entegris’ Pipeline and Industrial Materials business (PIM). Entegris’ PIM business is a part of the company’s Specialty Chemicals and Engineered Materials (SCEM) division and includes the Flowchem, Val-Tex, and Sealweld brands and a broad range of Drag Reducing Agents (DRAs) for pipeline operations.
Segments Covered in Report
For the purpose of this report, Emergen Research has segmented the global DRA market on the basis of products, ingredient, application end-use, and region:
- Product Outlook (Revenue, USD Million; 2019-2032)
-
- High Viscosity Glue
- Low Viscosity Glue
- Ingredient Outlook (Revenue, USD Million; 2019-2032)
- Application Outlook (Revenue, USD Million; 2019-2032)
- Crude Oil
- Heavy Asphaltic Crude
- Multiphase Liquid
- Refined Products
- End-Use Outlook (Revenue, USD Million; 2019-2032)
- Oil & Gas (O&G)
- Petrochemicals
- Agriculture
- Others
- Regional Outlook (Revenue, USD Million; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
-
- Polymers
- Solid Particle Suspensions
- Surfacants
- Biological Additives
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