Rapid Adoption of Drag Reducing Agents in Oil and Gas Industry is expected to Account for Largest Share in the Market. Use of Drag Reducing Agents in oil & gas and pipeline industry is rising in North America due to increased production of natural gas. Rapid growth is observed in developing economies too due to presence of key players.
DUBAI, UAE / ACCESSWIRE / January 26, 2021 / According to FMI analysts, drag reducing agents market is going to expand its research and development part, sooner or later. Manufacturers and key players are regularly focussing on expanding strategies and putting in advanced phenomenon by implanting better features as it will help market witness steady growth, thereby, paving a path for opportunities. Tough competition and increasing demand in oil and gas sector is also boosting the market.
"With the noticeable expansion of this market, manufacturers are focussing on product innovation and building strong collaborations with polymer and chemical companies. Enhanced productivity and bolstering demand due to pipeline capacity crisis, is likely to drive the market growth in near future," states the FMI Analyst.
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Drag Reducing Agents Market- Key Highlights
- Drag Reducing Agents market size will surpass US$ 500 million through the forecast period.
- According to FMI analysts, R&D investments will gain proper traction by expanding product portfolio.
- By application, pipeline industry will witness better growth in near future and is likely to present numerous opportunities.
- Region wise, North America will cover half the market share in the upcoming years due to presence of key players and highest production.
Drag Reducing Agents Market - Driving Factors
- Due to improving oil and gas prices, plastics, polymer and chemical industries relies on it.
- Presence of important players in developed and developing economies is boosting market growth.
- Demand for Drag Reducing Agents in the pipeline industry is helping the market gain proper momentum due to improved efficiency and delayed offloading and loading time.
- Rising oil and gas exploration activities and preference towards bio-based polymers, is propelling market growth.
Drag Reducing Agents Market - Key Restraints
- There still exists unhealthy competition between the manufacturers which is hampering market growth to a great extent.
- Due to tough competition between key players and slower development of strategies, new players are facing challenges.
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Expected Impact on Market by Coronavirus Outbreak
Pandemic has brought about strict lockdown and social distancing which might reduce the production but demand will revive soon due to inclining preference towards bio-based polymers. Key producers and players are likely to improve their strategies by producing excellent cost-efficient methods with inorganic growth strategies. Asia Pacific will increase production and also work on research and technological development very soon.
Competitive Landscape
Companies are planning to follow unique strategies to expand their market by collaborating with major industries. Key players are strengthening their links with industries for developing research and development area while also paying attention towards product innovation with better incorporated techniques. Leading players are focussing on cost-efficiency and investments while paying heed towards marketing strategy too.
Manufacturers are trying to get a deeper understanding of the market trends and preferential shifts of end-use segments. DRA manufacturers are focussing on R&D investment to leverage new technique such as Nano-fluids with better performance stability.
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More on the report
This report presents an analysis on the basis of segments including product type (polymers, surfactant and suspension etc.) end-use (polymer, chemical, agriculture, oil &gas etc.), application (water transport, refined products, crude oil, multi-phase etc.) region (North America, Europe, Latin America, APEJ)
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SOURCE: Future Market Insights