Authored By: Sarah
23 Aug 2022

Drag Reducing Agent Market 2021-2025: North America to Dominate Market Growth

The drag-reducing agent market share is set to grow up to USD 63.88 million, accelerating at a CAGR of 5.21% during the forecast period. High demand for drag-reducing agents in the oil and gas industry will facilitate the drag-reducing agent market growth in North America over the forecast period.

In addition, the Increasing application of drag-reducing agents in the medical field is one of the major drag-reducing agent market trends that will support market growth. However, the rapid spread of COVID-19 resulting in the suspension of industrial activities is a major hindrance to the drag-reducing agent market size.

Technavio's research report analyses the growth trajectory of the market with a purview of the prevalent market scenario, trends, and drivers. It also provides competitive bench-marking of the key market players and their product portfolios.


For drag-reducing agent market insights and a better understanding of the quality of the research: View the FREE Sample Report

 


Drag Reducing Agent Market: North America to lead market growth during the forecast period

  • The drag-reducing agent market is segmented by Application (Crude oil, Chemical transportation, and Others) and Geography (North America, MEA, APAC, Europe, and South America).
  • Based on the application segmentation, the drag-reducing agent market growth in the crude oil segment will be significant during the forecast period. 
  • Based on our Geographical Segmentation, North America is projected to contribute 36% of the market growth during the forecast period. The US and Canada are the key markets for drag-reducing agents in North America.
  • The drag-reducing agent market report provides an accurate prediction of the contribution of all the geographic segments to the growth of the drag reducing agent market size

Drag Reducing Agent Market 2021-2025: North America to Dominate Market Growth

Drag Reducing Agent Market: Vendor Landscape

The market is fragmented. Baker Hughes Co., Berkshire Hathaway Inc., China National Petroleum Corp., Deshi Energy Technology Group Co., Ltd, Evonik Industries AG, Flowchem LLC, Innospec Inc., Oil Flux Americas LLC, Specialized Technologies for Industrial Services Co., and Weifang Xinchang Chemical Co. Ltd. are some of the major drag-reducing agent market vendors. The growth of the players depends on several factors such as market conditions, government support, and industry development.

To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. Download the Free PDF Sample Report

The report provides insights into the following FAQs:

  1. What is the market CAGR?
    The market is accelerating at a CAGR of 5.21%.

     
  2. What is the incremental growth of the market?
    The market is expected to grow up to USD 63.88 million.

     
  3. What is a key factor driving this market?
    Increasing the application of drag reducing agents in the oil and gas industry will drive market growth over the forecast period.

     
  4. What are the key regions covered in this market research report?
    North America, MEA, APAC, Europe, and South America are the key regions featured in this research report.

     
  5. Which is the leading geographic region for this market?
    36% growth will originate from North America.

     
  6. Who are the leading market vendors?
    The leading vendors in this market are Baker Hughes Co., Berkshire Hathaway Inc., China National Petroleum Corp., Deshi Energy Technology Group Co., Ltd, Evonik Industries AG, Flowchem LLC, Innospec Inc., Oil Flux Americas LLC, Specialized Technologies for Industrial Services Co., and Weifang Xinchang Chemical Co. Ltd.

     
  7. What are the market segments covered in this report?
    The market is segmented by Application (Crude oil, Chemical transportation, and Others) and Geography (North America, MEA, APAC, Europe, and South America).

 

Read News Read Less
Interested in this report?
Get your sample now!
Technavio