Vantage Market Research
Nov 23, 2021
In terms of revenue, the global drag-reducing additives (DRA) market accounted for USD 726 Million in 2020 and is expected to reach USD 927 Million by 2028, growing at a CAGR of 3.6% from 2021 to 2028. The market is mainly driven by factors such as growth in expeditions of oil & gas, chemical refinement, expanding healthcare sector, increasing number of pharmaceutical industries, and among other industries such as petrochemicals industries and energy generation industries among others.
Key Findings
- Under the type segment for the global drag-reducing additives (DRA) market, the High Viscosity Glue segment is anticipated to hold the largest share and dominate the segment and grow at the fastest CAGR of 2.3%. The segment growth is attributed to increasing oil & gas expeditions, chemical refinement, paints and coating industries, cement and construction, and pharmaceutical industries among others.
- The Oil and Gas Industry sub-segment in the application segment for the global drag-reducing additives (DRA) market held a market share of around 3.5% in 2020. The segment growth is attributed to an increase in the number of oil and gas industries, chemical industries, and pharmaceutical industries among others.
- North America is expected to hold the largest share of the global drag-reducing additives (DRA) market and expand at a CAGR of over 5.57% from 2021 to 2028. This surge is attributed to the rising as well as the investment in Drag Reducing Additives in the region.
Some of the key players in the Drag Reducing Additives Market are Qflo, Baker Hughes, Sino Oil King Shine Chemical, DESHI, Superchem Technology, Flowchem, NuGenTec, Oil Flux Americas, Innospec, and The Zoranoc Oilfield Chemical.
The global drag-reducing additives (DRA) market is mainly attributed
to expanding healthcare sector,
increasing number of pharmaceutical industries, other industries such as petrochemicals
industries and energy generation industries, growth in expeditions of oil &
gas, chemical refinement, paints and coating industries, cement and
construction industries among others. The increasing investment in the oil &
gas industry, as well as the expansion, is expected to witness the growth of the drag-reducing additives (DRA) market. Drag-reducing additives (DRA) are used
widely in pharmaceutical companies and the healthcare sector. As the healthcare
sector is expanding swiftly and with the increasing population the need for
pharmaceuticals is also increasing tremendously making a huge supply and demand
gap. Thus, creating an opportunity for key players to increase production
meet the untapped demand. Also, the number of pharmaceutical industries is also
increasing to reduce the demand and supply gap of pharmaceuticals which is
further increasing the consumption of drag-reducing additives (DRA), further
boosting the growth of the market. Moreover, the number of industries such as petrochemicals industries and energy generation industries, paints
and coating industries, cement and construction industries are also increasing
along with the activities, thus, increasing the demand for drag-reducing additives (DRA) which is further expected to propel the market growth
in near future over the forecast period.
North America region is to record the highest CAGR, driven by the
increasing demand in the U.S. coupled with the growth of the region overall Drag Reducing Additives. The advent of
domestic versions has brought the expansion and investment rise in the oil and gas
industry, which is expected to drive the demand and growth mainly in this
region.