Global Viscosity Reducing Agents Market Size Set to Reach USD 230 billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global viscosity reducing agents market size at USD 159.08 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global viscosity reducing agents market size to grow at a CAGR of 5.4% reaching a value of USD 229.87 billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global viscosity reducing agents market size at USD 159.08 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global viscosity reducing agents market size to grow at a CAGR of 5.4% reaching a value of USD 229.87 billion by 2029. The increasing demand for energy and fuels, coupled with the expansion of the transportation sector, are expected to drive the demand for these agents in the oil and gas industry. Additionally, advancements in technology and rising demand from end-use industries, such as paints and coatings and plastics, are contributing to the growth of the market. Governments around the world are also promoting the use of environmentally friendly and sustainable products, which is expected to drive the demand for bio-based viscosity reducing agents. The industrialization and infrastructure development in developing countries, particularly in India and China, are also expected to contribute to the growth of the market.
Opportunity: Growing demand for viscosity reducing agents in various industries
The global viscosity reducing agent market is experiencing growth due to the increasing demand for these agents in various industries. One of the key drivers is the need to improve the efficiency of the transportation and processing of crude oil and petroleum products. The use of viscosity reducing agents such as drag reducing agents in pipelines can result in increased flow rates, reduced energy consumption, and lower maintenance costs. In the paints and coatings industry, viscosity reducing agents are used to improve the application properties and reduce the need for thinning agents, resulting in cost savings and improved performance. The plastics industry also uses viscosity reducing agents to improve the processability of materials, reduce cycle times, and improve product quality. In addition, the growing demand for eco-friendly and sustainable products is driving the use of viscosity reducing agents in water-based formulations. These agents can improve the stability and performance of these formulations and reduce the environmental impact. Now companies offer a range of viscosity reducing agents for various industries and applications and are investing in research and development to improve the performance and sustainability of their products which drive market growth.
Global Viscosity Reducing Agents Market - By Type
Based on type, the global viscosity reducing agents market is segmented into drag reducing agents, surfactants & additives, dispersing agents, and others. Drag reducing agents (DRAs) are currently the preferred choice in the viscosity reducing agents market due to their better efficiency. DRAs are commonly used in the oil and gas industry to improve the efficiency of fluid transportation by reducing frictional losses. They are also used in the water treatment industry and other industrial applications where the flow of fluids is critical. The high demand for DRAs in the oil and gas industry is attributed to the significant cost savings that can be achieved by reducing the pumping power required for fluid transportation. Moreover, the increasing demand for oil and gas, particularly in emerging markets, is expected to drive the growth of the global DRA market. The development of new oil and gas fields and the expansion of existing ones will require efficient transportation and processing systems, which can benefit from the use of DRAs. In addition, the introduction of new and innovative DRAs that are more effective and eco-friendlier is expected to create new opportunities for revenue growth in the market.
Impact of COVID-19 on the Global Viscosity Reducing Agents Market
The COVID-19 pandemic affected various industries across the world, including the viscosity reducing agents market. The global lockdowns and travel restrictions disrupted the supply chain, leading to a shortage of raw materials and delay in production. Furthermore, the decrease in demand from end-use industries, such as oil and gas, automotive, and aerospace, also affected the market growth. Several companies in the market were impacted by the pandemic. For instance, BASF SE reported a decline in its sales in 2020 due to the pandemic's impact on several of its business units, including coatings, catalysts, and construction chemicals. Similarly, Evonik Industries AG's sales also declined in 2020, primarily due to lower demand from the automotive and aviation industries. However, some companies have managed to maintain their operations and sales despite the pandemic. For example, Dow Inc. reported a 3% increase in its sales in 2020, driven by growth in the packaging and speciality plastics markets. Similarly, Schlumberger Limited's resilient business model helped it to maintain its operations and report stable financial results in 2020. Overall, the COVID-19 pandemic had a mixed impact on the viscosity reducing agents market, with some companies being negatively impacted while others have managed to weather the storm.
The global viscosity reducing agents market is fragmented, with numerous players serving the market. The key players dominating the global viscosity reducing agents market include BASF SE, Akzo Nobel N.V., Clariant AG, Dow Inc., Evonik Industries AG, Croda International plc, Lubrizol Corporation, Innospec Inc., Schlumberger Limited, Baker Hughes Company, Nalco Champion, Halliburton Company, Huntsman Corporation, Momentive Performance Materials Inc., and Arkema SA. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisition to expand their customer reach and gain a competitive edge in the overall market
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