Petroleum Based Products to Boost Viscosity Reducing Agents Market Growth

 

Viscosity Reducing Agents Market 

Viscosity Reducing Agents Market, By Product Type (Polymers, Surfactants, Dispersants, Additive, Others), End-Use Industries (Oil and Gas, Cement and Construction, Paints and Coatings, Rubber, Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World) Size, Share, Outlook, and Opportunity Analysis, 2023-2030

The global Viscosity Reducing Agents Market is estimated to be valued at reach US$ 150.1 million in 2021 and is expected to exhibit a CAGR of 5.20 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Viscosity reducing agents are also called as drag reducing agents. Viscosity reducing agents are supplements in pipelines that reduces the turmoil in a pipe consequently rising the flow of liquids. These agents perform as a flow enhancer or a pipeline booster.

Competitive Landscape:

Key players involved in the growth of the global Viscosity Reducing Agents Market are Innospec, BYK-CHEMIE GMBH, BASF SE, LiquidPower Specialty Products Inc., and Oil Flux.

Market Key Drivers:

The rising demand of petroleum based liquids is expected to boost the growth of global Viscosity Reducing Agents Market.  For instance, the global petroleum and other petroleum-based liquids are around 100.75 million barrels daily in 2019.

Growing usage of viscosity reducing agents in transportation is anticipated to foster the growth of the global Viscosity Reducing Agents Market.  For instance, viscosity reducing agents are crucial in the petrochemical sector in which conveyance of viscous crude oil is carried out with the help of large pipeline networks. 

Covid-19 Impact Analysis:

Covid-19 outbreak has adversely affected each and every industry similarly it has also affected the growth of global Viscosity Reducing Agents Market. The surge in pandemic has led to the imposition of strict lockdown by the regulatory. The closure in the manufacturing and production industry, disruption in the supply chain and halt in the supply of products from one place to another due to restriction on transportation has collectively impeded the market growth.

Key Takeaways:

The global Viscosity Reducing Agents Market is anticipated to exhibit a CAGR of 5.20 % during the forecast period due to rising consumption of crude oil. For instance, in 2019 China consumed around 14.5 million barrels crude oil per day.

Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the global Viscosity Reducing Agents Market due to rising demand of oil and gas, increasing number of storage tanks for crude oil, rising strict regulations and increasing regulatory approvals and quick product launches. For instance, as per EPA there are around 500,000 crude oil storage tanks in U.S.