LONDON--(BUSINESS WIRE)--The drag reducing agent market is expected to grow by USD 63.33 million during 2020-2024, according to Technavio. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the drag reducing agent market in optimistic, probable, and pessimistic forecast scenarios.
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The drag reducing agent market will witness a neutral impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio’s pandemic-focused market research, market growth is likely to increase as compared to 2019.
With the continuing spread of the novel coronavirus pandemic, organizations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through response, recovery, and renewal phases. Building business resilience and enabling agility will aid organizations to move forward in their journey out of the COVID-19 crisis towards the Next Normal.
This post-pandemic business planning research will aid clients to:
- Adjust their strategic planning to move ahead once business stability kicks in.
- Build Resilience by making effective resource and investment choices for individual business units, products, and service lines.
- Conceptualize scenario-based planning to mitigate future crisis situations.
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Key Considerations for Market Forecast:
- Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
- Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
- Pre- as well as post-COVID-19 market estimates
- Quarterly impact analysis and updates on market estimates
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Major Three Drag Reducing Agent Market Participants:
Baker Hughes Co.
Baker Hughes Co. operates its business through segments such as Oilfield Services, Oilfield Equipment, Turbomachinery & Process Solutions, and Digital Solutions. The company offers FLO drag reducing agents to decrease frictional pressure loss to throughput and debottleneck pipelines restricted by operating pressure limits.
Berkshire Hathaway Inc.
Berkshire Hathaway Inc. operates its business through segments such as Manufacturing, McLane Company, Service and Retail, BNSF, and Berkshire Hathaway Energy. The company offers a line of flow improver products such as LiquidPower, ExtremePower, and RefinedPower through its subsidiary LiquidPower Specialty Products Inc., to reduce frictional pressure loss during fluid flow in a pipeline.
Cabot Microelectronics Corp.
Cabot Microelectronics Corp. operates its business through segments such as Electronic Materials and Performance Materials. The company offers a line of products such as TURBOFLO that reduce turbulence and frictional pressure losses in the pipeline networks, through its subsidiary Flowchem LLC.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Get report snapshot here to get detailed market share analysis of market participants during COVID-19 lockdown: https://www.technvaio.com/report/drag-reducing-agent-market-industry-analysis
Drag Reducing Agent Market 2020-2024: Segmentation
Drag reducing agent market is segmented as below:
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Application
- Crude Oil
- Chemical Transportation
- Others
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Geography
- North America
- MEA
- APAC
- Europe
- South America
The drag reducing agent market is driven by increasing applications in the oil and gas industry. In addition, other factors such as Friction resistance and other excellent properties are expected to trigger the drag reducing agent market toward witnessing a CAGR of over about 5% during the forecast period.
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Market Drivers
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