Market Size in 2020 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 10.1 Billion | USD 19.2 Billion | 5.1% | 2020 |
FrequentlyAsked Questions
Expansion of viscosity reducing agents market over forecast timespan is owing to massive product demand in oil & gas industry. In addition to this, rising urbanization along with demand for petroleum-based items will steer growth of viscosity reducing agents industry. Apart from this, these products are extensively utilized in oil pipelines for enhancing flow capacity as well as enhancing productivity.
According to Zion market research report, the global Viscosity Reducing Agents Market accrued earnings worth approximately 10.1 (USD Billion) in 2020 and is predicted to gain revenue of about 19.2 (USD Billion) by 2028, is set to record a CAGR of nearly 5.1% over the period from 2021 to 2028.
Asia Pacific will contribute lucratively towards the global market earnings over the projected timeline. The regional market surge is subject to rise in demand for product in crude oil firms in countries such as China and India. Moreover, there is massive penetration of product in paints & coatings for enhancing stability as well as reducing energy usage in paints & coatings manufacturing firms in Asia Pacific zone.
The key market participants include Baker Hughes Company,Alberta Treating Chemicals LTD., CHINAFLOC, NuGenTecx, LiquidPower Specialty Products Inc., Innospec, Ecolab, BYK-CHEMIE GMBH, BASF SE, and ARKEMA Group.
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