Viscosity Reducing Agents MarketSize and Trends

Viscosity Reducing Agents Market Outlook – Rising Demand in Chemicals allied Industries to be the Major Market Driver

Asia Pacific and North America are expected to be the most potential markets for plastic additives manufacturers. According to IBEF, India is the seventh largest producer of chemicals in the world worldwide and third largest producer in Asia. The Indian chemicals sector was valued at US$ 139 billion in 2016 In 2015-2016 the total production of the major chemicals including petrochemicals was 23.9 million tons. The Indian chemicals industry has attracted various foreign investors such as Akzo Nobel, BASF, ADEKA, Mitsubishi Chemicals Corporation, Syngenta, DuPont, Henkel, Croda, Wacker Metroark, DyStar, and Rhodla. India Brand Equity Foundation (IBEF) is a Trust established by the Ministry of Commerce and Industry, Department of Commerce in collaboration with the Government of India with the purpose of promoting and creating international awareness of goods manufactured in India.

Viscosity Reducing Agents Market – Key Developments

In September 2019, Transneft opened new production plant of viscosity/drag reducing agent in the Alabuga Special Economic Zone, the Republic of Tatarstan. The plant has a production capacity of three kilo tons per year and is projected to increase its capacity up to ten kilo tons per year. The company is aiming to produce 600 tons of agents to fulfill company’s requirement for drag reducing agent.
In February 2019, CSL Capital Management, L.P. (CSL Capital) sold its viscosity/drag reducing agent business to Liquid Power Specialty Products Inc. With this acquisition, Liquid Power Specialty Products Inc. added high quality viscosity/drag reducing agent production facility & newly hired team to better serve its customers globally.
In June 2017, KMG Chemicals, Inc. acquired Flochem LLC, a leading manufacturers of viscosity/drag reducing agents for improving pipeline performance in oil & gas industries. This acquisition strengthened position of KMG Chemicals Inc. in serving customers worldwide.