Fracking Fluid & Chemicals Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1721
Fracking Fluid & Chemicals Market size is projected to witness significant growth owing to growth in exploration and development of oil & gas extraction reserves across the world. The need of fuel is significantly rising due to high consumption from local as well as industrial front.
Increase in research & development activities for manufacturing eco-friendly fluids and chemicals is estimated to drive fracking fluid & chemicals market. Rising demand for electricity and fuels is expected to propel the product demand owing to high demand for fuel from industrial and domestic front to cater to growing population worldwide.
Shift in trend towards horizontal drilling will enhance fracking fluid & chemicals market growth. Advance horizontal drilling provides a systemic mechanism to recover the unusual shale reserves with hydraulic fracturing technology. Furthermore, this technology is applying a lot of as compared to vertical drilling.
Fracking fluid & chemicals are a group of water, chemicals and sand. It composition is exceptional to each industry player as they alter the structure according to their needs depending upon the presence of surface water or ground water in the manufacturing plant. Selection of fracking mixture majorly depends on the area and regulations instructed by local as well as state governments. It is used to reduce the pressure loss due to friction, which generates enough pressure drop to well maintain stability of the mixture. Adding additives in hydraulic fracturing deliver various functions including dissolving minerals, preventing scale deposition, maintaining fluid viscosity, corrosion resistance, stabilizing the product and dissolving minerals.
The product is available in three forms including, fluid, well and function type. The fluid segment includes water, foam and gel oil based fluid. The well type segment is divided into vertical well and horizontal type. It is used in different applications which include friction reducer, corrosion inhibitor, surfactant, gelling agent, clay inhibitors, breaker, iron control agent, cross-linkers, pH adjusting agent, acid, clay stabilizers, surfactant, biocide and biocide. Corrosion inhibitor is the fastest growing fracking fluid & chemicals application segment owing to high acceptability of corrosion inhibitors in several end user applications including oil & gas and power generation industry to lower the chances of explosion due to corrosion. However, environmental and industrial hazards by fracturing may restraint the industry growth.
North America holds major share in fracking fluid & chemicals market due to rise in fraction practices in oil & natural extraction from plentiful reserves present in the region. Also, new reserves are explored and much needed technological enhancement is taken up by various key companies in the region to increase their production rates of oil and natural gas wells.
Asia Pacific fracking fluid & chemicals market is anticipated to witness the fastest growth owing to substantial development in technology and rising necessity for energy resources. China is a prominent player in shale gas reserves which requires high usage of fracking fluid & chemicals. Shale gas needs vast amounts of horizontal drilling to shelter a large surface area to obtain high production rates of gas, thus propelling industry demand for horizontal drilling applications. High economic and industrial growth is also fostering the rise in fracking fluid & chemicals market demand in the region.
Emergence of technologies including horizontal drilling and hydraulic fracturing positively impact the high competition in the industry. Major player possessing vast manufacturing facilities coupled with large territorial presence accounts for significant fracking fluid & chemicals market shares. With the development in innovations and technology the industry is expected to observe intense competition.
Some of the key fracking fluid & chemicals market players include Baker Hughes, Schlumberger, Ashland, Weatherford International and Halliburton. Other prominent players are BASF, Chevron Phillips Chemical, Albemarle, Clariant, AkzoNobel, Calfrac Well Services, FTS International, Dow Chemical Company, EOG Resources, Dupont and Pioneer Natural Resources.
Companies are adopting various strategies to capture fracking fluid & chemicals market emerging market including, mergers, acquisitions and new product launch. In 2015, American conglomerate, DuPont and Dow Chemicals Company, an American multinational chemical firm entered into an agreement, by merging the stocks. This strategy focused to expand agriculture, specialty chemicals and material science businesses through a series of tax efficient deal.
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