Fracking Chemicals and Fluids Market to Grow with a CAGR of 4.55% Globally through 2028
Increasing shale gas and tight oil exploration projects is expected to
drive the Global Fracking Chemicals and Fluids Market growth in the forecast
period, 2024-2028.
According to TechSci Research report, “Fracking
Chemicals and Fluids Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global
Fracking Chemicals and Fluids Market stood at USD9.15 billion in 2022 and is
anticipated to grow with a CAGR of 4.55% in the forecast period, 2024-2028. The
initiatives taken by government based on fracking chemicals and fluids has led
to favorable market conditions for the Global Fracking Chemicals and Fluids
Market. Several factors contribute to the growth of various fracking chemicals
and fluids market products.
The U.S.
Environmental Protection Agency (EPA) plays a crucial role in collaborating
with states and various stakeholders to ensure responsible natural gas
extraction through hydraulic fracturing, also known as fracking. Through
comprehensive research and regulation, the EPA's initiatives are firmly rooted
in sound scientific practices, aiming to safeguard public health and protect the
environment.
In addition to
the EPA's efforts, the U.S. Department of the Interior has implemented a
significant rule. This rule mandates companies to disclose detailed information
about the chemicals used in their hydraulic fracturing processes on public
lands. By doing so, it promotes transparency and accountability, ensuring that
the public is well-informed about the potential environmental impact of these
activities.
Browse over XX
market data Figures spread through XX Pages and an in-depth TOC on "Global Fracking Chemicals and Fluids Market”
The
proliferation of shale gas and tight oil exploration projects globally serves
as a major driving force for the fracking chemicals and fluids market. The vast
reserves of shale gas and tight oil locked within rock formations have ignited
a wave of exploration and production activities. This surge in activity is
fueled by the increasing demand for energy resources and the potential economic
benefits associated with tapping into these unconventional reserves.
Hydraulic
fracturing, commonly known as fracking, plays a crucial role in the successful
extraction of shale gas and tight oil. This process involves injecting a
mixture of water, chemicals, and proppants into the rock formations to create
fractures and release the trapped hydrocarbons. As companies continue to invest
in exploring their shale gas and tight oil potential, the need for appropriate
fracking chemicals and fluids becomes even more pronounced.
The market for
fracking chemicals and fluids is expected to witness significant growth as more
regions around the world recognize the importance of unlocking their shale gas
and tight oil resources. Market participants catering to these exploration
endeavors have a unique opportunity to provide the necessary chemicals and
fluids that facilitate the fracturing process and subsequent reservoir
stimulation.
The Global
Fracking Chemicals and Fluids Market is segmented into fluid type, application,
regional distribution, and company.
Based on its fluid type, the water based segment held
the largest share in the market. Water-based fracturing fluids (WBF) are
non-viscous fluids with low concentrations of proppants, making them ideal for
achieving narrow fractures. The unique properties of WBF, such as high fluid
efficiency, low proppant concentration, and the ability to pump at a higher
rate, enable the creation of complex fractures that maximize reservoir contact
and enhance hydrocarbon recovery. By utilizing WBF, operators can optimize well
performance and ultimately increase production yields.
Based on region, Europe segment is expected to grow
during the forecast period.
The anticipated increase in fracking chemicals demand
can be attributed to the significant oilfield development in unconventional and
offshore reserves, particularly in the North Sea. The region's deep water
discoveries have propelled the need for these chemicals, as they support the
high rate of deployment of the mud-cap drilling technique. This development not
only presents new opportunities for fracturing chemical companies but also
underscores the importance of their role in the industry's future.
Major
companies operating in Global Fracking Chemicals and Fluids Market are:
- Baker Hughes Ltd.
- Schlumberger NV
- Ashland Inc.
- Weatherford International Ltd
- BASF SE
- Chevron Phillips Chemical Co LLC
- Albemarle Corp
- Clariant AG
- Akzo Nobel NV
- Calfrac Well Services Corp
Download Free Sample Report
Customers can also request for 10%
free customization on this report
“Growing application of fracking chemicals and fluids in
various end user industries are key drivers of the fracking chemicals and fluids
market. Growth in competitive landscape and presence of well-established companies
in the market who are dedicated to enhance their productivity of fracking chemicals
and fluids with every passing year are anticipated to register an impressive
growth to Global Fracking Chemicals and Fluids Market in the forecast period.,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Global Fracking Chemicals and Fluids Market By Fluid
Type (Water Based, Foam Based, Gelled Oil-Based, Slick Water-Based, Synthetic
Based, Others), By Application (Oil & Gas, Mining, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Fracking Chemicals and Fluids Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Fracking Chemicals and Fluids Market.
Contact
TechSci Research LLC
420 Lexington Avenue, Suite 300,
New York, United States- 10170
Tel: +1-332-258-6602
Email: [email protected]
Website: www.techsciresearch.com