Fracking Chemicals Market to be Dominated by North America Region in the Forecast Period
Rising fracking activities and low-cost energy delivery are
prime factors driving the growth of Global Fracking Chemicals market in the forecast
period, 2024-2028.
According
to TechSci Research report, “Fracking Chemicals Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028F”, The global fracking chemicals market is anticipated
to grow at an impressive CAGR in the forecast period 2024-2028. Fracking
chemicals also referred as Hydraulic Fracturing Chemicals are applied on the
field when hydrocarbon in reservoir encounters a heavy resistance to flow
through porous media. When natural drive of the reservoir is not sufficient to
push the hydrocarbon molecules, then certain chemicals are injected from
surface to the bottomhole. These chemicals are technically referred as Fracking
Chemicals and the overall procedure for this secondary recovery of crude oil is
known as Hydrofracking or Hydraulic Fracturing. According to our research,
United States held the largest market share in 2022, in terms of drilling via
Hydraulic fracturing route, owing to the cause of lesser dependency on major
oil and gas producing majors (like Gulf countries or Russia) for crude oil.
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Global Fracking
Chemicals Market is segmented based on Well type, Fluid type, and Application:
Based on well type,
the market is divided into Vertical and Horizontal/Directional. Horizontal well
segment held the largest share in Fracking Chemicals market in 2018. Horizontal
wells leverage drillers to a wider surface area and oil extraction at an
optimum rate from an undersaturated reservoir. On the other hand, oil is
readily extracted from vertical wells using shallower boreholes. The total
production increases because of a decrease in the uneven pressure distribution, brought
on by the flow geometry of horizontal wells along the long drain. Field's
undissolved, free gas and other petroleum deposits can be tapped
using horizontally drilled wells. This makes drilling technology even easier to
extract enormous amounts of natural gas stored in the reservoir. In comparison
to vertical wells, horizontal wells are more productive and efficient since
they allow for the extraction of more energy with lesser wells. Although there
are huge merits of horizontal wells; drilling these wells costs huge capital
and are highly complicated.
Vertically
drilled wells provide access only to the natural gas which is available at the well
head in the form of bubbles. Vertical wells do not need directional well-boring,
as they are drilled without any deviation. This factor makes the vertical wells
cost effective and less complicated over horizontal wells. Technical
advancements in directional drilling technology have made vertical drilling obsolete.
Based on
application, the market is divided into Friction Reducer, Biocides, Clay
Control Agent, Crosslinkers, Surfactants and Others. As per market estimation,
the Friction reducer segment will experience the highest market share during
the forecast period. By minimizing pipe friction, friction reducers permit high
injection rates. Buffers are used to keep fluid pH levels stable under
difficult circumstances like high pressure and temperature. Through
sodium-potassium ion exchange, the clay control agent interacts with the clays
in the rocks and formations and aids in stabilizing the clay in shale
structure.
Major
operating companies operating in global fracking chemicals market are:
- BASF SE
- Dow Chemicals Company
- Chevron Philips Chemical Corporation.
- Solvay S.A.
- Albemarle Corporation
- Croda International
Plc
- Clariant AG
- Saudi Basic
Industries Corporation
- Akzo Nobel N.V.
- Innospec Inc.
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North America demonstrates the most promising growth among other regions for
Fracking chemicals market. According to the TechSci Research estimates,
current market figures reflect the regional dominance which would likely
replicate over the forecast period. This can be attributed to the
Directional Drilling Industry, which is being continually developed in the
region, and therefore the consumption of fracking chemicals in the region is
high.
“Due
to rise in energy consumption, Asia Pacific is projected to have significant
growth in the decade ahead. China, which has the most shale reservoirs
after the US and Canada, is propelling growth in the region. Because of
increased oilfield output, which is being driven by deep-water discoveries in
the North Sea, Europe is also projected to become a valuable market eventually.
Over the course of the forecast period, the region is anticipated to offer
prospective prospects to fracking fluid and chemical companies as the
development of offshore and unconventional reservoirs advances there.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Fracking Chemicals Market-
Global Industry Size, Share, Trends, Segmented By Well Type (Vertical, Horizontal/Directional),
By Fluid Type (Water-based, Foam-based, Cryogenic (Liquid CO2)), By Application
(Friction Reducer, Biocides, Clay Control Agent, Crosslinkers, Surfactants,
Others), By Region and Competition, has
evaluated the future growth potential of global fracking chemicals 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 market.”
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