Market Research Future (MRFR) has announced a new release on the global fracking chemicals market. The Fracking Chemicals Market Share is expected to register a CAGR of 6.54% during the forecast period, 2023-2030. Fracking chemicals are the chemicals used in drilling operations along with water and sand to increase the extraction efficiency of hydrocarbons. The segmentation and competitive landscape of the global fracking chemicals market is also studied in the report in order to provide readers with comprehensive coverage of the global market’s granular structure.
Fracking chemicals are a wide range of chemicals used to improve the efficacy of oil and gas exploration and production operations. The fracking chemicals are added to sand and water to produce the desired fracking fluid. As a result, the composition of the fracking fluids may vary based on the needs and requirements of the particular site as well as the availability of water in the location, in addition to the governmental rules and regulations monitoring the fracking activities in the region.
Fracking is a process often used on oil wells that are not at the ideal level of permeability. Fracking processes help remove rocks and other impediments in the way of the oil well, so that the oil and gas can flow easily into the well. Fracking also helps reduce the total number of wells per site, as it helps accumulate the petroleum resources into one big pool. The process has been vital for the oil and gas industry in recent years due to the falling levels of petroleum in conventional sites. Fracking chemicals are used for a number of functions in this procedure, including as a corrosion inhibitor, friction reducer, solvent, carrier, and scale inhibitor.
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The growing demand for fuel is likely to drive the global demand for fracking chemicals over the forecast period. Despite the drop in the levels of petroleum resources globally, they remain the primary source of energy around the world, with renewable energy sources yet to catch up with conventional energy sources in most areas of the world. This has driven the demand for unconventional petroleum acquisition methods, such as fracking, thus driving the global fracking chemicals market. The increasing efforts being taken by smaller oil producers to increase fracking operations in their region in order to reduce their dependence on foreign oil imports are likely to be a major driver for the global fracking chemicals market over the forecast period.
Competitive Analysis:
Leading players in the global fracking chemicals market include AkzoNobel NV, Baker Hughes Incorporated, Schlumberger Limited, Chevron Phillips Chemical Company, DowDuPont Inc., FTS International Inc., EOG Resources Inc., Calfrac Well Services Ltd., Albemarle Corporation, Clariant International AG, BASF SE, Halliburton Company, and Ashland Inc.
Segmental Analysis:
The global fracking chemicals market is segmented on the basis of function, fluid type, and region.
On the basis of function, the global fracking chemicals market is segmented into gelling agent, friction reducer, corrosion inhibitor, biocide, surfactant, scale inhibitor, clay stabilizer, acid, cross-linker, breaker, pH adjusting agent, iron control agent, and others. Of these, the gelling agent function held a majority share in the global fracking chemicals market in 2017 and is likely to remain the major contributor to the market over the forecast period. Gelling agents perform the task of increasing the viscosity of the fracking fluid and enabling smooth entry of the entire fracking mixture into the rock formation.
By fluid type, the fracking chemicals market is segmented into water-based fluids, oil-based fluids, and foam-based fluids. The share of oil-based fluids is expected to drop over the forecast period due to their toxicity and the difficulty in removing them from the oil well post-operation. The share of foam-based fluids, which are nontoxic, is likely to grow at a steady rate over the forecast period, with several major players initiating research projects aimed at producing nontoxic fluids for fracking operations.
Regional Analysis:
Regionally, the global fracking chemicals market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is likely to remain the major force in the global fracking chemicals market due to the growing demand for shale oil exploration in the region. The oil and gas industry in North America has been transformed by the shale revolution, which is likely to remain a dominant feature of the region’s petroleum exploration and production efforts in the coming years, thus driving the demand from the fracking chemicals market. Europe is also likely to remain a leading contributor to the global fracking chemicals Market Share Analysisdue to the growing EP projects in the North Sea.
However, Asia Pacific is expected to have the highest growth rate over the forecast period due to the growing oil and gas industry activities in countries such as China, Indonesia, India, South Korea, and Australia.
Industry Updates:
Product innovation to produce safer and more effective fracking fluids is likely to dominate the competitive landscape of the global fracking chemicals market over the forecast period. For instance, Halliburton Company has made a significant investment in the production of bio-based drill muds from guar gum to replace the toxic conventional alternatives. The development of the nontoxic foam-based fluids to replace oil-based fluids is also likely to be a notable feature of the global fracking chemicals market over the coming years.
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