Fracking Chemicals Market Overview, Merger and Acquisitions, Business Opportunities, Segments and Industry Forecast By 2030
Consistent Investment in R&D Activities to Steer Ahead the Global Fracking Chemicals Market
Fracking fluid, or even frac fluid, is a form of chemical mixture that is used for drilling-based operations in order to increase the number
of extractable hydrocarbons. It helps in the prevention of corrosion of the well.
Add to this, fracking chemicals even lubricates
the process of extraction and prevents bacterial growth and clogs. The
chemicals are added to sand and water to attain a desirable mixture of fracking
fluid. Market Research Future (MRFR) reveals that the global fracking chemicals
market is projected to experience a massive growth period during the
forthcoming years. The research report also identifies
the key factors and constraints driving the growth and downfall of the
market.
Competitive Landscape
The prominent
players in the global fracking chemicals market are Chevron Phillips Chemical
Company (U.S.), Clariant International AG (Switzerland), Baker Hughes
Incorporated (U.S.), Ashland Inc. (U.S.), BASF SE (Germany), DowDuPont Inc.
(U.S.), Halliburton. (U.S.), AkzoNobel N.V.(Netherlands), FTS
International Inc. (U.S.), Calfrac Well Services Ltd. (Canada), Albemarle
Corporation. (U.S.), EOG Resources, Inc. (U.S.), and Schlumberger Limited (U.S.).
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Feb 20th,
2019, a Fracking firm Cuadrilla submitted its plans of changing the type of
fracking fluid it uses and has paused operations at the Preston New Road side. The firm demands to use new raft of additives to the fracking fluid
which are already approved by the
Environment Agency to ensure no harm is done
to groundwater. The approval of the same will be a monumental and a welcome
change to the industry which is often deemed
as unsafe.
Key Drivers &
Constraints
The growing demand for oil & gas is believed to be a likely
factor influencing the positive market growth of the global fracking chemical
market during the forecast period. Shifting trend inclining towards horizontal
drilling growth is also a likely factor that’ll go on to positively impact the market. Additionally, the
consistent development of unconventional
oil and gas sources to ensure energy security and reduce the dependency on foreign
oil in various countries are believed to propel the growth of the market during
the assessment period. In addition to all these, it is identified that a host of companies in the market are
consistently investing in R&D activities and steering ahead to develop more
eco-friendly fracking chemicals. The R&D activities are most likely to
exhibit massive growth in the global fracking chemicals market in the
forthcoming years of the forecast period.
Market Segmentation
The global
fracking chemicals market segmentation is done
on the basis of fluid type and function.
By function, the
market includes clay stabilizer, gelling agent, surfactant, pH adjusting agent,
friction reducer, breaker, cross-linkers, iron control agent, biocide, corrosion
inhibitor, scale inhibitor, acid, and others. As per the 2017 market study, the
gelling agent segment held the largest share, and
the market is expected to continue on its rise in the forthcoming years. The friction
reducer held the second largest market owing to the vast usage in reducing
friction in pipes to ensure high injection rates.
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By fluid type,
the market includes foam based, oil based, and water
based fluid types. Water based
fracking fluid type held the dominant position in the market in 2017 due to its
numerous properties. This includes, it
enables obtaining of complex features, high rate of pumping, and high fluid
efficiency. However, foam based fluid
type is anticipated to show the biggest strides over the forecast period with
its rising demand. This can be attributed to less waste water requirement, good proppant carrying capacity, and high
reusability.
Regional Analysis
The global
fracking chemicals market is segmented geographically into major regions like North America, Europe, Asia Pacific, Latin America,
and the Middle East & Africa.
The North
American market is believed to be the largest market share holder for fracking
chemicals over the forecast period. This
is due to the solid demand from established oilfield industry. The European
region is another major market for fracking chemicals because of the growing
offshore oilfield activities in the North Sea.
The Asia Pacific region is projected
to hold the fastest growing potential for fracking chemicals during the
forecast period. Here, rapid urbanization and industrialization in emerging
countries of Asia, like South Korea, Indonesia, Australia, China, and India,
have rapidly fastened the demand for fuel & energy, thereby positively impacting the oilfield industry. The
Middle East & Africa is also forecasted to witness increasing demand owing
to the high rate of concentration of oilfield reserves and the establishments
of oil & gas industries in the region. Lastly, the Latin America market is
projected to experience the least possible growth during the forecast period.
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