Rising popularity of horizontal and directional wells is anticipated to drive fracking fluids and chemicals market, according to a recent report published by Fact.MR. Horizontal drilling requires large amount of fracking fluids and chemicals, thus proving a key stimulant to growth registered in the market.
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Horizontal drilling has been creating prospects for the expansion of the oil and gas industry with increased focus on shale and tight sands reservoirs. Also, horizontal drilling has lesser impact on environment compared to vertical drilling which is another key factor favoring market for fracking fluids and chemicals.
Horizontal and directional wells hold the largest share in the market owing to increasing number of horizontally drilled wells, especially in countries such as the U.S., Canada, China, and Russia.
This trend is expected to continue over the forecast period, thus acting as a major driver of global fracking fluids and chemicals market.
Key Takeaways from Fracking Fluids and Chemicals Market Report
- Global fracking fluid and chemical market is expected to exhibit CAGR of more than 10% by the end of 2030
- Water based fluid type is preferred more than other fluid types available in the market
- Asia Pacific will offer lucrative growth opportunities through the forecast period
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- Waterless fracking, usage of green chemicals, propane gel, are some of the alternate fracking technologies that are expected to create substantial growth opportunities in the future
- North America dominates the market across the world. This dominance is expected to continue over the next decade. Demand registered in North America is attributable to the presence of oil and gas extraction reservoirs in the United States and Canada.
“Use of fracking fluids and chemicals as a gelling agent is expected to surge in the near future,” says a Fact.MR analyst.
Fracking Fluids and Chemicals Market: Competitive Landscape
Fracking fluid and chemicals manufacturing companies are investing in research and development activities in order to discover ecofriendly alternatives. Partnerships, collaborations, and joint ventures are some of the strategies adopted by players in the market to increase penetration.
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Major players are focusing on expanding their product portfolio to sustain in the market which is highly competitive. They also are integrating their operations so that they can be involved in the entire value chain.
For instance, Chevron Phillips Chemical Company LP introduced feedstock and commenced operations of a new ethane cracker at its Cedar Bayou facility in Baytown, Texas in 2018. At peak production, the unit will produce 1.5 million metric tons/3.3 billion lbs. per year.
Also, DuPont and Dow Chemicals Company, an American multinational chemical firm entered into an agreement, by merging the stocks. This strategy was intended to focus on expansion of agriculture, specialty chemicals and material science businesses through a series of tax efficient deals.
Some of the key fracking fluid & chemicals market players include Baker Hughes, Schlumberger, Ashland, Weatherford International and Halliburton, BASF, Chevron Phillips Chemical, Albemarle, Clariant, AkzoNobel, Calfrac Well Services, FTS International, Dow Chemical Company, EOG Resources, Dupont and Pioneer Natural Resources.
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