The fracking chemicals fluid market is expected to grow at a CAGR of over 9% during the forecast period. Major factor driving the market studied is growing demand of fracking chemicals fluid from oil and gas industry. On the flip side, stringent environmental and governmental regulations towards fracking fluids and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
– Growing demand of fracking chemicals fluid from shale gas wells is forecasted to offer various opportunities for the growth of the market over the forecast period.
– Fracking chemicals fluid from oil and gas application is expected to dominate the market studied over the forecast period.
– North America region represents the largest market and is also expected to be the fastest growing market over the forecast period owing to the increasing consumption from countries such as United States and Canada.
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Key Market Trends
Growing Demand of Fracking Chemicals Fluid from Oil and Gas Industry
– Fracking fluid (or frac fluid) is a chemical mixture used in drilling operations to increase the quantity of hydrocarbons that can be extracted.
– The fracturing fluids used for stimulations consist primarily of water and variety of chemical additives such as dilute acids, biocides, breakers, corrosion inhibitors, cross linkers, friction reducers, gels etc,.
– The fracking chemicals fluid prevents corrosion of the well and also lubricates the extraction process, and prevents clogs and bacterial growth, among other functions.
– The increasing unavailability of easy oil, growing demand for longer lateral services, stabilizing rate of drilled but uncompleted (DUC) well inventory increases the hydraulic fracturing which in turn boosts the demand fracking chemicals fluid.
– Hence, owing to the above-mentioned factors, the application of fracking chemicals fluid from oil and gas sector is likely to dominate during the forecast period.
North America Region to Dominate the Market
– North America region is expected to dominate the market for fracking chemicals fluid during the forecast period. The rising demand of fracking chemicals fluid from major oil and shale gas producing countries like United States and Canada is expected to drive the demand for fracking chemicals fluid in this region.
– The largest producers of fracking chemicals fluid are located in North America region. Some of the leading companies in the production of fracking chemicals fluid are BASF SE., Baker Hughes, a GE Company LLC, Schlumberger Limited, Dow, and Halliburton among others.
– The International Energy Agency (IEA) expects a further increase in oil and gas production, with the United States emerging as a net oil exporter by 2027, the first time since 1953.
– North America is one of the largest markets for land drilling, led by the United States mainly due to increased exploration and production activities of its tight oil and shale reserves.
– Canada has been known to have significant conventional gas reserves, and the country was a key supplier of natural gas to the United States for decades until the recent shale boom in the country.
– Owing to the above-mentioned factors, the market for fracking chemicals fluid in the North America region is projected to grow significantly during the study period.
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