According to TechSci Research report, “Fracking Chemicals and Fluids Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Fracking Chemicals and Fluids Market stood at USD9.15 billion in 2022 and is anticipated to grow with a CAGR of 4.55% in the forecast period, 2023-2028. The initiatives taken by the government based on fracking chemicals and fluids have led to favorable market conditions for the Global Fracking Chemicals and Fluids Market. Several factors contribute to the growth of various fracking chemicals and fluids market products.
The U.S. Environmental Protection Agency (EPA) plays a crucial role in collaborating with states and various stakeholders to ensure responsible natural gas extraction through hydraulic fracturing, also known as fracking. And, this Fracking Chemicals and Fluids Market will go Through comprehensive research and regulation, the EPA’s initiatives are firmly rooted in sound scientific practices, aiming to safeguard public health and protect the environment.
In addition to the EPA’s efforts, the U.S. Department of the Interior has implemented a significant rule. This rule mandates companies to disclose detailed information about the chemicals used in their hydraulic fracturing processes on public lands. By doing so, it promotes transparency and accountability, ensuring that the public is well-informed about the potential environmental impact of these activities.
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The proliferation of shale gas and tight oil exploration projects globally serves as a major driving force for the fracking chemicals and fluids market. The vast reserves of shale gas and tight oil locked within rock formations have ignited a wave of exploration and production activities. This surge in activity is fueled by the increasing demand for energy resources and the potential economic benefits associated with tapping into these unconventional reserves.
Hydraulic fracturing, commonly known as fracking, plays a crucial role in the successful extraction of shale gas and tight oil. This process involves injecting a mixture of water, chemicals, and proppants into the rock formations to create fractures and release the trapped hydrocarbons. As companies continue to invest in exploring their shale gas and tight oil potential, the need for appropriate fracking chemicals and fluids becomes even more pronounced.
The market for fracking chemicals and fluids is expected to witness significant growth as more regions around the world recognize the importance of unlocking their shale gas and tight oil resources. Market participants catering to these exploration endeavors have a unique opportunity to provide the necessary chemicals and fluids that facilitate the fracturing process and subsequent reservoir stimulation.
The Global Fracking Chemicals and Fluids Market is segmented into fluid type, application, regional distribution, and company.
Based on its fluid type, the water-based segment held the largest share in the market. Water-based fracturing fluids (WBF) are non-viscous fluids with low concentrations of proppants, making them ideal for achieving narrow fractures. The unique properties of WBF, such as high fluid efficiency, low proppant concentration, and the ability to pump at a higher rate, enable the creation of complex fractures that maximize reservoir contact and enhance hydrocarbon recovery. By utilizing WBF, operators can optimize well performance and ultimately increase production yields.
Based on region, the Europe segment is expected to grow during the forecast period.
The anticipated increase in fracking chemicals demand can be attributed to the significant oilfield development in unconventional and offshore reserves, particularly in the North Sea. The region’s deep water discoveries have propelled the need for these chemicals, as they support the high rate of deployment of the mud-cap drilling technique. This development not only presents new opportunities for fracturing chemical companies but also underscores the importance of their role in the industry’s future.
Major companies operating in the Global Fracking Chemicals and Fluids Market are:
- Baker Hughes Ltd.
- Schlumberger NV
- Ashland Inc.
- Weatherford International Ltd
- BASF SE
- Chevron Phillips Chemical Co LLC
- Albemarle Corp
- Clariant AG
- Akzo Nobel NV
- Calfrac Well Services Corp
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“Growing application of fracking chemicals and fluids in various end-user industries are key drivers of the fracking chemicals and fluids market. Growth in the competitive landscape and the presence of well-established companies in the market who are dedicated to enhancing their productivity of fracking chemicals and fluids with every passing year are anticipated to register impressive growth in the Global Fracking Chemicals and Fluids Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Global Fracking Chemicals and Fluids Market By Fluid Type (Water Based, Foam Based, Gelled Oil-Based, Slick Water-Based, Synthetic Based, Others), By Application (Oil & Gas, Mining, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Fracking Chemicals and Fluids 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 the Global Fracking Chemicals and Fluids Market.
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Table of Content-Fracking Chemicals and Fluids Market
- Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Applications
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends
- Impact of COVID-19 on Global Fracking Chemicals and Fluids Market
- Global Fracking Chemicals and Fluids Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Fluid Type (Water Based, Foam Based, Gelled Oil-Based, Slick Water-Based, Synthetic Based, Others)
5.2.2. By Application (Oil & Gas, Mining, Others)
5.2.3. By Region
5.2.4. By Company (2022)
5.3. Market Map
- Asia Pacific Fracking Chemicals and Fluids Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Fluid Type
6.2.2. By Application
6.2.3. By Country
6.3. Asia Pacific: Country Analysis
6.3.1. China Fracking Chemicals and Fluids Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Fluid Type
6.3.1.2.2. By Application
6.3.2. India Fracking Chemicals and Fluids Market Outlook
6.3.2.1. Market Size & Forecast
6.3.2.1.1. By Value
6.3.2.2. Market Share & Forecast
6.3.2.2.1. By Fluid Type
6.3.2.2.2. By Application
6.3.3. Australia Fracking Chemicals and Fluids Market Outlook
6.3.3.1. Market Size & Forecast
6.3.3.1.1. By Value
6.3.3.2. Market Share & Forecast
6.3.3.2.1. By Fluid Type
6.3.3.2.2. By Application
6.3.4. Japan Fracking Chemicals and Fluids Market Outlook
6.3.4.1. Market Size & Forecast
6.3.4.1.1. By Value
6.3.4.2. Market Share & Forecast
6.3.4.2.1. By Fluid Type
6.3.4.2.2. By Application
6.3.5. South Korea Fracking Chemicals and Fluids Market Outlook
6.3.5.1. Market Size & Forecast
6.3.5.1.1. By Value
6.3.5.2. Market Share & Forecast
6.3.5.2.1. By Fluid Type
6.3.5.2.2. By Application