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The objective of the Composite Frac Plugs and Balls Market report is to offer updated information such as the market share, size, trends, emerging markets, earnings, forecasts, and data on leading industry players. This study includes significant and vital information necessary for strategic decision making and have a competitive edge.
In view with the current pandemic analysts at Stratview Research has thoroughly analyzed and presented the following parameters under the detailed Covid – 19 impact analysis in the Composite Frac Plugs and Balls Market.
Market Insights – The Composite Frac Plugs and Balls Market is projected to grow from USD 6.36 billion in 2022 to USD 8.69 billion by 2028 at a CAGR of over 5.3% during the forecast period.
Few key players operating in the Composite Frac Plugs and Balls Market are-
• Haliburton Company
• Baker Hughes
• Schlumberger Limited
• Weatherford International
• Downhole Technology LLC
• Repeat precision LLC
• NOV
• Nine Energy Services (Magnum Oil Tools International, LTD)
• Forum Energy Technologies
• General Plastics & Composites LP
• Torquato Drilling Accessories
• The Gund Co.
• Team Oil Tools.
Growth drivers and Market Value:
This report, from Stratview Research, studies the Composite Frac Plugs and Balls Market value and growth drivers over the trend period of 2022-27. According to the report -
Plug-n-perf is the most common technique and accounts for 85%+ of the global hydraulic fracturing market. Composites hold more than 70% share of the overall frac plugs and balls market in the industry. The composite frac plugs and balls market is highly dependent on hydraulic fracturing, the latter is highly subjected to the volatility of crude oil prices. The cash cost of producing a barrel of oil from the hydraulic fracking from shale is about US$ 30 to US$ 50, whereas the cost of producing a barrel of oil from the conventional method in Saudi Arabia is about US$ 5 to US$ 10. Hydraulic fracturing becomes unviable for operators if the oil price is below US$ 40 per barrel.
Segment Analysis:
Based on Product Type:
Stratview Research has firstly segmented the composite frac plugs and balls market based on the product type as frac plugs and frac balls. Frac plug is expected to remain the larger segment of the market during the forecast period. Filament winding is the major process used to produce composite frac plugs owing to its tubular shape. The development of shorter plugs with reduced metal contents and improvement in pressure ratings, temperature resistance, and reduction in mill-out time are key trends of the market.
Based on Region:
In terms of regions, North America is expected to remain the largest market over the next five years. Despite the huge decline, North America to maintain its lead till 2027. Key factors driving the market are the presence of a vast amount of technically recoverable shale oil reserves, the extensive infrastructure of shale gas, and the processing capacity in North America. Modern fracking has unlocked oil & gas reserves in more than 20 states in the USA. About half of the USA's crude oil comes from fracking in the country. Permian and Eagle Ford are the major basins in the country for composite frac plugs and balls.
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Critical Questions Answered in the Report
l What are the key trends in the global Composite Frac Plugs and Balls Market?
l How the Composite Frac Plugs and Balls Market (and its various sub-segments) has grown in the last five years?
l What would be the growth driver and growth rate in next five years?
l What is the impact of COVID-19 on the Composite Frac Plugs and Balls Market?
l What are the key strategies adopted by the major vendors to lead in the Composite Frac Plugs and Balls Market?
l What is the market share of the key players?
Target Audience
The following is a list of the customers that the Composite Frac Plugs and Balls Market aims to convert the most:
l Manufacturing Organizations
l Distributors & Suppliers
l Potential Investors
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