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The objective of the Dissolvable Frac Plugs 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 Dissolvable Frac Plugs Market.
Market Insights – The Dissolvable Frac Plugs 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 Dissolvable Frac Plugs Market are-
• Baker Hughes, a GE company
• Halliburton Company
• Innovex Downhole Solutions, Inc.
• KLX Energy Services
• Kureha Corporation
• Maverick Downhole Technologies Inc.
• National Oilwell Varco (NOV)
• Nine Energy Service, Inc.
• Schlumberger Limited
• Vertechs Oil & Gas Technology Co., Ltd.
Growth drivers and Market Value:
This report, from Stratview Research, studies the Dissolvable frac plugs market value and growth drivers over the trend period of 2019-14. According to the report -
Dissolvable frac plugs are new to the market and currently hold a diminutive share of the frac plugs market. Magnum Oil Tools (Now part of Nine Energy Service Inc.) was the first company to commercialize dissolvable frac plug in the year 2014. Since then, various leading suppliers of composite frac plugs, such as Haliburton, Baker Hughes, and Schlumberger, have also launched dissolvable frac plugs and are offering a unique product portfolio in this market. The attractiveness of the market has led to the entry of the leading oil & gas industry players, who were not even into composite frac plugs manufacturing. For instance, recently in Feb 2019, a US-based oil & gas multinational corporation, National Oilwell Varco (NOV), has launched VapR dissolvable frac plugs.
Segment Analysis:
Based on by Material Type:
The market is segmented based on the material type as Mg (Magnesium) alloys and PGA (Polyglycolic Acid). Mg alloys are expected to remain the dominant segment of the global dissolvable frac plugs market during the forecast period and are also likely to exhibit faster growth during the same period. Mg alloys are the materials of choice for dissolvable frac plugs, owing to their properties, such as reliable dissolution rate at different temperature and pressure brine, high toughness, strength, and hardness. However, PGA is new to the industry and is not being currently of interest of all the major players.
Based on Regional:
In terms of regions, the Americas is projected to remain the largest dissolvable frac plugs market during the forecast period, in terms of both value and volume. The USA is the growth engine for the Americas’ market where dissolvable frac plugs have been in the run in all the major shale basins such as Permian Basin, Eagle Ford, Williston basin, and South-Central Oklahoma Oil Province. Canada is another key market in the Americas, whereas Argentina is likely to be an emerging market with excellent growth expected in the near future.
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Critical Questions Answered in the Report
l What are the key trends in the global Dissolvable Frac Plugs Market?
l How the Dissolvable Frac Plugs 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 Dissolvable Frac Plugs Market?
l What are the key strategies adopted by the major vendors to lead in the Dissolvable Frac Plugs Market?
l What is the market share of the key players?
Target Audience
The following is a list of the customers that the Dissolvable Frac Plugs Market aims to convert the most:
l Manufacturing Organizations
l Distributors & Suppliers
l Potential Investors
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