Consistent Investment in R&D Activities to Steer Ahead the Global Fracking Chemicals Market
Fracking fluid, or even frac fluid, is a form of chemical mixture that is used for drilling-based operations in order to increase the number of extractable hydrocarbons. It helps in the prevention of corrosion of the well. Add to this, fracking chemicals even lubricates the process of extraction and prevents bacterial growth and clogs. The chemicals are added to sand and water to attain a desirable mixture of fracking fluid. Market Research Future (MRFR) reveals that the global fracking chemicals market is projected to experience a massive growth period during the forthcoming years. The research report also identifies the key factors and constraints driving the growth and downfall of the market.
Competitive Landscape
The prominent players in the global fracking chemicals market are Chevron Phillips Chemical Company (U.S.), Clariant International AG (Switzerland), Baker Hughes Incorporated (U.S.), Ashland Inc. (U.S.), BASF SE (Germany), DowDuPont Inc. (U.S.), Halliburton. (U.S.), AkzoNobel N.V.(Netherlands), FTS International Inc. (U.S.), Calfrac Well Services Ltd. (Canada), Albemarle Corporation. (U.S.), EOG Resources, Inc. (U.S.), and Schlumberger Limited (U.S.).
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Feb 20th, 2019, a Fracking firm Cuadrilla submitted its plans of changing the type of fracking fluid it uses and has paused operations at the Preston New Road side. The firm demands to use new raft of additives to the fracking fluid which are already approved by the Environment Agency to ensure no harm is done to groundwater. The approval of the same will be a monumental and a welcome change to the industry which is often deemed as unsafe.
Key Drivers & Constraints
The growing demand for oil & gas is believed to be a likely factor influencing the positive market growth of the global fracking chemical market during the forecast period. Shifting trend inclining towards horizontal drilling growth is also a likely factor that’ll go on to positively impact the market. Additionally, the consistent development of unconventional oil and gas sources to ensure energy security and reduce the dependency on foreign oil in various countries are believed to propel the growth of the market during the assessment period. In addition to all these, it is identified that a host of companies in the market are consistently investing in R&D activities and steering ahead to develop more eco-friendly fracking chemicals. The R&D activities are most likely to exhibit massive growth in the global fracking chemicals market in the forthcoming years of the forecast period.
Market Segmentation
The global fracking chemicals market segmentation is done on the basis of fluid type and function.
By function, the market includes clay stabilizer, gelling agent, surfactant, pH adjusting agent, friction reducer, breaker, cross-linkers, iron control agent, biocide, corrosion inhibitor, scale inhibitor, acid, and others. As per the 2017 market study, the gelling agent segment held the largest share, and the market is expected to continue on its rise in the forthcoming years. The friction reducer held the second largest market owing to the vast usage in reducing friction in pipes to ensure high injection rates.
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By fluid type, the market includes foam based, oil based, and water based fluid types. Water based fracking fluid type held the dominant position in the market in 2017 due to its numerous properties. This includes, it enables obtaining of complex features, high rate of pumping, and high fluid efficiency. However, foam based fluid type is anticipated to show the biggest strides over the forecast period with its rising demand. This can be attributed to less waste water requirement, good proppant carrying capacity, and high reusability.
Regional Analysis
The global fracking chemicals market is segmented geographically into major regions like North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The North American market is believed to be the largest market share holder for fracking chemicals over the forecast period. This is due to the solid demand from established oilfield industry. The European region is another major market for fracking chemicals because of the growing offshore oilfield activities in the North Sea.
The Asia Pacific region is projected to hold the fastest growing potential for fracking chemicals during the forecast period. Here, rapid urbanization and industrialization in emerging countries of Asia, like South Korea, Indonesia, Australia, China, and India, have rapidly fastened the demand for fuel & energy, thereby positively impacting the oilfield industry. The Middle East & Africa is also forecasted to witness increasing demand owing to the high rate of concentration of oilfield reserves and the establishments of oil & gas industries in the region. Lastly, the Latin America market is projected to experience the least possible growth during the forecast period.
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