Fracking fluids are widely used in drilling operations. It increases the number of hydrocarbons that can be extracted and also prevents the corrosion of the well. The composition of fracking chemical varies from industry to industry. These chemicals are added to water and sand to get the preferred mixture of fracking fluid. A huge quantity of chemicals, around 40,000 gallons is required in one fracturing operation. Therefore, we can see that the growing oil and gas industry is pushing the growth of the market.
The rising demand for oil and gas across the globe owing to increasing demand for fuel & energy to support the growing population is the major driving force of the market. Over the years, the drilling process has also changed from vertical to horizontal. The growing trend of horizontal drilling is expected to further push forward the market. The horizontal drilling technique is preferred to recover the unusual shale reserves with hydraulic fracturing technology. The growing investment of many countries in natural resources, in order to curb the dependence on foreign for oil & gas, is expected to uplift the market.
However, the rising concern about fracking chemicals being toxic is creating a hindrance to the growth of the market. There have been incidents where the fracking chemical has contaminated fresh water. Additionally, the prevalence to shift from oil & gas to renewable energy sources also poses a threat to the market.
The never-ending demand for oil & gas is maintaining the steady growth of the market. Even so, various companies are investing large amounts in research & development activities to develop eco-friendly fracking chemicals. The recent development of foam-based fluid as an alternative to the oil-based fluid is a successful step in this market. This opportunity is expected to escalate the growth of the market in the coming future.
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The global Fracking Chemicals Market is regionally segmented into five segments: North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
North America region is expected to dominate the market during the forecast period, owing to the high demand for fracking chemicals from well-established oilfield industry. Additionally, the growing investment in research & development during the forecast period is estimated to foster the growth of the market.
Europe occupies the second largest share of the market followed by the Asia Pacific. This is attributed to growing offshore oilfield activities in the North Sea in order to explore new reserves. Moreover, the presence of key players in a region also accelerates the growth of the market.
Asia Pacific region is anticipated to show the fastest growth during the forecast period. The rapid increase in urbanization and construction sector in the region has led to huge demand for oil & energy. Many exploration and production activities of oil & gas are centered in countries such as China, Indonesia, and South Korea. Moreover, countries such as China are a prominent player in shale gas reserves which has high usage of fracking chemicals & liquids.
LAMEA region is expected to have the slowest growth during the forecast period. In this region, Latin America holds the least share of the market. The Middle East has huge potential is the LAMEA region. The Middle East has a high concentration of oilfield reserves and established oil & gas industry from where the demand for fracking chemicals is increasing. The market is expected to have healthy growth in near future.
AkzoNobel N.V., Ashland Inc., Baker Hughes Incorporated, BASF SE, Chevron Phillips Chemical Company, Calfrac Well Services Ltd., EOG Resources, Inc., Halliburton, Schlumberger Limited, BASF SE, Clariant International AG, Dow DuPont Inc., Albemarle Corporation are the key players of global fracking chemicals market.
Halliburton Company has started producing bio-based drill mud from guar gum to meet the regulations of U.S against the use of toxic fracking chemicals.
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Global Market Segmentation:
By Fluid Type:
oWater Based fluid
oOil based fluid
oFoam based fluid
• Regions Covered:
o North America (U.S and Canada)
o Europe (Germany, France, Italy and Rest of Europe)
o Asia-Pacific (China, Japan, India, South Korea and Rest of Asia-Pacific)
o LAMEA (Brazil, Turkey, Saudi Arabia, South Africa and Rest of LAMEA)
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