According to the latest report by IMARC Group, titled, “Fracking Chemicals and Fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global fracking chemicals and fluids market size reached US$ 41.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 70.6 Billion by 2028, exhibiting a growth rate (CAGR) of 9% during 2023-2028.
Fracking chemicals and fluids are chemical mixtures that are used in drilling operations to increase the quantity of extracted hydrocarbons. They are also employed as scale inhibitors, clay stabilizers, cross-linkers, iron control agents, pH-adjusting agents, and surfactants. They are pumped into the bedrock formation at high pressure, which creates new fractures and expands existing cracks. They assist in lubricating the extraction process, inhibiting bacterial growth, and preventing clogs and corrosion.
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Fracking Chemicals and Fluids Market Trends and Drivers:
At present, a significant surge in the demand for uninterrupted power and energy needs on account of the growing global population represents one of the key factors positively influencing the market. Moreover, the increasing adoption of fracking methods to reach inaccessible oil and gas reserves are strengthening the market growth. As fracking procedures include large volumes of water, foam-based fracking chemicals are gaining immense traction in areas with restricted water supply due to less water requirement. Apart from this, the increasing adoption of advanced technology, such as artificial intelligence (AI) and machine learning (ML), to perform improved data analysis and visualizations and achieve cost-effective production and maintenance, improved efficiency, and optimized distribution process of oil and gas for retailers are driving the market worldwide.
Fracking Chemicals and Fluids Market Report 2023-2028 Competitive Analysis and Segmentation:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Akzo Nobel N.V.
- Albermarle Corporation.
- Ashland Inc.
- Baker Hughes Incorporated
- BASF SE
- Calfrac Well Services Ltd.
- Chevron Phillips Chemical Company
- Clariant International Ltd.
- I. du Pont de Nemours and Company
- FTS International
- Halliburton Company
- Pioneer Engineering Services
- Schlumberger Ltd.
- The Dow Chemical Company
- Weatherford International, etc.
The report has segmented the market based on type, well type and function type.
Breakup by Type:
- Gelled Oil-Based
Breakup by Well Type:
- Horizontal Wells
- Vertical Wells
Breakup by Function Type:
- Gelling Agent
- Friction Reducer
- Scale Inhibitor
- Clay Stabilizer
- Ph Adjusting Agent
- Iron Control Agent
- Corrosion Inhibitor
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
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