Global Fracking Fluid & Chemicals Market: Overview
Fracking fluid is a mixture of chemicals which is used during drilling operations to enhance the number of hydrocarbons while extraction. It is helpful in preventing the corrosion of the well. Fracking fluid & chemicals provide lubrication during the extraction process and also restricts the growth of the bacteria and clogs. It is used in the hydraulic fracturing process. Hydraulic fracturing is a process of breaking underground rock by releasing fluid, additives, and sand at high pressure to release natural gas and oil. Hydraulic fracturing also allows access to clean energy. Fracking fluid & chemicals assist in reducing pressure loss which is caused by friction and maintains the stability. Fracking fluid & chemicals perform various functions such as maintaining the viscosity of the fluid, dissolving minerals, preventing scale deposition, preventing corrosion, and stabilizing the product.
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Global Fracking Fluid & Chemicals Market: Growth Factors
Changing trend towards horizontal drilling is expected to drive the global fracking fluid & chemicals market in the future. Horizontal drilling provides a mechanism to recover the unconventional shale reserves with the help of hydraulic fracturing techniques. Over last few years, there has been significant growth in the horizontal fracking activity which is expected to propel the market. Horizontal fracking activity requires lots of fracking fluids and chemicals as compared to vertical drilling, thus witnessing steady growth of the market. Growing demand for energy leads to rising demand for fracking fluids and chemicals thus positively influencing the global market. However, backflow of the water may cause surface and groundwater contamination, stringent regulations against the use of fracking fluids, and increasing need for alternatives are restraining the global fracking fluid & chemicals market growth.
Global Fracking Fluid & Chemicals Market: Segmentation
The global fracking fluid & chemicals market is categorized based on the functionality such as gelling agent, friction reducer, surfactants, breakers, biocides, buffers, clay control agent, cross-linkers, and others. Based on the product type, the global market is fragmented into foam-based fluids, oil-based fluids, water-based fluids, and synthetic-based fluids.
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Global Fracking Fluid & Chemicals Market: Regional Analysis
North America contributes the largest market share in the global market owing to rising oil & gas exploration activities, stable economic growth, and favorable government policies. Countries such as Denmark, Germany, and France have shown potential growth in the fracking fluid and chemicals market. Acceptance of advanced drilling technologies such as horizontal drilling in Europe and the North American region in order to recover oil and gas enhances the market in a positive way. The latest developments made in finding new fracking chemicals which are eco-friendly are expected to drive the market growth. Increasing demand in developing economies such as Asia-Pacific region for environment-friendly fracking chemicals and fluids will boost the growth of the fracking fluid & chemicals market.
Global Fracking Fluid & Chemicals Market: Competitive Players
Major players in the global fracking fluid & chemicals market are Akzo Nobel N.V., Pioneer Engineering Services, Halliburton Company, The Dow Chemical Company, Schlumberger Ltd., Baker Hughes Incorporated, BASF SE, and E. I. du Pont de Nemours and Company.
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Global Fracking Fluid & Chemicals Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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