The Fracking Chemicals And Fluids Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Fracking Chemicals And Fluids
Global Market Report 2024, The fracking chemicals and fluids market size has grown rapidly in recent
years. It will grow from $42.93 billion in 2023 to $47.79 billion in 2024 at a
compound annual growth rate (CAGR) of 11.3%.
The growth in the historic period
can be attributed to increased shale
exploration, growth in unconventional oil and gas extraction, rising global
energy demand, favorable government policies, fluctuating oil and gas prices.
The fracking chemicals and fluids market
size is expected to see strong growth in the next few years. It will grow to
$69.71 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be
attributed to expansion of hydraulic fracturing activities, growing demand for
energy resources, increased exploration of unconventional reserves, regulatory
support for shale gas development, geopolitical factors influencing energy
markets. Major trends in the forecast period include sustainable fracking fluid
formulations, recycling and reuse of fracking fluids, development of
environmentally friendly fracking chemicals, increased focus on waterless
fracking technologies, adoption of digital technologies for reservoir
monitoring.
Rising oilfield production is expected to propel the growth of the fracking
chemicals and fluids market going forward. Oilfield production refers to
extracting crude oil and natural gas from underground reservoirs and bringing
them to the surface for further processing, refinement, and distribution.
Fracking chemicals and fluids play a significant role in oilfield production by
enabling the extraction of oil and natural gas from underground reservoirs
through hydraulic fracturing. For instance, in June 2023, according to the
International Energy Agency, a France-based autonomous intergovernmental
organization, global oil demand is projected to reach 105.7 million barrels per
day (mb/d) by 2028, showing a cumulative increase of 6% from 2022. Furthermore,
in December 2022, according to the reports shared by the Energy Information
Administration (EIA), a US-based agency responsible for collecting energy data,
conducting analysis, and making forecasts, oilfield production increased from 11.2
million barrels per day (b/d) in 2020 to 11.6 million barrels per day (b/d) by
2021. Therefore, rising oilfield production is driving the fracking chemicals
and fluids market.
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The fracking chemicals and fluids market covered in this report is segmented –
1) By Product: Water Based Fluids, Oil Based Fluids, Synthetic Based Fluids,
Foam Based Fluids
2) By Well: Horizontal Well, Vertical Well, Directional Well
3) By Function: Friction Reducer, Biocides, Clay Control Agent, Gelling Agent,
Cross-Linkers, Breakers, Buffers, Surfactants, Other Functions
Product innovations are a key trend gaining popularity in the fracking
chemicals and fluids market. Major companies operating in the fracking
chemicals and fluids market are adopting new innovative products to sustain
their position in the market. For instance, in May 2022, SPM Oil & Gas
Inc., a US-based engineered mechanical and rotating equipment provider,
launched SPM Simplified Frac Iron System to improve the hydraulic fracturing
process. It is uniquely designed to strengthen the disjointed process inherent
in conventional ground iron and increase frac site operational efficiency. It
replaces the multiple tie-in lines with a single large-bore inlet that connects
to the zipper manifold, which creates fewer turns and connections.
The fracking chemicals and fluids market report table of contents includes:
1. Executive Summary
2. Fracking
Chemicals And Fluids Market Characteristics
3. Fracking
Chemicals And Fluids Market Trends And Strategies
4. Fracking
Chemicals And Fluids Market - Macro Economic Scenario
5. Global
Fracking Chemicals And Fluids Market Size and Growth
.
32. Global Fracking Chemicals And Fluids Market Competitive Benchmarking
33. Global
Fracking Chemicals And Fluids Market Competitive Dashboard
34. Key
Mergers And Acquisitions In The Fracking Chemicals And Fluids Market
35.
Appendix
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