Fracking Chemicals Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2023
Fracking Chemicals Market Overview:
Fracking chemicals are used in drilling operations to increase the extraction efficiency of hydrocarbons. These fracking chemicals are added to water and sand to obtain the desired mixture of fracking fluid. The composition of the fracking fluid varies with each industry player depending on the availability of water in the manufacturing facility, regulations instructed by local as well as state governments. The hydraulic fluid can be water based, oil based, or foam based.
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The fracking process increases the flow of oil and gas to wells by hydraulic fracturing the rocks by pressurization, which increases the oil & gas extraction per well and reduces the total number of wells needed to extract resources. Fracking process also allows commercialization of low permeability reservoirs in which oil and gas do not easily flow. Fracking chemicals perform several functions such as a carrier, solvent, biocides, scale inhibitor, friction reducer, additive, corrosion inhibitor, and non-ionic surfactants.
The global fracking chemicals market is segmented by function, fluid type, and region.
On the basis of the function, the global fracking chemicals market is segmented into gelling agent, friction reducer, corrosion inhibitor, biocide, surfactant, scale inhibitor, clay stabilizer, acid, cross-linkers, breaker, pH adjusting agent, iron control agent, and others. The gelling agent held the largest share of the global fracking chemicals market under function category in 2017 owing to its strong consumption for thickening fracking fluid particularly water and thus enabling injection of high viscosity fracturing chemicals, which causes fractures to expand considerably. Friction reducer was the second largest market in 2017 due to vast use in reducing friction in pipes to enable high injection rates.
On the basis of the fluid type, the global fracking chemical market is segmented into water based, oil based, and foam based. Water based fracking fluid accounted to be the most commonly used fracking fluid in 2017 owing to its properties such high rate of pumping, enable to obtain complex fractures, and high fluid efficiency. However, foam based fracking fluids are expected to show rising demand under the fluid type category during the forecast period due to its less water requirement and therefore less waste water generation, high reusability, and good proppant carrying capacity, which offers better transportation ability for proppants in fluid to more efficiently spread throughout the fracture network
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The global fracking chemicals market is segmented into five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. North America is expected to be the largest market for fracking chemicals over the forecast period, followed by Europe. Asia Pacific is expected to witness the fastest growth during the forecast period. The Middle East & Africa is likely to show rising demand during the forecast period. Latin America is expected to hold the least share of the global fracking chemicals market over the forecast period.
Some of the prominent players operating in the global fracking chemicals market are AkzoNobel N.V.(Netherlands), Ashland Inc. (U.S.), Baker Hughes Incorporated (U.S.), Halliburton. (U.S.), Schlumberger Limited (U.S.), BASF SE (Germany), Chevron Phillips Chemical Company (U.S.), Clariant International AG (Switzerland), DowDuPont Inc. (U.S.), Albemarle Corporation. (U.S.), FTS International Inc. (U.S.), Calfrac Well Services Ltd. (Canada), and EOG Resources, Inc. (U.S.).
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