Fracking Chemicals Global Market to 2028: Rising Fracking Activities and Technological Advancements Drives Growth: Research and Markets
DUBLIN, March 30, 2023 /PRNewswire/ -- The "Fracking Chemicals Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Well Type (Vertical, Horizontal/Directional), By Fluid Type (Water-based, Foam-based, Cryogenic), By Application, By Region, and Competition" report has been added to ResearchAndMarkets.com's offering.
Global Fracking Chemicals Market is anticipated to relish a staggering growth in the forecast period due to increasing shale exploration and exploitation activities by oil and gas-producing majors.
The market is growing by leaps and bounds due to the emerging demand for shale gas from developing countries. In recent years, there has been a surge in drilling activities of Wild Cat exploratory wells at oil and gas prospective regions. Fracking fluids are a necessity to extract hydrocarbons from tight reservoir fields.
Fracking chemicals are well known for tapping hydrocarbon potential from tight oil-bearing formations beneath the underground. Due to the vast amount of hydrocarbon present in the tight conventional oil and gas reservoirs, it becomes important to harness the energy of this huge volume of hydrocarbon accumulated using Unconventional Hydrocarbon extraction techniques like Hydraulic Fracturing.
This, consequently, requires a huge amount of fracking fluids and other chemical additives to aid in the fluidity of petroleum deposits from underground to the surface driving the demand for fracking chemicals.
Rising Fracking Activities and Technological Advancements
Unconventional wells encounter a major challenge like fluid transmissibility with ease when drilled using water-based and oil-based mud. So, they need techniques other than the usual trivial methods via which tight formations can be easily exploited. This is where the Fracking process comes into the picture. Hydraulic Fracturing or Fracking is an emerging technique where oil is taken out from tight and fine-grained source rocks.
An increase in Hydraulic fracturing activities has led to a surge in the demand for Fracking chemicals over the forecast period. The frequency of horizontal fracking activity has substantially increased recently. A considerably greater quantity of fracking fluids and chemicals is required for this activity.
As a result, there has been a steady rise in the need for fracking chemicals and fluids. Technological advancements in drilling activities (like the preparation of hydraulic mud) have also skyrocketed the capacity utilization of fracking chemicals.
Growing Energy Demand from Developing Economies
As new industries are being established in emerging economies, there is a huge surge of energy required for operating those industries. Its source of energy is primarily derived from hydrocarbon deposits which are increasingly extracted using fracking techniques.
According to the BP Statistical Review of World Energy, the primary energy demand across the globe has increased by 5.8%, in 2021, while consumption of fossil fuels remained at the same levels as compared to the historic years which accounted for the growth of commodity trade market over the forecast period. Henceforth, demand for fracking chemicals is escalating in different regions seeking industrial growth over the forecast period which as result is driving the market growth.
Lower Energy Costs and Greater Hydrocarbon Output
Shale gas exploration is required to meet the rising energy demand, which raises the requirement for chemicals and fracking fluids. Compared to vertical drilling, horizontal drilling has a smaller adverse environmental impact. Oil and gas companies can extract the same amounts of oil and gas using a horizontal well as opposed to drilling a dozen or more vertical wells.
Switching from vertical drilling to horizontal drilling raises the net income of oil operators due to enhanced hydrocarbon recovery, resulting in lower cost transfer to energy consumers.
Industries had to go through difficult times during the consecutive waves of unprecedented COVID-19. Most of them have faced major setbacks in terms of overall revenue, due to a major decline in consumer demand and other supply constraints. The oil and Gas Industry is no exception to have faced this dark scenario brought about by the global pandemic.
Despite various companies facing significant disruptions, the pandemic hiatus could not stop the innovation going on in the oil and gas industry to optimize crude oil production from tight oil fields. Modifications in the drilling techniques have been implemented after a long pragmatic discussion on the implementation of newer preparing hydraulic mud methods used in the Hydraulic Fracturing Technology Conference (HFTC), held in Feb 2021 in Texas.
The conference discussed the major changes in the development and completion of fracking wells. According to HFTC, Permian Basin with less than 300 rigs drilled in 2021, could produce more oil than compared to the state of Permian basin with more than 300 rigs drilled.
Dow Chemicals Company
Chevron Philips Chemical Corporation
Croda International Plc
Saudi Basic Industries Corporation
Akzo Nobel N.V.
In this report, Global Fracking Chemicals Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Fracking Chemicals Market, By Well Type:
Fracking Chemicals Market, By Fluid Type:
Cryogenic (Liquid CO2)
Fracking Chemicals Market, By Application:
Clay Control Agent
Fracking Chemicals Market, By Region:
For more information about this report visit https://www.researchandmarkets.com/r/azk9wi
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SOURCE Research and Markets