The growing consumption of natural gas is anticipated to be one of the prime growth factors attributing to the growth of the Global Fracking Fluid and Chemicals Market. The increasing demand for fracking fluid in the oil & gas industry is further expected to add impetus to the market growth.
As per the report, the Fracking fluid and chemicals market is projected to grow at a steady pace.
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Fracking fluid is a chemical mixture often used in drilling operations to boost the number of hydrocarbons extracted. The fluid serves to protect the well from corrosion. Among other things, it lubricates the extraction process and prevents clogs and bacterial growth. Fracking fluid is composed of 99.5 percent water and sand, while 0.5 percent is composed of safe chemical additives, the majority of which are commonly found in household products such as toothpaste and makeup remover, as well as in foods consumed on a daily basis. These fracking chemicals aid in increasing the production rate of oil and gas effectively. Thus, the rapidly flourishing oil and gas industry is bound to drive the demand for the fracking fluid and chemicals market.
On the basis of the types of fluids, the global fracking and chemical market is segmented into water-based, oil-based, gel-based, and other types of fracking chemicals. Water-based fracking chemicals are expected to hold a dominant share due to their versatility and inexpensiveness.
On the basis of well type, the global market is bifurcated into vertical and horizontal. The horizontal well segment of the market is expected to occupy a dominant share, owing to the growing number of horizontally drilled well globally.
On the basis of application, the market is segmented into friction reducer, gelling agent, scale inhibitor, acid, cross linkers, biocide, iron control agent, and corrosion inhibitor. The gelling agent segment is expected to hold a dominant share.
On the basis of geography, the market is segmented into North America, South America, Asia Pacific, Europe, and the Middle East and Africa. North America is expected to hold a dominant share owing to an increased number of drilled wells in the region.
The enforcement of nationwide lockdowns and social distancing measures amidst the pandemic across the globe has significantly influenced the worldwide economy. The exponential rise in active cases, closure of manufacturing facilities, and the scarcity of raw materials and staffing also slowed down the productivity in several industries. At the same time, the stringent border restrictions imposed affected the imports and exports across the globe, creating a gap in the supply and demand chain. Furthermore, the onset of the pandemic had also caused the production in the oil and gas industry to come to a halt.
As a part of the report, the key players active in the Global Fracking Fluid and Chemicals Market that have been covered are Baker Hughes Incorporated, Halliburton Company, Schlumberger Ltd., E.I. du Pont de Nemours and Company, Pioneer Engineering Services, and BASF SE.
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This analytics report segments the global fracking fluid and chemicals market on the following basis:
â€¢ By Fluid Type
o Oil Based
o Gelled Based
â€¢ By Well Type
â€¢ By Application
o Friction Reducer
o Gelling Agent
o Scale Inhibitor
o Cross Linkers
o Iron Control Agent
o Corrosion Inhibitor
â€¢ By Geography
o North America
o South America
â€¢ United Kingdom
o The Middle East and Africa
â€¢ Saudi Arabia
o Asia Pacific
â€¢ South Korea