Fracking Chemicals Market Segmentation by Fluid Type (Water-Based, Foam-Based, and Other Fluid Types); by Well Type (Vertical, and Horizontal or Directional); by Application (Friction Reducer, Biocides, Clay Control Agent, Gelling Agent, Cross Linkers, Breakers, Buffers, Surfactants, and Others)-Global Demand Analysis & Opportunity Outlook 2031

Global Fracking Chemicals Market Highlights Over 2022 - 2031

The global fracking chemicals market is estimated to garner around USD 50 billion in revenue by 2031 by growing at a CAGR of nearly 10% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing demand for horizontal drilling, and high production rate of natural gas. According to a report by the U.S. Energy Information Administration (EIA), in 2020, nearly 75% of newly drilled wells were horizontal, which averaged 18,000 foot wellbores. Further, according to the EIA, the production of natural gas was 33.49 trillion cubic feet in 2020. Additionally, the new alternative fracking technologies, such as waterless fracking, introduction of green chemicals, propane gel, and other technologies are expected to create huge growth opportunities in the future.

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The COVID-19 pandemic had a negative impact on the fracking chemicals market on the back of the decreased operation rate of refineries across the globe, resulting in supply shortages for various end-use sectors. Further, the pandemic had a devastating impact for the U.S. shale oil and gas industry, as in May 2020, the estimated number of hydraulic fracturing (fracking) operations amounted to only 335, which declined to more than fourfold compared to the same month of the previous year.  

However, environmental risks, such as huge amounts of fresh water usage, chemical spills at the surface, and government restrictions towards fracking fluids are the key factors restraining the growth of the market.

The market is segmented by well type into vertical, and horizontal or directional, out of which, the horizontal or directional segment is anticipated to hold the major share over the forecast period. The growth can be attributed to the increasing number of horizontally drilled wells in many countries, allowing access to a much wider area, and extract oil at a very slow pace from a reservoir. Further, horizontally drilled wells deliver the extraction of natural gas in huge quantities.

Global Fracking Chemicals Market Regional Synopsis

Regionally, the global fracking chemicals market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to witness significant growth over the forecast period on the back of the highly developed drilling industry, and increasing fracking activities for efficient extraction of oil and gas from abundant reserves present in this region. Also, surplus of oil and gas in the region leads to export in other countries. For instance, For instance, in 2020, the United States exported over 75 billion cubic feet of pipeline gas.

Additionally, growing technological advancements by companies for increasing the production rate of oil and gas wells is also a major factor predicted to boost the demand for the fracking chemicals in the upcoming years. Further, the majority number of existing natural gas wells in the United States, in 2018, produced with a rate of around 50 to 3,200 barrels of oil equivalent per day.

On the other hand, the Asia-Pacific region is expected to hold the major share over the forecast period owing to rising consumption of energy. In 2020, energy consumption in the Asia Pacific region amounted to nearly 255 exajoules.

Market Segmentation

Our in-depth analysis of the global fracking chemicals market includes the following segments:

By Fluid Type

• Water-Based

• Foam-Based

• Other Fluid Types

By Well Type

• Vertical

• Horizontal or Directional

By Application

• Friction Reducer

• Biocides

• Clay Control Agent

• Gelling Agent

• Cross Linkers

• Breakers

• Buffers

• Surfactants

• Others

Growth Drivers and Challenges Impacting the Growth of the Global Fracking Chemicals Market

Growth Drivers

• Increasing demand for horizontal drilling

• High production rate of natural gas

• New alternative fracking technologies

Challenges

• Environmental risks, such as huge amounts of fresh water usage

• Chemical spills at the surface

• Government restrictions towards fracking fluids

Key Companies Dominating the Global Fracking Chemicals Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global fracking chemicals market that are included in our report are Baker Hughes Company, Ashland, Halliburton, Schlumberger Limited, Weatherford, Calfrac Well Services Ltd., BASF SE, Dow, Chevron Phillips Chemical Company LLC., Exxon Mobil Corporation, and others.     

Latest Developments in the Global Fracking Chemicals Market:

• February 2020: Aramco (Saudi Arabian Oil Co.) announced the launch of the biggest shale gas development outside of the United States which will boost domestic gas supply and end the burning of oil at its power generation plants.

• March 2022: Baker Hughes Company and Dussur signed an agreement to form a joint venture company (JV) which will be focused on providing oilfield and industrial chemicals in The Kingdom of Saudi Arabia (KSA).

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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