Composite Frac Plugs and Balls Market is Likely to reach an estimated value of US$ 2,837.1 million in 2024

Stratview Research has launched a new research report on Composite Frac Plugs and Balls Market. This report segments the market in five ways to provide a 360-degree holistic view.

The forecast of the market size has been segmented by –
 Product Type (Frac Plugs, Frac Balls),
 Resin Type (Epoxy Composites, Phenolic Composites, Other Composites),
 Manufacturing Process Type (Injection Molding, Filament Winding, Compression Molding),
 Sales Channel Type (Direct Sales, Distributor Sales),
 Country
 North America (Country Analysis: The USA and Rest of North America)
 Europe (Country Analysis: CIS and Rest of Europe)
 Asia-Pacific (Country Analysis: Australia, China, and Rest of Asia-Pacific)
 Rest of the World (Country Analysis: Latin America, and MEA)

The objective of this report is to identify the Trend, Forecast, Competitive Analysis, and Growth Opportunity of Composite Frac Plugs and Balls Market.

Years considered for this report –
 base year 2019
 trend period 2013 – 2018
 forecast period 2019 - 2024

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Composite frac plugs and balls market to reach US$ 2,837.1 million

Plug-n-perf is the most common technique and accounts for more than 85% share of the hydraulic fracturing market in which composite frac plugs and balls are the most preferred choices. The global composite frac plugs and balls market is likely to experience an excellent CAGR over the next five years to reach US$ 2,837.1 million in 2024. Rebounding crude oil prices; recovering rigs count, especially of North America; increasing share of hydraulically fractured oil & gas in the USA; increasing share of horizontal wells drilling in the USA; increasing average lateral length of wells; and increasing average number of frac stages are some of the major factors that are driving the demand for frac plugs and balls.
Composite frac plugs and balls are designed to provide zonal isolation of the wellbore between multistage stimulation treatments during the hydraulic fracturing. These composite balls and plugs are made from glass fiber with epoxy or phenolic resin and are easier to mill out than metal plugs and balls. They can withstand higher pressures and temperatures than traditional plastic and dissolvable salt balls. Frac plugs are generally in the range from 4.5 to 5.5 inches in diameter and 22 to 30 inches in length, whereas frac balls typically measure from 1.0 to 5.75 inches in diameter. A single wellbore requires 10 to 40 multi-part frac plugs to pressurize and perforate multiple oil and gas producing layers, also known as stages.

Hydraulic fracturing to remain the dominant technology type

Hydraulic fracturing is considered to be the most promising technology for oil & gas production, where composite frac plugs and balls have a proven track record of more than three decades. The market for composite frac plugs and balls is highly dependent on the hydraulic fracturing activity which in turn, is dependent on the volatility of crude oil prices. Despite the short-term fluctuations in composite frac plugs and balls demand in North America caused by dropping new shale oil & gas activities that is a result of the decreasing crude oil prices, the long-term business outlook seems promising with good growth potential in the foreseen future.

Frac plug to remain the larger and faster-growing Product type

The market is firstly bifurcated into frac plugs and frac balls. Both, composite frac plugs as well as balls, play a pivotal role in the plug-and-perf operation in the hydraulic fracturing. However, in terms of market size, frac plug dominates the total market and is expected to remain the larger and faster-growing segment of the market over the next five years, as composite frac plug is the highly-used technology in the plug-n-perf method, which optimizes the entire lifecycle of extraction of natural gas from run, set, test, hold, and mill.

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North America to remain the largest & fastest-growing market

In terms of region, North America is expected to remain the largest as well as the fastest-growing market during the forecast period. The major players such as Haliburton, Schlumberger Limited, Downhole technology Ltd., Weatherford International, and Baker Hughes, are based in North America only. The USA is the growth engine of the North American as well as the global composite frac plugs and balls market and will continue to drive the region’s market over the next five years. It is estimated that hydraulic fracturing accounts for about 70% share of the new oil and natural gas wells drilled in the USA, where plug-n-perf is the most dominant method. This is assuring a huge demand for composite frac plugs and balls in the country.

Key Strategies

New product development, collaboration with customers, and regional expansion are the key strategies adopted by the key players to gain a competitive edge in the market.
The report provides detailed insights on the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

Major composite frac plug & ball companies - Magnum Oil Tools, Downhole Technology, and Team Oil Tools.

Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
 Market structure: Overview, industry life cycle analysis, supply chain analysis
 Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
 Market trend and forecast analysis
 Market segment trend and forecast
 Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
 Attractive market segments and associated growth opportunities
 Emerging trends
 Strategic growth opportunities for the existing and new players
 Key success factors.

Research Methodology
This report studies the Composite frac plugs & frac balls market, keeping in mind the interest of all the stakeholders across the value chain. The rich quality of insights is outcome of -
 Extensive secondary research,
 Rigorous primary interviews with more than 10 industry stakeholders across the value chain.
 Validation and triangulation of data with Stratview Research’s internal database and statistical tools.
 More than 1000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.

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