Driven by increasing the number of frac stages per well, Dissolvable Frac Plugs Market is expected to grow beyond US$ 1,178.8 million

Market & Growth Prognosis: Analyzing the market over a period of 2013-18 Stratview Research goes to the crux of the issues shaping the market and estimates the most probable future growth rate for the Dissolvable Frac Plugs Market during the period 2019-24.

Stratview Research triangulates the market to grow at a healthy CAGR over the next five years and expects the market to breach the barrier of US$ 1,178.8 million by 2024.

The Diverse Stand Points

The true picture of the market shall not emerge till the time the market is analyzed from various point of views. Each vantage point gives better understanding of the market. The market of Dissolvable Frac Plugs has been viewing from various perspectives such as:

Dissection By (Segments)
1. Material Type (Mg Alloy, PGA)
2. Well Type (Horizontal Well, Vertical Well)
3. Sales Channel Type (Direct Sales, Distributer Sales)
4. By Region (The Americas, Asia-Pacific and Rest of the World)

Each view helps us answer a prominent question, and we bring out the best market intelligence which is of interest to each and every player in the market, no matter where he lies in the value chain.

The answers to the prominent questions which are evinced out of above slicing of the market are:
● Which are the best performing segments of the market?
● Which is the most dominant region?
● Which material is the most promising?
● Who are the movers and shakers of the market?
● What are the regional growth hotspots?
● What are the segmental growth forecasts?

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The Factors Driving the market

Operators performing hydraulic fracturing are keen to adopt different technologies and products which can maximize their production and save their cost and time of fracturing. These requisites have led to the evolvement of dissolvable frac plugs in the fracturing industry. Elimination of the cost and mill-out time, easy cleaning of the debris with no bottom hole assembly issues, reduced well complexities, omitted coiled tubing from the operation, and reduced flow back challenges are the key benefits provided by dissolvable frac plugs.

Dissolvable frac plugs are new to the market and currently hold a diminutive share of the frac plugs market. Magnum Oil Tools (Now part of Nine Energy Service Inc.) is the first company to commercialize dissolvable frac plug in the year 2014. Since then various leading suppliers of composite frac plugs, such as Haliburton, Baker Hughes, and Schlumberger, have also launched dissolvable frac plugs and are offering a unique product portfolio in this market. The attractiveness of the market has led to the entry of the leading oil & gas industry players, who were not even into composite frac plugs manufacturing. For instance, recently in Feb 2019, a US-based oil & gas multinational corporation, National Oilwell Varco (NOV), has launched VapR dissolvable frac plugs.

The global dissolvable frac plugs market is likely to experience excellent double-digit growth over the next five years (2019-2024) to reach US$ 1,178.8 million in 2024. Increasing production of oil & gas, an expected recovery of wells and rigs counts in the coming years, increasing the number of frac stages per well, increasing the share of horizontal wells in the overall drilling activities where there is a requirement of more frac stages, increasing the lateral lengths of the wells, and reduction in mill out time as well as drilling cost are some of the key factors driving the global dissolvable frac plugs market.

The rise of Mg alloys

The global dissolvable frac plugs market is segmented based on the material type as Mg (Magnesium) alloys and PGA (Polyglycolic Acid). Mg alloys are expected to remain the dominant segment of the global dissolvable frac plugs market during the forecast period and are also likely to exhibit faster growth during the same period. Mg alloys are the materials of choice for dissolvable frac plugs, owing to their properties, such as reliable dissolution rate at different temperature and pressure brine, high toughness, strength, and hardness. However, PGA is new to the industry and is not being currently of interest of all the major players.

Driven by demand, The Americas has the hegemony over the market

In terms of regions, the Americas is projected to remain the largest dissolvable frac plugs market during the forecast period in terms of both value and volume. The USA is the growth engine for the Americas’ market where dissolvable frac plugs have been in the run in all the major shale basins such as Permian Basin, Eagle Ford, Williston basin, and South-Central Oklahoma Oil Province. Canada is another key market in the Americas, whereas Argentina is likely to be an emerging market with excellent growth expected in the near future.

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