Dissolvable Frac Plugs Market size will shoot up to US$ 1,178.8 million by 2024, as estimated by Stratview Research

Stratview Research in its recent report has offered an overlook of the current Dissolvable Frac Plugs Market scenarios and has also estimated the Dissolvable Frac Plugs Market size to reach US$ 1,178.8 million by 2024. The insights highlighted in the report are based on data that is carefully collected from reliable sources and is then scrutinized to have a proper analysis.

Not only the report offers the market size but also details about the market segmentation with its share. Stratview Research also extends its research to offer a forecast of the market during the period of 2019 – 2024, to provide the clients with base knowledge of the market and make strategies to have beneficial results ahead.

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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.) was 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 Dissolvable frac plugs market size 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 number of frac stages per well, increasing share of horizontal wells in the overall drilling activities where there is a requirement of more frac stages, increasing 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.

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The 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.

Based on the well type, the market is segmented as horizontal well and vertical well. Horizontal well is expected to remain the more dominant segment of the market during the forecast period. Horizontal wells are majorly used for drilling extended reach and long lateral areas where vertical wells are not of worth. A large number of frac plugs and balls are deployed in horizontal wells, which leads to the optimum gas production from wells, whereas in case of vertical wells, very small amount of gas can be extracted as compared to horizontal wells.

Based on the sales channel type, the market is segmented as direct sales channel and distributor sales channel. The direct sales segment is expected to remain larger over the next five years. The market is in the nascent stage and is not being widely distributed at present. Hence, major companies are generally selling dissolvable frac plugs directly to customers.

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Highlights of the Report:

As per Stratview Research, 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.
The report also throws light on the Dissolvable Frac Plugs Market share percentage, captured by specific key players in the industry; along with important mergers and acquisitions which have taken place till date.

Some of the key players mentioned the Dissolvable Frac Plugs Market are Baker Hughes, Haliburton Company, KLX Energy Services, Kureha Corporation, Innovex Downhole Solutions, Inc., Nine Energy Service, Inc., Schlumberger Limited, and Maverick Downhole Technologies Inc.

Features of the Report

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The dissolvable frac plugs market analysis report discusses the following heads in great detail:
• 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

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