Press release
Rising Energy Demand Are Expected To Propel Growth Of Fracking Fluid And Chemicals Market
Global Fracking Fluids and Chemicals Market OverviewFracking fluids and chemicals find applications in hydraulic fracturing. These fluids and chemical additives help in preventing corrosion, dissolving minerals, stabilizing the product, preventing scale deposition, and maintaining viscosity of fluid among others in order to offer access cleaner energy through hydraulic fracturing process.
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Fracking fluids and chemicals thus play a crucial role in improving yield and quality of the final product. The global fracking fluids and chemicals market is driven by consistent rise in oil exploration activities across the world.
Also, the adoption of natural gas by countries is anticipated to create attractive opportunities for the players in the market. Several countries across Europe, including Germany, Netherlands, and France have called for European Union (EU) legislation to improve funding on low-carbon technologies. Various policies are underway to support renewable power.
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Increase in Horizontal Drilling Of Wells to Fuel Demand
Rising demand for energy is generating need for more exploration which is directly impacting the demand for fracking fluids and chemicals in a positive way.
Consequently, horizontal drilling of wells for oil extraction is seeing an increased demand over the past decade. This has led to an increase in the horizontal fracking activity. This trend is expected to continue over the forecast period, boosting the fracking fluids and chemicals market growth.
Also, companies are able to extract large amount of oil from one horizontal well instead of drilling more than a dozen vertical wells. This helps in saving cost and time for the oil and gas companies. These factors are likely to offer lucrative growth prospects for the market.
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Rising Energy Demand to Stimulate Market Growth
Demand for energy is on the rise with each passing day across the globe. Countries around the world are investing more in industries to give boost to their economies by increasing production. According to the International Energy Agency (IEA), a total of US$ 259 Bn was invested in energy efficiency across transport, industry, and building sectors in 2019.
Despite a lackluster period due to ongoing COVID-19 crisis, this trend is likely to pick up in the coming years. Besides this, surging population and subsequently rising energy demand are expected to propel growth of fracking fluid and chemicals market in the next decade.
Fracking Fluids and Chemicals Market - Segmentation
Fact.MR’s research study assesses the global fracking fluids and chemicals market in terms of raw material, form, application, and region. This report presents extensive market dynamics and trends associated with different segments of the market and their influence on the growth prospects of the global fracking fluids and chemicals market.
Function Type
Biocides
Corrosion Inhibitors
Friction Reducers
Gelling Agents
Scale Dissolvers
Cross-Linkers
Others
Fluid Type
Water-based
Oil-based
Foam-based
Others
Region
North America
Latin America
Europe
Asia Pacific
Middle East & Africa
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Fracking Fluid and Chemicals Market: Competitive Landscape
Presence of a large number of players make global fracking fluids and chemicals market highly competitive.
Companies in the market are adopting strategies such as partnerships, collaborations, and joint ventures in order to increase penetration worldwide and expand customer base. Also, these strategic collaborations help players address the changing technological requirements.
For instance, Aker Solutions, an oil services company from Norway signed agreement to acquire Reinertsen, an oil services provider recently. Moreover, , Established players including Halliburton Company, and Cargill Inc., have initiated the production of bio-based drill muds in order to expand their product portfolio
Some of the key fracking fluid & chemicals market players include Baker Hughes, Schlumberger, Ashland, Weatherford International and Halliburton, BASF, Chevron Phillips Chemical, Albemarle, Clariant, AkzoNobel, Calfrac Well Services, FTS International, Dow Chemical Company, EOG Resources, Dupont and Pioneer Natural Resources.
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