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Fracking Chemicals And Fluids Global Market Report 2024 Global Market Analysis, Trends, Growth, Research And Forecast 2033
Fracking Chemicals And Fluids Global Market
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According to The Business Research Company's, The fracking chemicals and fluids market size has grown rapidly in recent years. It will grow from $42.93 billion in 2023 to $47.79 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to increased shale exploration, growth in unconventional oil and gas extraction, rising global energy demand, favorable government policies, fluctuating oil and gas prices.
The fracking chemicals and fluids market size is expected to see strong growth in the next few years. It will grow to $69.71 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to expansion of hydraulic fracturing activities, growing demand for energy resources, increased exploration of unconventional reserves, regulatory support for shale gas development, geopolitical factors influencing energy markets. Major trends in the forecast period include sustainable fracking fluid formulations, recycling and reuse of fracking fluids, development of environmentally friendly fracking chemicals, increased focus on waterless fracking technologies, adoption of digital technologies for reservoir monitoring.
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Market Drivers and Trends:
Rising oilfield production is expected to propel the growth of the fracking chemicals and fluids market going forward. Oilfield production refers to extracting crude oil and natural gas from underground reservoirs and bringing them to the surface for further processing, refinement, and distribution. Fracking chemicals and fluids play a significant role in oilfield production by enabling the extraction of oil and natural gas from underground reservoirs through hydraulic fracturing. For instance, in June 2023, according to the International Energy Agency, a France-based autonomous intergovernmental organization, global oil demand is projected to reach 105.7 million barrels per day (mb/d) by 2028, showing a cumulative increase of 6% from 2022. Furthermore, in December 2022, according to the reports shared by the Energy Information Administration (EIA), a US-based agency responsible for collecting energy data, conducting analysis, and making forecasts, oilfield production increased from 11.2 million barrels per day (b/d) in 2020 to 11.6 million barrels per day (b/d) by 2021. Therefore, rising oilfield production is driving the fracking chemicals and fluids market.
Product innovations are a key trend gaining popularity in the fracking chemicals and fluids market. Major companies operating in the fracking chemicals and fluids market are adopting new innovative products to sustain their position in the market. For instance, in May 2022, SPM Oil & Gas Inc., a US-based engineered mechanical and rotating equipment provider, launched SPM Simplified Frac Iron System to improve the hydraulic fracturing process. It is uniquely designed to strengthen the disjointed process inherent in conventional ground iron and increase frac site operational efficiency. It replaces the multiple tie-in lines with a single large-bore inlet that connects to the zipper manifold, which creates fewer turns and connections.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
BASF SE, The Dow Chemical Company, Schlumberger Ltd., Baker Hughes Ltd., Halliburton Company, Ecolab Inc., DuPont de Nemours Inc., Akzo Nobel N.V., Huntsman Corporation, Albemarle Corporation, Clariant International Ltd., Lubrizol Corporation, Weatherford International plc, Kemira Oyj, Stepan Company, Croda International plc, Ashland Global Holdings Inc., Innospec Inc., ProPetro Holding Corp., Calfrac Well Services Ltd., SNF Group, Nine Energy Service Inc., TETRA Technologies Inc., FTS International Inc., Carbo Ceramics Inc., Chevron Phillips Chemical Company LLC, ProChemTech International Inc., Pioneer Oil Companies Inc., Keane Group Inc., C&J Energy Services Inc.
Fracking Chemicals And Fluids Market 2024 Key Insights:
• The fracking chemicals and fluids market size is expected to see strong growth in the next few years. It will grow to $69.71 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%.
• Surging Oilfield Production Drives Growth In The Fracking Chemicals And Fluids Market
• Innovative Advancements For Enhanced Operational Efficiency
• North America was the largest region in the fracking chemicals and fluids market in 2023
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