Composite Frac Plugs & Frac Balls Market is Forecasted to Reach US$ 983.1 million in 2028, Says Stratview Research

The global composite frac plugs & frac balls market is projected to witness a growth rate of 5.6% annually from 2023 to 2028, with an anticipated size of US$ 983.1 million by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global composite frac plugs & frac balls market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2028: US$ 983.1 million
Growth (CAGR): 5.6% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 5
Number of Tables & Graphs: 100+

Segment Insights on the Composite Frac Plugs & Frac Balls Market:
The global composite frac plugs & frac balls market is segmented based on product type, resin type, process type, sales type, and region.

Based on product type - The composite frac plug & balls market is segmented into frac plugs and frac balls. Frac plug is anticipated to be the dominant product in the market during the forecast period. The dominance of frac plugs in hydraulic fracturing operations is due to their critical role in zonal isolation, controlled fracturing, and efficient well cleaning. Frac plugs are versatile tools that offer greater customization and adaptability to wellbore conditions, making them a more prominent product type in the industry. Composite frac plugs offer exceptional strength and durability, ensuring reliable zonal isolation during hydraulic fracturing operations. They are resistant to corrosion, which is crucial in the harsh downhole environment. Composite materials also provide a lightweight yet robust solution, reducing the risk of damage during installation. Additionally, composite frac plugs are cost-effective, with longer service life and reduced maintenance needs. As the oil & gas industry prioritizes efficiency, environmental compliance, and cost savings, composite frac plugs have emerged as the preferred choice, making them the dominant option in the market.

Based on the resin type - the market is segmented into epoxy, phenolic, and others. Epoxy resin is expected to be the dominant resin in the composite frac plugs & balls market during the forecast period. Epoxy resins offer several advantages when used in composite frac plugs. These include excellent mechanical properties, resistance, and interlaminar strength. Additionally, they have high tensile strength, good fatigue properties, and are compatible with both glass and carbon fibers. Epoxy resins also possess excellent adhesive properties and have a low shrinkage ratio.

Based on the process type - The market is segmented into compression molding, filament winding, and injection molding. Filament winding is estimated to be the dominant as well as the fastest-growing process in the composite frac plugs and balls market. Frac plugs are mostly produced using the filament winding process, which is ideal for manufacturing medium-to-large-diameter parts with longer lengths. This process is best suited for structures with diameters ranging from 1 inch to 24 inches and lengths between 10 to 20 feet. Additionally, it is considered the optimal method for large-scale production runs. In addition to that, this process allows precise placement of reinforcing materials, such as fiberglass, in a controlled pattern, resulting in a composite structure with an exceptional strength-to-weight ratio. Filament winding ensures consistent quality, reducing the risk of defects. Moreover, it enables manufacturers to produce complex shapes with ease, meeting the varied design requirements of frac plugs and balls. As the oil & gas industry values reliability, durability, and cost-efficiency, the filament winding process delivers these benefits, securing a large market segment for composite frac plugs and balls.

To know the most attractive segments, visit:
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Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that North America is expected to be the largest region for the composites frac plugs & balls market. This growth outlook is majorly attributed to the following-
- The market is primarily driven by the abundance of technically recoverable shale oil reserves, the well-established infrastructure of shale gas, and the processing capabilities in North America.
- Half of the country's crude oil is sourced from fracking. The Permian and Eagle Ford basins are the major regions for composite frac plugs and balls.
- Moreover, there has been an acceleration in the production of oil & gas composite components to cater to the huge demand from the growing shale gas exploration and production activities.
- Furthermore, the region boasts a mature and technologically advanced oil & gas industry, with well-established drilling and completion operations. This has created a substantial market for composite frac plugs and balls.

Composite Frac Plugs & Frac Balls Market Drivers:

Some of the key drivers listed in the report are given below.
- Composites frac plugs and balls provide an advantage of chemical inertness with any type of fluid, including oils, water, and natural gas.
- They also offer superior productivity, with less time required for mill out and low drill out as compared to metal frac plugs and balls.
- Furthermore, ongoing research & development efforts have led to the improvement of composite frac plugs and balls, making them more effective and cost-efficient and increasing their demand in the oil & gas industry.

Top Companies in the Composite Frac Plugs & Frac Balls Market:
Stratview Research has identified the following companies as the top market players (Based on Dominance).
• Halliburton Company
• Nine Energy Services Inc.
• Schlumberger NV
• NCS Multistage
• NexTier Oilfield Solutions
• KLX Energy Services Holdings
• Innovex Downhole Solutions Inc.
• Weatherford International plc
• Baker Hughes Company
• Downhole Technology LLC

What Unique Insights Does this Report Offer?

This report provides comprehensive insights into the Composite Frac Plugs & Frac Balls Market, answering critical questions like:

• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

This release was published on openPR.