Global Market Insights, Inc. adds new Fracking Fluid & Chemicals Market report which provides in-depth information about Industry overview, top vendors, Key market highlights, product types, drivers, challenges, trends, industry landscape, size and forecast.
Fracking Fluid & Chemicals Market size is projected to witness significant growth owing to growth in exploration and development of oil & gas extraction reserves across the world. The need of fuel is significantly rising due to high consumption from local as well as industrial front.
Increase in research & development activities for manufacturing eco-friendly fluids and chemicals is estimated to drive fracking fluid & chemicals market. Rising demand for electricity and fuels is expected to propel the product demand owing to high demand for fuel from industrial and domestic front to cater to growing population worldwide.
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Shift in trend towards horizontal drilling will enhance fracking fluid & chemicals market growth. Advance horizontal drilling provides a systemic mechanism to recover the unusual shale reserves with hydraulic fracturing technology. Furthermore, this technology is applying a lot of as compared to vertical drilling.
Fracking fluid & chemicals are a group of water, chemicals and sand. It composition is exceptional to each industry player as they alter the structure according to their needs depending upon the presence of surface water or ground water in the manufacturing plant. Selection of fracking mixture majorly depends on the area and regulations instructed by local as well as state governments. It is used to reduce the pressure loss due to friction, which generates enough pressure drop to well maintain stability of the mixture. Adding additives in hydraulic fracturing deliver various functions including dissolving minerals, preventing scale deposition, maintaining fluid viscosity, corrosion resistance, stabilizing the product and dissolving minerals.
North America holds major share in fracking fluid & chemicals market due to rise in fraction practices in oil & natural extraction from plentiful reserves present in the region. Also, new reserves are explored and much needed technological enhancement is taken up by various key companies in the region to increase their production rates of oil and natural gas wells.
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Asia Pacific fracking fluid & chemicals market is anticipated to witness the fastest growth owing to substantial development in technology and rising necessity for energy resources. China is a prominent player in shale gas reserves which requires high usage of fracking fluid & chemicals. Shale gas needs vast amounts of horizontal drilling to shelter a large surface area to obtain high production rates of gas, thus propelling industry demand for horizontal drilling applications. High economic and industrial growth is also fostering the rise in fracking fluid & chemicals market demand in the region.
Emergence of technologies including horizontal drilling and hydraulic fracturing positively impact the high competition in the industry. Major player possessing vast manufacturing facilities coupled with large territorial presence accounts for significant fracking fluid & chemicals market shares. With the development in innovations and technology the industry is expected to observe intense competition.
Some of the key fracking fluid & chemicals market players include Baker Hughes, Schlumberger, Ashland, Weatherford International and Halliburton. Other prominent players are 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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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.