Fracking Fluid and Chemicals Market Expected to Garner USD 18.24 billion by 2029 | Exactitude Consultancy

The fracking fluid and chemicals market is growing due to increased energy demand, technological advancements, and shale exploration.

LUTON, BEDFORDSHIRE, UNITED KINGDOM, November 21, 2023 /EINPresswire.com/ -- Fracking Fluid and Chemicals Market is expected to grow at 9.9% CAGR from 2023 to 2029. It was valued 7.80 billion at 2022. It is expected to reach above USD 18.24 billion by 2029.

The global market for fracking fluids and chemicals has grown significantly as a result of the shift from vertical to horizontal drilling in wells, the expansion of research and development initiatives for the production of eco-friendly fluids and chemicals, and the rising demand for power and fuels. Following the completion of all oil and gas resource drilling, hydraulic fracturing is carried out using fracking fluid and chemicals. The conventional or unconventional composition of oil and gas reserves is fractured using a mixture of fluids and chemicals to stimulate well production. Because of hydraulic fracturing, oil and gas can now be extracted efficiently from older oil and gas fields with high production rates.

The chemicals and fracking fluid also contribute to improving the yield and properties of the finished product. Demand on the market is anticipated to climb as oil exploration initiatives continue to develop. Fracking chemicals are used in drilling operations for a variety of reasons, such as stopping scale buildup in pipes, lowering friction over base pipes, thickening water to obstruct proppants, maintaining fluid viscosity at high temperatures, removing bacteria from water, preventing corrosion of casing, and stabilizing clay to lock down clays in shale arrangements.

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Recent Developments

• January 30, 2023: Albemarle Announced Launch Of Ketjen Corporation.

• February 21, 2022: Ashland announced Benecel™ MX 100 methylcellulose for plant-based protein food applications, broadening award-winning product portfolio.

The North American market 40% for fracking chemicals and fluids expanded significantly.

The need for energy and the rising exploration and production operations in the oil and gas sector in North America fueled the market’s growth despite the persisting difficulties caused by the Covid-19 epidemic. The market was stimulated by improvements in fracking fluid and chemical technologies to increase well productivity and efficiency, as well as the increased usage of hydraulic fracturing techniques in shale gas and tight oil production. The market for environmentally friendly and low-toxic fracking fluids and chemicals in North America will expand in 2021 as a result of strict environmental regulations as well as an increased focus on sustainable practices in the oil and gas industry.

Fracking Fluid and Chemicals Market Growth Factors

• Expanding Shale Gas and Tight Oil Exploration:

The growth of the fracking fluid and chemicals market is closely tied to the expansion of shale gas and tight oil exploration. As these unconventional energy sources continue to be developed, the demand for hydraulic fracturing (fracking) technologies, including fluids and chemicals, increases.

• Technological Advancements:

Ongoing advancements in fracking technologies, including the development of more effective and environmentally friendly fracking fluids and chemicals, can drive market growth. Innovations that enhance extraction efficiency and reduce environmental impact are particularly influential.

• Regulatory Environment:

The regulatory landscape plays a crucial role in shaping the market. Changes in environmental regulations and policies regarding the use of fracking fluids and chemicals can impact market dynamics. Stringent regulations may drive the demand for more environmentally friendly and less harmful products.

• Increasing Energy Demand:

The global demand for energy, particularly in emerging economies, has been a key driver for increased exploration and production activities. This, in turn, contributes to the growth of the fracking fluid and chemicals market.

• Cost-Effective Production:

The economic viability of fracking compared to conventional drilling methods influences the market. If fracking remains a cost-effective method for extracting oil and gas, it is likely to continue driving market growth.

Fracking Fluid and Chemicals Market Technological Trends

• Environmentally Friendly Fluids:

There has been a growing focus on developing fracking fluids that are more environmentally friendly. This includes the use of biodegradable or less toxic chemicals to reduce the environmental impact of hydraulic fracturing operations.

• Water Recycling and Management:

With concerns about water usage and contamination, there has been an increased emphasis on water recycling and management in hydraulic fracturing. Technologies for treating and reusing produced water have gained attention.

• Advanced Chemistry and Nanotechnology:

The industry has been exploring advanced chemistry and nanotechnology to enhance the performance of fracking fluids. This includes the use of nanomaterials to improve fluid properties and overall efficiency.

• Data Analytics and Monitoring:

The integration of data analytics and monitoring technologies has become more prevalent. This involves real-time monitoring of well conditions and using data analytics to optimize the composition of fracking fluids for improved well productivity.

• Reduced Chemical Additives:

Efforts have been made to reduce the number and volume of chemical additives in fracking fluids. This is partly to address environmental concerns and also to simplify the fracking process.

Segmental Analysis

Water-Based Fluids — The Most Common Type of Fracking Chemical

The decision regarding the type of fracking fluids is affected by various factors such as cost, environmental effects, and technical complexity based on geographical conditions. The water-based fluids segment is projected to witness a significant market share than the other segments during the forecast period. The water-based fluids are the most common type of fracking chemical used in the market due to its multiple applications and cost-effectiveness. However, the rising environmental concerns and increased damages to the ecosystem are resulting in a shift in demand towards gelled oil-based fluids. The oil-based fluids are also expected to witness an upward trend in the global fracking chemicals market. The fracking chemicals market is expected to flourish throughout the forecast period, strongly supported by a higher production rate, as these chemicals are used in extracting oils from older wells and are simultaneously suitable for different geological conditions.

Fracking Fluid and Chemicals Market Key Players

• Albemarle Corporation
• Ashland Inc.
• Akzonobel NV
• Baker Hughes
• Halliburton Co.
• Schlumberger Ltd.
• BASF SE
• Calfrac Well Services
• Chevron Philips Chemical Company
• Clariant
• EI Du Pont De Nemours
• FTS International

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Key Market Segments: Fracking Fluid and Chemicals Market

Fracking Fluid and Chemicals Market by Product, 2023-2029, (USD Billion, Kilotons)

• Water Based Fluids
• Oil Based Fluids
• Synthetic Based Fluids
• Foam Based Fluids

Fracking Fluid and Chemicals Market by Well Type, 2023-2029, (USD Billion, Kilotons)

• Horizon Well
• Vertical Well

Fracking Fluid and Chemicals Market by Function, 2023-2029, (USD Billion, Kilotons)

• Friction Reducer
• Clay Control Agent
• Gelling Agent
• Cross-Linkers
• Breakers
• Others

Market Dynamics

Drivers:

• Growing Energy Demand: The increasing global demand for energy has driven the exploration and production of unconventional oil and gas resources, leading to an uptick in fracking activities.

• Technological Advancements: Advances in fracking technologies have improved efficiency, making it more economically viable and boosting market growth.

• Government Support: In some regions, government support for the oil and gas industry, coupled with favorable regulatory frameworks, can act as a driver for the fracking fluid and chemicals market.

Restraints:

• Environmental Concerns: Fracking has faced criticism due to environmental concerns, such as water pollution, induced seismicity, and the release of greenhouse gases, leading to regulatory challenges and public opposition.

• Volatility in Oil Prices: Fluctuations in oil prices can impact the profitability of fracking operations, affecting investment decisions and market growth.

• Regulatory Challenges: Stringent regulations related to fracking operations can pose challenges to market expansion, especially in regions with environmental and safety concerns.

Opportunities:

• Increasing Exploration Activities: Ongoing exploration activities in new regions present opportunities for the fracking fluid and chemicals market to expand its footprint.

• R&D and Innovation: Investments in research and development to develop environmentally friendly and cost-effective fracking fluids and chemicals can open new avenues for market growth.

Challenges:

• Public Opposition: Public awareness and opposition to fracking due to environmental and health concerns can hinder market growth.

• Market Competition: The market is competitive, and companies need to innovate and offer cost-effective solutions to stay competitive.

• Infrastructure Challenges: Access to suitable infrastructure and transportation networks for fracking operations can pose challenges in certain regions.

The report answers questions such as:

1. What is the market size and forecast of the Fracking Fluid & Chemicals Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Fracking Fluid & Chemicals Market?
3. What is the competitive strategic window for opportunities in the Fracking Fluid & Chemicals Market?
4. What are the technology trends and regulatory frameworks in the Fracking Fluid & Chemicals Market?
5. What is the market share of the leading vendors in the Fracking Fluid & Chemicals Market?
6. What modes and strategic moves are considered suitable for entering the Fracking Fluid & Chemicals Market?

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