Global Fracking Chemicals Market, By Function (Gelling Agent, Friction Reducer, Corrosion Inhibitor, Biocide, Surfactant, Scale Inhibitor, Clay Stabilizer, Cross-Linkers, PH Adjusting Agent, Iron Control Agent, Others), Fluid Type (Water-Based, Oil-Based, Foam-Based, Other), Well Type (Vertical, Horizontal and Directional) – Industry Trends and Forecast to 2029.
Fracking Chemicals Market Analysis and Size
The fracking fluids and chemicals market is expected to grow positively, particularly as countries worldwide continue to experience rising energy demand. The growing number of exploration activities being conducted around the world is also expected to provide lucrative opportunities. As energy behemoths increasingly rely on hydraulic fracturing for oil and gas extraction, the demand for fracking fluids and chemicals is expected to rise.
Data Bridge Market Research analyses that the fracking chemicals market which was growing at a value of 36.13 billion in 2021 and is expected to reach the value of USD 82.66 billion by 2029, at a CAGR of 10.90% during the forecast period. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Fracking Chemicals Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Function (Gelling Agent, Friction Reducer, Corrosion Inhibitor, Biocide, Surfactant, Scale Inhibitor, Clay Stabilizer, Cross-Linkers, PH Adjusting Agent, Iron Control Agent, Others), Fluid Type (Water-Based, Oil-Based, Foam-Based, Other), Well Type (Vertical, Horizontal and Directional)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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3M (U.S.), Akzo Nobel N.V. (Netherlands), Arkema (France), Ashland Inc. (U.S.), BASF SE (Germany), Clariant (Switzerland), Croda International Plc (U.K.), Dow (U.S.), ELEMENTIS PLC (U.K.), Emery Oleochemicals (U.S.), Evonik Industries AG (Germany), Godrej Industries Limited (India), Huntsman International LLC (U.S.), Innospec (U.S), Kao Corporation (Japan), KLK OLEO. (Malaysia), Lonza (Switzerland), MITSUI & CO., LTD. (Japan), Sasol (South Africa), Solvay (Belgium), Stepan Company (U.S.), Sumitomo Corporation (Japan)
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Opportunities
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Market Definition
The process of injecting chemicals and fluids underground to create fissures and extract oil and natural gas is known as fracking. These fluids, also known as frac fluids or hydraulic-fracturing fluids, are mostly made up of frac sand and water, with a small number of chemical additives. They are injected into the bedrock formation to form new fractures and expand the size, extent, and connectivity of existing fractures.
Global Fracking Chemicals Market Dynamics
Drivers
- Growing energy consumptions
Rising energy consumption in emerging regions such as Asia and Africa is driving up demand for natural gas and increasing development in offshore activities, which is driving market growth. Aside from that, as environmental concerns grow, several industry manufacturers are investing in research and development (R&D) actions to produce environmentally friendly fluids and chemicals.
- Fluid viscosity at high temperature
Fracking chemicals and fluids aid in the transport of propant solutions to the desired formation, improving gel strength, reducing friction, and maintaining fluid viscosity at high temperatures. As hydraulic fracturing allows access to previously inaccessible oil and gas reserves, global demand for fracking chemicals and fluids is increasing.
Opportunities
- Growing R&D activities
Rising R&D investment and efforts to develop eco-friendly fracking chemicals and waterless fracturing foams will create a slew of new opportunities, accelerating the growth of the fracking chemicals market during the forecast period.
Restraints
- Price volatility and stringent regulations
However, water availability and contamination concerns, as well as public concerns about the effects of hydraulic fracturing, are limiting the growth of the fracking chemicals market from 2020 to 2027. In contrast, many fracking chemicals are recognized as toxic and have high VOC content, posing a market challenge for the fracking chemicals market.
This fracking chemicals market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the fracking chemicals market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
COVID-19 Impact on Fracking Chemicals Market
The COVID-19 pandemic significantly impacted the fracking industry because oil and gas upstream operations came to a halt due to low demand for oil and gas, resulting in soft commodity prices. For example, in the United States, the price of WTI (West Texas Intermediate) crude fell to USD 14 per barrel from USD 63 per barrel at the start of the year. The cost of the fracking process is exorbitant, making it unaffordable in a scenario where they only had a few projects. The fracking chemicals market is expected to thrive in the near future as a result of increased demand for horizontal drilling for unconventional resources and the high rate of natural gas production in many parts of the world.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Recent Development
- In March 2021 Exxon Mobil submitted a proposal to the Colombian government to conduct a hydraulic fracturing pilot project in the country. The Platero Project includes fracking research in Colombia's Valle Medio del Magdalena basin.
- In November 2020, Vaca Muerta fracking activity increased by more than 55% monthly. The number of fracturing stages in the play increased from 345 in October 2020 to 545 in November 2020. These figures are comparable to November 2019, indicating that shale production may return to pre-COVID levels.
Global Fracking Chemicals Market Scope
The fracking chemicals market is segmented on the basis of function, fluid type and well type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Function
- Gelling Agent
- Friction Reducer
- Corrosion Inhibitor
- Biocide
- Surfactant
- Scale Inhibitor
- Clay Stabilizer
- Cross-Linkers
- PH Adjusting Agent
- Iron Control Agent
- Others
Fluid Type
- Water-Based
- Oil-Based
- Foam-Based
- Other
Well type
- Vertical
- Horizontal
- Directional
Fracking Chemicals Market Regional Analysis/Insights
The fracking chemicals market is analysed and market size insights and trends are provided by country, function, fluid type and well type as referenced above.
The countries covered in the fracking chemicals market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America is the most profitable market for fracking fluids and chemicals. Its dominance is expected to continue throughout the forecast period. This can be attributed to the region's highly developed drilling industry, which necessitates a high demand for fracking chemicals.
Asia Pacific is expected to grow significantly over the next decade because of rising energy consumption,. China, which has the most shale reservoirs after the United States and Canada, is driving growth in the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Fracking Chemicals Market Share Analysis
The fracking chemicals market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to fracking chemicals market.
Some of the major players operating in the fracking chemicals market are:
- 3M (U.S.)
- Akzo Nobel N.V. (Netherlands)
- Arkema (France)
- Ashland Inc. (U.S.)
- BASF SE (Germany)
- Clariant (Switzerland)
- Croda International Plc (U.K.)
- Dow (U.S.)
- ELEMENTIS PLC (U.K.)
- Emery Oleochemicals (U.S.)
- Evonik Industries AG (Germany)
- Godrej Industries Limited (India)
- Huntsman International LLC (U.S.)
- Innospec (U.S)
- Kao Corporation (Japan)
- KLK OLEO. (Malaysia)
- Lonza (Switzerland)
- MITSUI & CO., LTD. (Japan)
- Sasol (South Africa)
- Solvay (Belgium)
- Stepan Company (U.S.)
- Sumitomo Corporation (Japan)
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