According to the latest report by IMARC Group, titled, “Fracking Chemicals and Fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global fracking chemicals and fluids market size reached US$ 37.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 64.9 Billion by 2027, exhibiting a growth rate (CAGR) of 9.3% during 2022-2027.
Fracking refers to the process of drilling into the earth to create fissures and extract gas and crude oil. It includes injecting a solution, which is made using water, sand and various chemicals, in drilling wells at high pressure. This assists in increasing the number of hydrocarbons, preventing corrosion of the wells, clogs and bacterial growth, and lubricating the extraction process. Different chemicals are generally used in fracking to perform functions that vary depending on the required characteristics.
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Fracking Chemicals and Fluids Market Trends and Drivers:
The rising consumption of energy, along with advancements in offshore activities, represents one of the key factors bolstering the global fracking chemicals and fluids market growth. Apart from this, the leading manufacturers operating in the industry are investing significantly in the research and development (R&D) activities to develop environment-friendly fracking chemicals and non-toxic drilling fluids. This is expected to create a positive influence on the market growth in the coming years.
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Akzo Nobel N.V.
- Albermarle Corporation.
- Ashland Inc.
- Baker Hughes Incorporated
- BASF SE
- Calfrac Well Services Ltd.
- Chevron Phillips Chemical Company
- Clariant International Ltd.
- I. du Pont de Nemours and Company
- FTS International
- Halliburton Company
- Pioneer Engineering Services
- Schlumberger Ltd.
- The Dow Chemical Company
- Weatherford International, etc.
Fracking Chemicals and Fluids Market Report 2022-2027 Competitive Analysis and Segmentation:
The report has segmented the market based on type, well type and function type.
Breakup by Type:
- Gelled Oil-Based
Breakup by Well Type:
- Horizontal Wells
- Vertical Wells
Breakup by Function Type:
- Gelling Agent
- Friction Reducer
- Scale Inhibitor
- Clay Stabilizer
- Ph Adjusting Agent
- Iron Control Agent
- Corrosion Inhibitor
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
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