According to a report available on Radiant Insights, Inc.; the fracking chemicals and fluid market is expected to show momentous growth by 2025. Rise in demand for fuel and electricity due to growing population can drive the market during the forecast period (2013 to 2025).
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Rising demand for fracking chemicals in horizontal drilling methods can drive the market in the coming years. Resources like shale gas make use of horizontal drilling method in order to cover a greater surface area. Therefore, growing rate of gas is expected to increase the demand for fracking fluids in horizontal drilling applications. These chemicals comprise several uses in drilling operations such as removal of bacteria in water, viscosity of fluid at high temperatures, and stabilization of clay to lock down clays in shale structure, friction reduction over base pipe, retention protection of casing from corrosion, and water thickening to suspend proppants.
However, growing concerns regarding environmental hazards is likely to pose the market growth to an extent. Still, growing focus on research and development (R&D) activities for manufacturing enhanced eco-friendly chemicals and fluids are anticipated to create new opportunities in the market.
Worldwide fracking chemicals and fluid market can be segmented on the basis of product, end users/applications, and region. As per product, the market can be categorized into foam-based, gelling oil based, and water-based. Based on oil recovery and shale gas.
Geographically, the market can be divided into North America, Europe, Japan, Southeast Asia, China, and India. North America has been dominating the market due to availability of advanced drilling technology to recover gas and oil from unconventional resources. Rise in fracking activities for effective extraction of oil and gas from rich reserves present in the region is driving demand for these chemicals and fluids in this region. The U.S is expected to increase the demand for these chemicals on account of increasing industrialization.
Increasing use of energy is expected to boost the product demand in Southeast Asia, China, and India. At present, majority of oil and gas exploration and production (E & P) activities are placed in countries including South Korea, India, China.
In Europe, growing oilfield production due to deep water discoveries in the North Sea is likely to boost the demand for franking chemicals in this region. Momentous development of oilfield in offshore and unconventional reserves along with increasing deployment of mud-cap drilling method in this region is expected to create numerous opportunities in the market.
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Prominent players operating in the market include FTS International, Trican Well Services, BASF, Dow Chemical, and DuPont. Market participants are increasingly implementing strategic alliance to cater the frequently chaining technological requirements. Major companies are also following strategies like merger and acquisitions to gain larger share in the market.
Companies are making lots of investments in R&D activities and taking lots of efforts to develop environment friendly products like non-toxic drilling fluids and foams. The companies are also involved in the complete value chain of fracking chemicals including production, distribution and end-use.
For instance, Baker Hughes Incorporated has developed water-based drilling fluids to reduce environmental impact and cost. These fluids also use to improve electronic imaging quality for better ROI. In addition, the company’s LATIDRILL, a water-based system can be used for lateral, deviated, and unconventional wells. This system can be applied in many applications including unconventional gas/shale with 275°F (135°C) and drilling operations with challenging well paths, are among the others.
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