Fracking Chemicals are used in drilling operations to increase the extraction efficiency of hydrocarbons. These Fracking Chemicals are added to water and sand to obtain the desired mixture of fracking fluid. The composition of the fracking fluid varies with each industry player depending on the availability of water in the manufacturing facility, regulations instructed by local as well as state governments. The hydraulic fluid can be water based, oil based, or foam based. The fracking process increases the flow of oil and gas to wells by hydraulic fracturing the rocks by pressurization, which increases the oil & gas extraction per well and reduces the total number of wells needed to extract resources. Fracking process also allows commercialization of low permeability reservoirs in which oil and gas do not easily flow. Fracking chemicals perform several functions such as a carrier, solvent, biocides, scale inhibitor, friction reducer, additive, corrosion inhibitor, and non-ionic surfactants.
Rising demand for oil & gas across the globe owing to growing fuel & energy demand on account of expanding population are likely to fuel the market growth over the forecast period. Additionally, shifting trend towards horizontal drilling growth owing to its systemic mechanism to recover the unusual shale reserves with hydraulic fracturing technology is likely to impact the Fracking Chemicals Market over the forecast period positively. Furthermore, continued development of unconventional sources of oil and gas to ensure energy security and to lessen dependence on foreign oil in many countries are expected to propel the market growth during the forecast period.
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However, each frack contain approximately 80-300 tons of chemicals, which are selected from the menu of 600 different chemicals, and the composition of most of the fracking chemicals are protected from disclosure by various “trade secrets” exemptions under state or federal law. Studies by the U.S Environmental Protection Agency have identified many fracking chemicals as toxic and possess high VOC content. Stringent regulations by the US EPA over the toxicity concerns are likely to restrict the market growth particularly in North America and Europe during the forecast period.
Some of the major players operating in the Global Fracking Chemicals Market are AkzoNobel N.V.(Netherlands), Ashland Inc. (U.S.), Baker Hughes Incorporated (U.S.), Halliburton. (U.S.), Schlumberger Limited (U.S.), BASF SE (Germany), Chevron Phillips Chemical Company (U.S.), Clariant International AG (Switzerland), DowDuPont Inc. (U.S.), Albemarle Corporation. (U.S.), FTS International Inc. (U.S.), Calfrac Well Services Ltd. (Canada), and EOG Resources, Inc. (U.S.).
The Global Fracking Chemicals Market is segmented by Function, Fluid Type and Region.
On the basis of the Function, the Global Fracking Chemicals Market is segmented into the gelling agent, friction reducer, corrosion inhibitor, biocide, surfactant, scale inhibitor, clay stabilizer, acid, cross-linkers, breaker, pH adjusting agent, iron control agent, and others.
On the basis of the Fluid Type, the Global Fracking Chemical Market is segmented into water based, oil based, and foam based.
The Global Fracking Chemicals Market is segmented into five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa.
North America is expected to be the largest market for Fracking Chemicals due to strong demand from the established oilfield industry on account of major shale gas revolution and growing research and development activities over the forecast period.
Europe is another major market for Fracking Chemicals due to growing offshore oilfield activities in the North Sea on account of exploring newer reserves and is expected to show a considerable growth over the forecast period.
Asia Pacific is expected to be the fastest growing market for Fracking Chemical and is expected to witness a rising demand during the forecast period. Rapid industrialization & urbanization in emerging economies have rapidly increased the demand for fuel and energy and thus, positively impacted the oilfield industry. Majority of oil & gas exploration and production activities are centered in China, Indonesia, South Korea, Australia, and India.
The Middle East & Africa is expected to witness increasing demand for Fracking Chemicals over the forecast period due to the high concentration of oilfield reserves and establishes oil & gas industries in the region.
Latin America held the least share of the Global Fracking Chemicals Market in 2017 and is likely to show sluggish growth over the forecast period.
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