The global fracking fluid and chemical market is expected to grow with the CAGR of approximately 11.1% during the forecast period of 2022-2030. Due to rising fuel efficiency standards, and trend to move away from dependence on foreign oil are the major key driving factor for the overall growth of the fracking fluid and chemical. Fracking has encouraged to significant rise in U.S. domestic oil and gas production and as a result it helps to reduce the demand for oil imports.
North America dominates market in terms of revenue in 2021. Due to the Energy shift towards transitional fuel such as gas and need to fill the gap between supply and demand of oil and gas reserves. The major driver of the North American fracking fluids market is driven by the growth in fracking activities for oil & gas reserves. This region boosts the market owing to rise in the hydraulic fracturing of the shale oil & gas reserves. These activities consume enormous quantities of fracking fluids owing to which this market continues to grow. The horizontal drilling with fracking has aid economic growth of shales in the Canada and U.S.A. in the last 60 years, over 600 trillion cubic feet of natural gas has been extracted from the ground by means of hydraulic fracturing in the United States. Half of the natural gas used currently is the consequence of fracking done in the last few years.
Fracking & chemicals market in India is driven by increasing demand for energy, achieving energy independence, and rising price & long term deficit in natural gas. India is world’s third largest energy consumer. Energy consumption in India is increasing by CAGR 5.3% till 2021. According to IEA, India’s energy demand is anticipated to reach 1,908 million tonnes of oil equivalent (mtoe) by 2040. Growing population and sustaining developing economy are the primary factors driving energy consumption in the country. India’s primary energy mix is dominated by coal (58%) followed by oil (28%) and natural gas (7%). India market is growing with a CAGR of 18.0% during forecast period.
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The growing technological development and rising demand for effective and innovative technology for enhancement of oil and gas extraction is one of the major factor which is impacting the growth of the global oil and gas industries. High pressure and high temperature drilling technique is having the highest impact on the oil and gas industry. High pressure and high temperature drilling technique is having around 59% of impact over the oil and gas industry. Whereas, the fracking fluid ingredient improvement is having around 38% impact on the oil and gas industry.
Global fracking fluid & chemical market is exceedingly consolidated, as it has huge number of companies globally. Globally there are large number of small and big players are operating in these markets. Furthermore, these companies are competitive in nature. They all are actively trying to cater new clients, with their rapid changing needs. Some major companies involved in fracking fluid & chemical are; DuPont, DOW and many others. All these companies contribute to maximum of the total market revenues. Majority of such companies are focusing on product launches in fracking fluid & chemical. Some key companies are focusing on acquiring startups and entering partnership agreement to sustain in the competitive market.
KEY MARKET MOVEMENTS
- The global fracking fluid and chemical market is expected to grow with the CAGR of approximately 11.1% during the forecast period of 2022-2030.
- North America dominates market in terms of revenue in 2021.
- India remains as the top emerging market. Fracking & chemicals market in India is driven by increasing demand for energy, achieving energy independence, and rising price & long term deficit in natural gas.
- High pressure and high temperature drilling technique is having the highest impact on the oil and gas industry.
- Global fracking fluid & chemical market is exceedingly consolidated, as it has huge number of companies globally.
- Some major companies involved in fracking fluid & chemical are; DuPont, DOW and many others.
- Majority of such companies are focusing on product launches in fracking fluid & chemical.
