Global Fracking Chemicals Market to Garner Near USD 50 Billion by 2031 and to Grow with CAGR of ~10% During 2022-2031; Rising Demand for Horizontal Drilling and High Rate of Natural Gas Production to Boost Growth-Kenneth Research
New York, Sept. 21, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on the “Global Fracking Chemicals Market” for the forecast period, i.e., 2022-2031 which includes the following factors:
Global Fracking Chemicals Market Size:
The global fracking chemicals market is estimated to gather around USD 50 billion in revenue by 2031 by growing with a CAGR of almost 10% over the forecast period. The market’s expansion can be ascribed to rising demand for horizontal drilling and a high rate of natural gas production. Oil and gas producers employ horizontal drilling and piercing to minimize the negative impacts on the surface and to bore multiple wells from a single cushion. According to a survey by the U.S. Energy Information Administration (EIA), 18,000-foot wellbores were typical for almost 75% of newly drilled horizontal wells in 2020. Additionally, with fracking, natural gas is less expensive than it otherwise would be furthermore, its production is still booming. Energy Information Administration (EIA) estimates that natural gas production in 2020 was 33.49 trillion cubic feet. Further, it is anticipated that innovative alternative fracking technologies, such as waterless fracking, the use of green chemicals, propane gel, and others, would spur significant future economic growth.
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Global Fracking Chemicals Market: Key Takeaways
Lower Energy Costs and Greater Oil and Gas Output to Propel the Market
The United State’s energy system has been completely altered by fracking and enhancing energy security. Gas prices are falling as oil and natural gas output is at its highest level. Fracking has tremendous benefits, making it the most innovative energy discovery in the past 50 years. Oil and natural gas production in the United States has continuously risen as a result of the procedure. As a response, it has decreased energy costs, enhanced the nation’s energy security, and improved air quality as a result of less carbon dioxide (CO2) emissions. The EIA estimates that American crude oil production possibly surpassed Saudi Arabia’s in 2018 for the first time in more than 20 years which was 10.96 (b/d) million barrels per day. The demand for fracking chemicals rises as natural gas demand climbs.
Global Fracking Chemicals Market: Regional Overview
The global fracking chemicals market is segmented into five major regions including North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa region.
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Rising Fracking Activities and Technological Advancement to Drive the Growth in the North American Region
On the strength of the fully advanced drilling sector and rising fracking practices for effective extraction of oil and gas from the region’s vast reserves, the market in North America is predicted to experience over the forecast period. Additionally, the region’s excess of oil and gas results in exports to other nations. For instance, the United States exported more than 27.7 trillion cubic feet (Tcf) of natural gas to around 77.3 million users in 2020. An additional major factor that is anticipated to increase the demand for fracking chemicals in the approaching years is the expanding technical developments made by businesses to increase the production rate of oil and gas wells. Furthermore, in 2018, the bulk of natural gas wells that are currently in operation in the United States produced from 50 to 3200 barrels of oil equivalent per day.
Rising Energy Demand and Government Initiatives to Drive the Growth in the Asia Pacific Region
Moreover, the Asia Pacific region is projected to hold the major share during the forecast period on account of its increased energy demand and government initiatives. Energy utilization in the Asia Pacific region reached around 255 exajouls in 2020. In addition to this, shale gas is abundant in China. It is the largest in the world, based on certain estimates. According to current statistics China has technically recoverable shale gas resources which is approximately worth 32 trillion cubic meters. Furthermore, shale gas development is encouraged by the Chinese government initiatives. For instance, the Chinese central government actively encourages the production of shale gas through a number of initiatives. For instance, the Shale Gas Five-Year Plan (March 2012), includes annual production objectives of 6.5bcm in 2015 and 60-100 bcm in 2020, as well as a production subsidy of 0.4 RMB/cubic meter (approximately USD 1.83/thousand cubic feet), lays out the principles governing China’s shale gas programs.
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The study further incorporates Y-O-Y growth, demand & supply and forecasts future opportunities in:
Global Fracking Chemicals Market, Segmentation by Well Type
Among these, it is predicted that the horizontal or directed segment will have the majority share over the forecast period. The expansion can be ascribed to the rise in horizontally drilled wells, which provide access to a much larger area and extract oil from reservoirs slowly. In the U.S., in 2018, there were roughly 145,000 horizontal wells. From 20 to 110 barrels of oil equivalent are produced daily by the bulk of these wells.
Additionally, horizontally drilled wells provide massive natural gas extraction. In contrast to the 19% of wells that were drilled vertically, 81% of the U.S. well completions in 2021 were horizontal or directional. Moreover, the United States’ gross withdrawals of natural gas rose by 55%, and its production of crude oil more than doubled in 2021. The average length of wells drilled in the United States has more than doubled from 7,300 feet per wall to 15,200 feet per wall in 2021 as horizontal and directional wells have grown more prevalent. On account of the fact that they may access more geological information that holds crude oil and natural gas as they are longer than vertical wells, horizontal and directional wells are more productive. The expansion of the segment is fueled by an increase in horizontally drilled wells.
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Global Fracking Chemicals Market, Segmentation by Fluid Type
The water-based fluid segment is estimated to share a substantial market share over the forecast period. Owing to their numerous uses and low cost, water-based fluids are the most popular type of fracking chemicals used in the market. Water and sand make up 99% of the fracking fluid, with other chemicals making up the remaining 1%. With the exception of the w-4 wells which cannot be expected as it was an exploration well, the proppant fracturing treatment employed in the considered wells increased total gas production by around 42% and condensate output by over 100% without massively increasing water production. On account of their low cost, adaptability to different types of reservoir rocks, and usage in a wide range of temperatures, water-based fluids are anticipated to increase their demand and the growth of the segment.
Global Fracking Chemicals Market, Segmentation by Application
Few of the well-known market leaders in the global fracking chemicals market that are profiled by Kenneth Research are, Baker Hughes Company, Ashland, Halliburton, Schlumberger Limited, Weatherford, Calfrac Well Services Ltd., BASF SE, Dow, Chevron Phillips Chemical Company LLC., Exxon Mobil Corporation, and others.
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Recent Developments in the Global Fracking Chemicals Market
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