Fracking fluids and chemicals are a cluster of chemicals used in hydraulic fracturing. Hydraulic fracturing is a breaking process of underground rock carried out by injecting fluid along with sand and additives at high pressure to release natural gas and oil. This hydraulic fracturing has provided access to more clean energy. The fracturing fluids and chemicals are used to minimize the pressure loss due to friction, for creation of wide fracture by generating enough pressure drop, to maintain well stability etc. In hydraulic fracturing, fluids and chemical additives serve many functions such as preventing corrosion, dissolving minerals, stabilizing the product, preventing scale deposition and maintaining the viscosity of fluid among the others.
Global Fracking fluids and chemicals Market: Drivers and Restraints
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The changing trend of drilling wells towards horizontal drilling is expected to drive the growth of global market for fracking fluids and chemicals. Over the recent past, there has been a significant increase in horizontal fracking activity. This activity necessitates a relatively larger amount of fracking fluids and chemicals. As such, the demand for fracking fluids and chemical has witnessed a steady growth. The trend is expected to continue over the forecast period. The increasing demand for energy needs more exploration which in turn results in increasing demand for fracking fluids and chemicals. Backflow of the water or fracking fluid to the surface contaminates the surface and ground water. Thus, strict environmental regulations and alternatives to fracking fluids are major factors that are expected to restrain the growth of fracking fluids and chemicals market during the forecast period.
Global Fracking fluids and chemicals Market: Segmentation
The global fracking fluid and chemicals market is segmented on the basis of product type, function and region.
On the basis product type, the global fracking fluids and chemicals market is segmented below:
- Water based fluids
- Oil based fluids
- Synthetic based fluids
- Foam based fluids
On the basis of function, the global fracking fluids and chemical market is segmented as follows:
- Friction reducer
- Clay control agent
- Gelling agent
Global Fracking fluids and chemicals Market: Region – wise outlook
The global fracking fluids and chemical market is segmented into seven geographical regions namely North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, Asia-Pacific (excluding Japan) and Japan. Increasing oil & gas exploration activity in North America has resulted in the region accounting for a largest share in global fracking fluid and chemical market. Although hydraulic fracturing activity is relatively slower in Asia Pacific region, the region is expected to register a robust growth over the forecast period.
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Global Fracking fluids and chemicals Market: Key players
- Baker Hughes Incorporated
- Halliburton Company
- Schlumberger Ltd
- E. I. du Pont de Nemours and Company
- Pioneer Engineering Services
- BASF SE
- The Dow Chemical Company
- Akzo Nobel N.V.