Also known as hydraulic fracturing, fracking is the process of fracturing the shale rocks with help of fluid pressure. Fracking is largely used in extraction of natural resources like tight gas, shale gas, unconventional fluids, CBM and other materials, which are difficult to recover through various drilling procedures. Fracking fluids or chemicals play vital role in the process of drilling out these elements, which influences demand in fracking chemicals market. The industry for these chemicals is expected to maintain steady growth during near future, which is a great sign for aspiring businesses as well as existing businesses. Economic growth and rising demand for hydraulic fracturing are the strongest drivers for the industry.
Scope of Market Research in Fracking Chemicals
In order to understand the basics like market trends, opportunities, growth prospects, and challenges in the industry, researchers have segmented the industry on the basis of various vital elements. Global fracking chemicals market is divided into different types of fluids, types of wells, end user industries and demand across different geographic regions.
Fluids: Foam based, water based, gelled oil based and fluids based on other materials
Wells: Vertical and horizontal
Applications: Friction reducers, acids, surfactants, scale inhibitors, clay stabilizers, gellants, breakers, pH adjusting agents, iron control, corrosion, biocides, inhibitors, and other
Geography: Latin America, North America, Middle East, Asia Pacific and Africa
Development of unconventional sources of oil and gas such as CBM and shale are driving the market for fracking chemicals market. Apart from unconventional sources, many established businesses use hydraulic fracturing for conventional oil and gas sources as well. Rising competition amongst the countries for security in energy resources is also increasing demand in the global fracking fluids market. The researchers have forecasted the market for the timeframe of the next four to five years. From 2013 to 2018, the fracking chemicals market is estimated to grow at an estimated CAGR of over 9%. At the estimated rate, the market is anticipated to reach $20 billion by 2018.
North America is expected to be the fast moving driver in the industry. Asia Pacific on the other hand is expected to be witness the strongest growth during the forecasting period. Early development of technology and rising demand for energy resources is driving growth of the industry in the developed regions. Socioeconomic and industrial growth in emerging markets is driving the fracking fluids market in Asia Pacific, Latin America, Africa and Middle East.