The global fracking chemicals market size is projected to expand at a CAGR of 6% during the forecast period, 2021-2028. The growth of the market is attributed to rising demand for longer lateral lengths and stabilizing drilled rates in the mining industry.
Fracking fluids and chemicals are used in hydraulic fracturing. These fluids and chemical additives aid in the prevention of corrosion, dissolution of minerals, stabilization of the product, prevention of scale deposition, and maintenance of fluid viscosity, among others. It provides access to cleaner energy through the hydraulic fracturing process. Fracking fluids and chemicals play a vital role in increasing yield and product quality.
Several European countries, including Germany, the Netherlands, and France, have urged the European Union (EU) to pass legislation to improve funding for low-carbon technologies. Several policies are being implemented to encourage the use of renewable energy.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing initiatives and support from government agencies is projected to drive the market.
- Rising energy demand is expected drive the market growth.
- Growing number of exploration activities is estimated to provide lucrative opportunities on the projected timeline.
- Increasing demand for natural gas is anticipated to propel the fracking chemicals market.
- Expanding reliance on hydraulic fracturing for oil & gas extraction can positively influence the growth of the market.
- Development of innovative water fluids is anticipated to create immense opportunities for the market players.
- Baker Hughes
- C&J Energy Services
The major players in the fracking chemicals market include Halliburton, Schlumberger, Baker Hughes, C&J Energy Services, and Calfrac.
Companies are engaging in mergers, acquisitions, and partnerships to expand their market share.
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