The Global Fracking Fluids market is estimated to be $69.64 billion and is expected to reach $237.75 billion growing at a CAGR of 20.57% from 2014 to 2022. The Fracking Fluids market is expected to have high demand for its alternative reserves. Energy shift towards gas and energy protection are growth factors for the fracking fluids market. An environmental hazard caused by fracturing is expected to hamper the growth of the market. The growth of the market lies in eco-friendly Fracking Fluids. North America has the largest market for Fracking Fluids mainly due to advanced technology and Asia Pacific is expected to witness significant growth due to rapidly increasing industrial sector and flourishing economy. Latin America, Europe, Middle East and Africa seem to be the the promising markets for future investments.
North America accounted for more than 82% of share in global fracking fluid market. The extraction of oil & gas through fracking activities from abundant reserves in North America is driving the market growth. China has significant shale gas reserves and the increasing usage of fracking fluids and chemicals by the Asian unconventional gas development is expected to propel the market growth in Asia Pacific region. To gain competitive advantage, the oil and gas companies in the U.S. are using hydraulic fracturing to develop the shale reserves for oil and gas extraction. Shale gas requires high amount of horizontal drilling to cover a large surface area, thus increasing the production rate of gas which in turn is expected to boost the demand for fracking fluids in horizontal drilling applications. The eco-friendly fluids in nature are expected to provide new growth opportunities.
Global Fracking Fluids Market is segmented by fluid type, by well type, by function type and by geography. Based on fluid type, market is segregated into gelled-oil based fluids, slick water-based fluids and foam-based fluids. Based on well type, market is classified into horizontal and vertical. Based on function type, market is categorized into scale inhibitor, surfactant, gelling agent, acid, friction reducer, clay stabilizer, biocide, cross-linkers, corrosion inhibitor, Ph adjusting agent, breaker, iron control agent, and other fracking chemicals. Market by geography is categorized into North America, Europe, Asia Pacific, and Rest of the World.
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The Key players in the market include, BASF SE, Schlumberger Limited, E.I. Dupont De Nemours & Co., Chevron Phillips Chemical Company, Clariant International Ltd., Halliburton Co., Ashland Inc., Akzonobel N.V., FTS International, and Albemarle Corporation.
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