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Trends and Growth Opportunities in Fracking Chemicals and Fluids Market

 

Fracking chemicals and fluids are a range of chemicals and solutions which are used in the hydraulic fracturing of rock by a pressurized fluid. They are classified on the basis of horizontal and vertical products. Various types of fluids are used in the process such as water-based, foam-based, and gelled oil based products. In terms of chemicals, certain solutions such as corrosion inhibitors, scale inhibitors, surfactants and friction reducers are applied in the process of fracking. The market has been witnessing a positive growth, due to the continued development of unconventional sources of oil and gas, coupled with the growing demand for energy security in many countries.

The market for fracking fluids and chemicals has been experiencing noticeable growth on account of the changing trends in drilling from vertical to horizontal as more unconventional reserves are being tapped. Resources such as shale gas require significant amount of horizontal drilling to cover a large surface area, increasing the rate of production of gas which in turn is expected to boost the demand for fracking fluids in horizontal drilling applications. However, fracking has been facing a lot of oppositions due to environmental hazards caused by fracturing which in turned is expected to hamper the growth of the market. Focus on conducting extensive R&D activities to manufacture improved chemicals and fluids which are eco-friendly in nature are expected to provide new opportunities for the growth of the market.

North America was the largest consumer for the fracking chemicals and fluids market mainly due to advanced technology available to drill and recover gas and oil from unconventional resources. Other regions such as Asia Pacific are expected to witness significant growth owing to growing number of industrial activities in the region. 

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AkzoNobel, Albermarle, Ashland, Baker Huges, Calfrac Well Services, , Chevron Phillips Chemical Company, Dow Chemical Company, DuPont, FTS International, Trican Well Services, Solvay are some of the major manufacturers of fracking fluids and chemicals dominating the market. 

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