DUBLIN--(BUSINESS WIRE)--The "Dissolvable Frac Plugs Market by Material Type (Magnesium Alloys and Poly Glycolic Acid), by Well Type (Horizontal Well and Vertical Well), by Sales Channel Type, and by Region, Forecast, Competitive Analysis, and Growth Opportunity: 2019-2024" report has been added to ResearchAndMarkets.com's offering.
The market is likely to experience excellent double-digit growth over the next five years (2019-2024) to reach US$ 1,178.8 million in 2024.
This report studies the current market trends including the shift from composite frac plugs, changing material dynamics, detailed competitive landscapes, and emerging trends in order to accurately forecast the dissolvable frac plugs market for the forecast period of 2019 to 2024 in terms of both values as well as units.
The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies in order to expedite their growth process.
Increasing production of oil & gas, an expected recovery of wells and rigs counts in the coming years, increasing number of frac stages per well, increasing share of horizontal wells in the overall drilling activities where there is a requirement of more frac stages, increasing lateral lengths of the wells, and reduction in mill out time as well as drilling cost are some of the key factors driving the global dissolvable frac plugs market.
The market is segmented based on the material type as Mg (Magnesium) alloys and PGA (Polyglycolic Acid). Mg alloys are expected to remain the dominant segment of the global dissolvable frac plugs market during the forecast period and are also likely to exhibit faster growth during the same period. Mg alloys are the materials of choice for dissolvable frac plugs, owing to their properties, such as reliable dissolution rate at different temperature and pressure brine, high toughness, strength, and hardness. However, PGA is new to the industry and is not being currently of interest of all the major players.
Based on the well type, the market is segmented as horizontal well and vertical well. Horizontal wells are expected to remain the more dominant segment of the market during the forecast period. Horizontal wells are majorly used for drilling extended reach and long lateral areas where vertical wells are not of worth. A large number of frac plugs and balls are deployed in horizontal wells, which leads to the optimum gas production from wells, whereas in case of vertical wells, very small amount of gas can be extracted as compared to horizontal wells.
Based on the sales channel type, the market is segmented as direct sales channels and distributor sales channels. The direct sales segment is expected to remain larger over the next five years. The market is in the nascent stage and is not being widely distributed at present. Hence, major companies are generally selling dissolvable frac plugs directly to customers.
In terms of regions, the Americas is projected to remain the largest dissolvable frac plugs market during the forecast period, in terms of both value and volume. The USA is the growth engine for the Americas' market where dissolvable frac plugs have been in the run in all the major shale basins such as Permian Basin, Eagle Ford, Williston Basin, and South-Central Oklahoma Oil Province. Canada is another key market in the Americas, whereas Argentina is likely to be an emerging market with excellent growth expected in the near future.
The supply chain of this market comprises raw material suppliers, dissolvable frac plug manufacturers, distributors, and end-users. Key dissolvable frac plug manufacturers are Baker Hughes, Haliburton Company, KLX Energy Services, Kureha Corporation, Innovex Downhole Solutions, Inc., Nine Energy Service, Inc., Schlumberger Limited, and Maverick Downhole Technologies Inc. Development of high-performance dissolvable frac plugs in order to overcome operators' or contractors' challenges along with ease of operations and formation of strategic alliances with operators are the key strategies adopted by the major players to gain a competitive edge in the market.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market.
The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- Market environment analysis: Growth drivers and constraints, Porter's five forces analysis, SWOT analysis
- Market forecast analysis
- Market segment forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
The market is segmented into the following categories:
Dissolvable Frac Plugs Market, By Material Type
- Mg Alloy
Dissolvable Frac Plugs Market, By Well Type
- Horizontal Well
- Vertical Well
Dissolvable Frac Plugs Market, By Sales Channel Type
- Direct Sales
- Distributor Sales
Dissolvable Frac Plugs Market, By Region
- The Americas (Country Analysis: The USA, Canada, Argentina and, Others)
- Asia-Pacific (Country Analysis: China, and Others)
- Rest of the World (The Middle East, and Others)
Key Player Profiles
- Baker Hughes, a GE company
- Halliburton Company
- Innovex Downhole Solutions Inc.
- KLX Energy Services
- Kureha Corporation
- Maverick Downhole Technologies Inc.
- National Oilwell Varco (NOV)
- Nine Energy Service Inc.
- Schlumberger Limited
- Vertechs Oil & Gas Technology Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/4k2a23