DUBLIN--(BUSINESS WIRE)--The "Global Fracking Fluids and Chemicals Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The global fracking fluids and chemicals market is expected to grow rapidly, owing to a shift in drilling wells from vertical to horizontal drilling, an increase in research and development initiatives for manufacturing environmentally friendly fluids and chemicals and expanding demand for power and fuels.
Fracking fluid is a chemical combination used in drilling operations to increase the number of hydrocarbons that may be extracted. The fluid protects the well against deterioration. Among other things, it lubricates the extraction process and avoids blockages and bacterial growth.
After oil and gas resource drilling is done, hydraulic fracturing fluid and chemicals are used. The conventional or non-conventional composition of oil and gas well fracturing involves adding fluid and chemicals to stimulate the oil and gas well. Hydraulic fracturing has allowed older oil and gas fields with high production rates to produce oil and gas more effectively. Hydraulic fracturing can also be employed to recover oil and gas from geological compositions that were previously impossible to reach. Fracking fluid and chemicals also help maintain stability by reducing pressure loss caused by friction.
The rising consumption of natural gas is predicted to be a major driver of growth in the worldwide fracking fluid and chemicals industry. Chemicals for fracking are blended with various additives based on the needs of the fracturing operation. As the drilling operation progresses, additives such as enzymes and oxidizers are inserted to allow fluid backflow. By weakening the gelling effect, oxidizers and enzymes reduce the viscosity of the fracturing fluid. Natural gas is commonly used in residential and commercial locations, primarily for heating.
However, natural gas is also used as a raw material in the industrial sector, for example, by fertilizer producers. The electrical industry is anticipated to be the primary user of natural gas. Natural gas is predicted to supply the world's growing electricity demand while emitting less CO2 than coal. Over the projected period, the market is likely to be driven by an increase in the usage of unconventional gas and oil resources such as shale and CBM.
The global market is expected to be hampered by strong opposition because of the detrimental effects of hydraulic fracturing on the environment. Climate change, air pollution, increased earthquake risk, increased water usage, and water contamination are expected to be just a few of the market's main challenges.
The fracking fluid used has many harmful effects on the environment, due to which the usage of fracking fluid and chemicals is expected to impact the growth of the market. Hydraulic fracturing has been subject to stringent laws in several countries. This issue is also predicted to pose some challenges to market expansion.
The global Coronavirus (COVID-19) epidemic has impacted every aspect of life. Several changes in market conditions have resulted as an outcome of this. The COVID-19 epidemic prompted the imposition of strict lockdown laws, the shutdown of many activities, and travel restrictions in many countries, causing a halt in the import and export of fracking chemicals and fluids.
By Fluid Type
- Oil Based
- Gelled Based
By Well Type
- Friction Reducer
- Gelling Agent
- Scale Inhibitor
- Cross Linkers
- Iron Control Agent
- Corrosion Inhibitor
- North America
- South America
- United Kingdom
- The Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- Baker Hughes Incorporated
- Halliburton Company
- Schlumberger Ltd.
- E.I. du Pont de Nemours and Company
- Pioneer Engineering Services
- BASF SE
For more information about this report visit https://www.researchandmarkets.com/r/2gvcwn.