Sep 02, 2022 (SUPER MARKET RESEARCH via COMTEX) -- According to the latest report by IMARC Group, titled "Fracking Chemicals and Fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global fracking chemicals and fluids market size reached US$ 37.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 64.9 Billion by 2027, exhibiting a growth rate (CAGR) of 9.3% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Fracking refers to the process of drilling into the earth to create fissures and extract gas and crude oil. It includes injecting a solution, which is made using water, sand and various chemicals, in drilling wells at high pressure. This assists in increasing the number of hydrocarbons, preventing corrosion of the wells, clogs and bacterial growth, and lubricating the extraction process. Different chemicals are generally used in fracking to perform functions that vary depending on the required characteristics.
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The rising consumption of energy, along with advancements in offshore activities, represents one of the key factors bolstering the global fracking chemicals and fluids market growth. Apart from this, the leading manufacturers operating in the industry are investing significantly in the research and development (R&D) activities to develop environment-friendly fracking chemicals and non-toxic drilling fluids. This is expected to create a positive influence on the market growth in the coming years.
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List of Key Companies Covered in this Market Report:
Akzo Nobel N.V. (otcmkts:AKZOY)
Albermarle Corporation /zigman2/quotes/200578017/composite ALB +1.47%
Ashland Inc. /zigman2/quotes/200179497/composite ASH -0.21%
Baker Hughes Incorporated /zigman2/quotes/205323712/composite BKR +1.63%
BASF SE (otcmkts:BASFY)
Calfrac Well Services Ltd. (otcmkts:CFWFF)
Chevron Phillips Chemical Company
Clariant International Ltd. (otcmkts:CLZNY)
E.I. du Pont de Nemours and Company
Halliburton Company /zigman2/quotes/210488727/composite HAL +3.57%
Pioneer Engineering Services
Schlumberger Ltd. /zigman2/quotes/201012972/composite SLB +2.35%
The Dow Chemical Company
Weatherford International (otcmkts:WFTLF)
Breakup by Type:
Breakup by Well Type:
Breakup by Function Type:
Ph Adjusting Agent
Iron Control Agent
Breakup by Geography:
North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa
Key highlights of the report: