Oil and gas sector’s rebound from its down turn, owing to geopolitical tensions, has resulted in an increase in oil prices from US$ 30 per barrel in 2016 to US$ 70 in 2018 which is expected to aid the fracking fluid market. Increasing oil exploration activities with reduced drilling costs continue to influence the demand for fracking fluids. For instance, according to IEA (International Energy Agency), an upswing in drilling activities in the United States have been witnessed. That said, the market for fracking fluid is likely to remain optimistic in the coming years.
However, the surge in the oil drilling activities, is likely to result in contamination of underground aquifers by the fracking fluid. This has a potential threat of contaminating the subterranean waters as fracking fluids impart high toxicity. More importantly, during such contamination, complete removal of fracking fluid is challenging causing major concerns apropos of environment and human health alike. This factor is likely to raise questions against this new technology, in turn limiting the growth of the fracking fluid market in the forthcoming years. This has led manufacturers of fracking fluids to develop eco-friendly chemicals, in turn adopting non-toxic drilling operations, which is likely to increase the growth prospects for fracking fluid market.
To increase the capacity of hydrocarbons a chemical mixture known as fracking fluid is used in drilling operations. Fracking fluid not only stops erosion of well but also lubricates the procedure of extraction and prevents the growth of bacteria and clogs. Non-ionic surfactants, base fluid/carrier, corrosion inhibitors, biocides, solvents, additives, scale inhibitors, and friction reducers are some of the categories of cryptic within which franking fluids fall are catch-all-category for number of fluids for example Branched, Poly or Naphthenic Acidethoxylate, Omega and Alpha. In short, franking fluid is a complex mixture of chemicals, differs from well to well and several of these elements depend on the exposer level and can pose serious threat to health.
Fracking Fluid Market- Drivers and Restraints
One of the most important factor which is driving the growth of fracking fluid market is shifting trend towards horizontal drilling of well. Since last few years, remarkable growth has been witnessed in an activity of horizontal fracking. For this activity a large quantity of fracking is needed and the trend is anticipated to continue throughout the projected period. The rising demand for energy requires additional exploration which is resulted into growing demand for fracking fluids. An increasing demand for electricity and fuels is likely to boost the growth of fracking fluids market at a fast rate throughout the anticipated period. To cater the growing population in the world the demand for fuel from industrial and domestic fronts has also increased which is creating positive impact on the fracking fuel market. Upsurge in fracking activities has been witnessed with the development of Asian unconventional gas. Less focus on various sources of renewable energy, rise in water pollution, rise in drought like situations, increasing noise pollution, and rise in the spread of toxins are some of the significant factors which are hampering the growth of fracking fluid market.
Fracking Fluid Market- Regional Overview
Asia-Pacific, North America, Japan, Latin America, Europe and MEA are some of the regions that are examined during the detail study of fracking fluid market. Rising activity of exploration of oil and gas in North America has made the region to hold largest share in fracking fluid market. In Asia-Pacific, hydraulic fracturing activity is comparatively slow, still the region is likely to expect tremendous growth during the projected period. It has been observed that China has remarkable quantity of shale gas. In an attempt to achieve first lover advantage, the various companies in dealing with oil & gas facilities are constantly working to develop shale reserves for extraction of oil & gas with the help of hydraulic fracturing.
Fracking Fluid Market- Key Players
This market is competitive in nature due to presence of large number of key players. Some of the significant key players functioning in this market are, E.I. du Pont de Nemours and Company, Schlumberger Ltd., Baker Hughes Incorporated, BASF SE, and Halliburton Company. To increase penetration of new product lines in the market and to cater the requirement of changing technology, various fracking fluid companies are making collaborations, joint ventures and are forming partnerships.
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