Worldwide fracking chemicals market is estimated to reach more than $65 billion by the end of 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
Key findings from fracking chemicals market are listed below:
- In the year 2017, the global market was dominated by the horizontal well segment, in terms of revenue.
- North America fracking chemicals market is anticipated to be the highest contributor to the global market revenue share over the predicated timeframe.
As per the report, substantial growth in urbanization, industrialization, and population, as well as increasing government efforts and funding, is projected to benefit the growth of global fracking chemicals market in the coming years. Additional driving factors comprise of growing natural gas demand as a fuel paired with the imposition of favorable regulatory policies. Moreover, burgeoning demand from emerging economies, advancements in eco-friendly fracking chemicals, and technological developments are estimated to present industry players with numerous growth opportunities in the worldwide fracking chemicals market during the forecast period.
In terms of the regional landscape, the report segments the global market into North America, Asia Pacific, Europe, and Latin America. In the year 2017, North America, mainly driven by the U.S, Canada, and Mexico, procured maximum revenue in the global fracking chemicals market and is predicted to continue its growth stance over the foreseeable timeline.
Progress in the region’s fracking chemicals industry is primarily attributable to the high economic growth in the region, development in drilling and exploration businesses, and rising energy demand. Besides, people’s surging disposable incomes, rapid urbanization, and growing industrialization across North American countries are other factors expected to support fracking chemicals market growth in the region. Furthermore, proliferating shale gas explorations along with rising preference for natural gas as a fuel are likely to present more growth opportunities over the estimated duration, cites the report.
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The key players operating in the competitive landscape of the worldwide fracking chemicals market comprise of E.I. Dupont De Nemours & Co., Halliburton Co., Chevron Phillips Chemical Company, BASF SE, The DOW Chemical Company, Baker Hughes Incorporated, Albermarle Corporation, Calfrac Well Services Ltd., Schlumberger Ltd, and Akzo Nobel N.V. These producers launch revolutionary products and often join forces with other market leaders to innovate new products that meet the rising consumer demand, thereby augmenting the global fracking chemicals market size.
The report also delivers a comprehensive analysis of the fracking chemicals market drivers, restraints, and opportunities over the estimated timeline. An in-depth analysis of the market in terms of well type, fluid type, function, and regional landscape is also included in the report. In addition to this, company profiles of market majors have been documented in the report under business overview, product benchmarking, financials, and recent developments. Furthermore, the report also provides valuable industry analysis with regards to Porter’s five force including bargaining power of supplier, bargaining power of buyer, the threat of substitute, the threat of new entrant, and degree of competition.