Market Size of Fracking Chemicals Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 6.50 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Fracking Chemicals Market Analysis
The fracking chemicals market is expected to record a CAGR of around 6.5% during the forecast period 2022-2027. The COVID-19 pandemic severely impacted the fracking industry as oil and gas upstream operations came to a sudden halt due to low demand for oil and gas, which resulted in low commodity prices. For instance, in the United States, the price of WTI (West Texas Intermediate) crude reached its lowest level, amounting to USD 14 per barrel from USD 63 per barrel at the beginning of the year. The cost of the fracking process is exorbitantly high, thus was not affordable in a scenario where they got a few projects. The fracking chemicals market is expected to thrive in the near future due to the increased demand for horizontal drilling for unconventional resources and the high rate of production of natural gas in many parts of the world. However, the reduced oil production due to the energy transition toward renewables is expected to impede the market in the near future.
The horizontal or drilling segment is expected to grow at the fastest rate during the forecast period due to the increased number of horizontally drilled wells in many countries.
The new alternative fracking technologies, such as waterless fracking, the introduction of green chemicals, propane gel, and other technologies, are expected to create tremendous growth opportunities in the future.
The North American region is expected to dominate the market during the forecast period due to the high share of unconventional oil and gas production in petroleum production in the United States and Canada.
