Market Size of North America Fracking Chemicals Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Fracking Chemicals Market Analysis
The North American fracking chemicals market is expected to record a CAGR of approximately 4.5% during the forecast period. The COVID-19 pandemic had a severe impact on the fracking industry as oil and gas upstream operations were suddenly halted due to low demand for oil and gas and, consequently, low commodity prices. For instance, in the United States, the price of WTI (West Texas Intermediate) crude reached the lowest level of USD 14 per barrel from USD 63 at the beginning of the year. The cost of the fracking process is exorbitantly high, thus is not affordable in a scenario with only a few projects. Factors such as a high active rig count, longer lateral lengths, increased number of frac stages per well, and the amount of fracking fluid used per frac stage are expected to drive the market. However, the market is expected to face hurdles due to volatile crude oil prices and the environmental impacts of hydraulic fracturing.
The horizontal or directional segment is expected to grow at the fastest rate during the forecast period due to the increased number of horizontally drilled wells in the region.
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 United States is expected to dominate the market during the forecast period due to the high share of unconventional oil and gas production in petroleum production from the various oil and gas basins present in the country.
