Market Size of North America Hydraulic Fracturing Fluids Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 8.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Hydraulic Fracturing Fluids Market Analysis
The North America hydraulic fracturing fluids market is expected to grow approximately at a CAGR of 8.5% during the forecast period. Factors such as increasing unavailability of easy oil, growing demand for longer lateral services, stabilizing rate of drilled but uncompleted (DUC) well inventory are some of the factors driving the hydraulic fracturing fluids market. Moreover, increasing upstream spending to sustain oil production targets is anticipated to drive the oil & gas industry drilling activities over the forecast period, hence promulgating the demand for hydraulic fracturing fluids. The challenge, however, is environmental concerns related to hydraulic fracturing and high cost associated with disposal treatment are restraining the market growth.
- Horizontal well type is expected to be the fastest-growing well type. In 2019, the majority of the wells active in the Permian Basin are horizontal wells (more than 2,000). As of April 2019, the total number of drilled wells in the Permian basin reached 555, repressing an increase of around 4.7% compared to the previous year's value in the same month.
- The economic viability of using CO2 and nitrogen-based 'foam' fluids, capable of providing waterless fracking, presents a growth opportunity for the companies in the near future.
- The United States has dominated the hydraulic fracturing fluids market, owing to increased shale oil and gas development in several basins, along with shift from vertical to horizontal wells for greater formation access.
