Fracking Fluid & Chemicals Market Size Forecast to Reach $52.41 Billion by 2025
Fracking Fluid & Chemicals Market size is forecast to reach $52.41 billion by 2025, after growing at a CAGR of 10.10% during 2020-2025. Fracking fluids and chemicals are products that are used in the process of hydraulic fracturing. These chemicals aid in increasing the quantity of hydrocarbons that can be extracted. These products also aid in improving the yield and quality of the final product. The steady rise in oil exploration activities is expected to boost market demand.
By Fluid Type - Segment Analysis
Water-based segment held a significant share in fracking fluid & chemicals market in 2019. The decision regarding the type of fracking fluids to be used may also depend on cost, technical complexity based on the geological condition, and effect on the environment. The water-based fluid is the most common type of fracking fluids used due to its various applications and cost effectiveness. Water-based fluids are non-viscous with minor concentrations of proppants, and can be pumped at a higher rate, in order to obtain narrow fractures. The various properties of water-based fluids including, high fluid efficiency, minor proppant concentration, and high rate of pumping, enable to obtain complex fractures.
Water-based fluids consist of freshwater, brine, saturated or formate brine. Growing concern towards environmental impact of oil & gas operations is anticipated to raise water- based fluids demand over the forecast period. Oil-based fluids are used in low quantities across the hydraulic fracturing industry, owing to their adverse impact on the environment associated with water discharge. However, with increasing environmental concerns and damages to the ecosystem, gelled oil-based fluids are expected to witness an upward trend.
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