North America accounted for the largest share of the Global Fracking Chemicals Market in 2017 and is expected to continue growing over the forecast period. Developed drilling industry due to major shale gas revolution in the U.S. is expected to be the contributor to the robust demand for Fracking Chemicals during the forecast period. Furthermore, advanced technology available to drill and recover oil & gas from unconventional resources is also expected to boost the market growth at an exponential CAGR over the forecast period. —
Europe was the second largest market for Fracking Chemicals in 2017 and is expected to exhibit increasing demand during the forecast period. Growing exploration of unconventional & offshore oil & gas reserves in the North Sea is expected to positively impact the market growth over the forecast period. Furthermore, high rate of deployment of mud-cap drilling technique in the region is also likely to create new opportunities for the Fracturing Chemical companies in the next five years.
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Asia Pacific is expected to be the fastest growing market for Fracking Chemical and is expected to witness a robust growth during the forecast period 2018-2023. Rising demand for oil and gas due to rapid industrialization & urbanization on account of expanding population is majorly driving the Fracking Chemicals Market in the Asia Pacific. Additionally, it has exerted pressure on key market players as well as new entrants to explore newer reserves in difficult geological conditions sometimes even at great depths. China accounted for the largest market share in the Asia Pacific oilfield market. Majority of other oil & gas exploration and production activities are centered in Indonesia, South Korea, Australia, and India.
The Middle East & Africa is expected to show rising demand for Fracking Chemical over the forecast period due to the high concentration of oilfield reserves in the region. Furthermore, the revival of abandoned oil wells in the Persian Gulf is also expected to drive offshore oil and gas production at a rising rate over the forecast period.
Latin America held the least market share of the Global Fracking Chemicals Market in 2017 due to slow regional growth on account of the poor economy. The region is expected to showcase sluggish product demand over the forecast period.
Some of the key players in the Global Fracking Chemicals Market are AkzoNobel N.V.(Netherlands), Ashland Inc. (U.S.), Baker Hughes Incorporated (U.S.), Halliburton. (U.S.), Schlumberger Limited (U.S.), BASF SE (Germany), Chevron Phillips Chemical Company (U.S.), Clariant International AG (Switzerland), DowDuPont Inc. (U.S.), Albemarle Corporation. (U.S.), FTS International Inc. (U.S.), Calfrac Well Services Ltd. (Canada), and EOG Resources, Inc. (U.S.).
The Global Fracking Chemicals Market is segmented by Function, Fluid Type and Region.
On the Basis of the Function, the Global Fracking Chemicals Market is segmented into the gelling agent, friction reducer, corrosion inhibitor, biocide, surfactant, scale inhibitor, clay stabilizer, acid, cross-linkers, breaker, pH adjusting agent, iron control agent, and others.
On the Basis of the Fluid Type, the Global Fracking Chemical Market is segmented into water based, oil based, and foam based.
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