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 |
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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.
North America Hydraulic Fracturing Fluids Industry Segmentation
The North America hydraulic fracturing fluids marker report include:
| Well Type | |
| Horizontal | |
| Vertical |
| Fluid Type | |
| Slick Water-based Fluid | |
| Foam-based Fluid | |
| Gelled Oil-based Fluid | |
| Other Base Fluids |
| Geography | |
| United States | |
| Canada | |
| Rest of North America |
North America Hydraulic Fracturing Fluids Market Size Summary
The North America hydraulic fracturing fluids market is poised for significant growth, driven by factors such as the increasing scarcity of easily accessible oil, the rising demand for extended lateral services, and a stabilizing inventory of drilled but uncompleted wells. The market is further bolstered by heightened upstream investments aimed at maintaining oil production targets, which are expected to stimulate drilling activities in the oil and gas sector. However, environmental concerns and the high costs associated with disposal treatment pose challenges to market expansion. The United States, in particular, has emerged as a dominant player in this market due to its extensive shale oil and gas development and the transition from vertical to horizontal wells, which offer better access to formations.
The market is characterized by the rapid growth of horizontal well types, especially in regions like the Permian Basin, where horizontal wells have become the norm. The economic potential of CO2 and nitrogen-based foam fluids, which enable waterless fracking, presents new opportunities for market players. The combination of horizontal drilling and hydraulic fracturing has revolutionized the North American petroleum industry, with significant increases in lateral lengths and drilling activities. This trend is expected to continue, driven by the United States' substantial shale gas and tight oil reserves. The market's growth is further supported by new well drilling, an expanding base of producing wells, and increased drilling and completion spending. Key industry players include Baker Hughes Co, Calfrac Well Services Ltd., Halliburton Company, BASF SE, and Schlumberger Limited, contributing to the market's partially fragmented landscape.
North America Hydraulic Fracturing Fluids Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2025
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Well Type
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2.1.1 Horizontal
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2.1.2 Vertical
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2.2 Fluid Type
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2.2.1 Slick Water-based Fluid
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2.2.2 Foam-based Fluid
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2.2.3 Gelled Oil-based Fluid
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2.2.4 Other Base Fluids
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2.3 Geography
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2.3.1 United States
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2.3.2 Canada
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2.3.3 Rest of North America
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North America Hydraulic Fracturing Fluids Market Size FAQs
What is the current North America Hydraulic Fracturing Fluids Market size?
The North America Hydraulic Fracturing Fluids Market is projected to register a CAGR of greater than 8.5% during the forecast period (2024-2029)
Who are the key players in North America Hydraulic Fracturing Fluids Market?
Baker Hughes Co, Calfrac Well Services Ltd, Halliburton Co, BASF SE and Schlumberger Ltd are the major companies operating in the North America Hydraulic Fracturing Fluids Market.
