- The key vendors in the Global Fracking Chemicals and Fluid Market are Baker Hughes Inc., Chevron Phillips Chemical Co. LLC, Halliburton Co., Schlumberger Ltd. and Weatherford International.
London, 20 August 2014: TechNavio, an independent tech-focused global research firm, announced today the publication of its market research report on the Global Fracking Chemicals and Fluid Market 2014-2018. One of the key emerging trends in this market is the shift of the oil and gas drilling industry towards horizontal drilling which requires more fracking fluids and chemicals. The overall market is expected to grow at a CAGR of 9.0 percent during the forecast period of 2013-2018.
Fracking chemicals and fluids are applied in hydraulic fracturing or fracking, which is a technique of well stimulation in which a fluid (typically water mixed with sand and chemicals) is injected at high pressure into a well to create minor fractures in the deep rock foundations to allow natural gas, petroleum, and brine to move toward the well from deep reserves. This technique is commonly applied to wells for shale gas and oil recovery.
“With the increase in the hydraulic fracturing technique for the recovery of unconventional resources such as shale oil and gas, the Global Fracking Chemicals and Fluids market will witness significant growth in the near future,” says Faisal Ghaus, Vice President of TechNavio Research.
“The growing energy demand worldwide and the depletion of conventional energy sources have forced governments in many countries such as the US and China to shift the focus from conventional resources to unconventional resources.”
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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