Dissolvable Frac Plugs Market to Reach US$ 1178 million by 2024
November 08, 2019
The Cutting-Edge Stratview Insights:
Stratview Research prognosticates the market to grow at a healthy CAGR over the next five years and expects the market to cross over of US$ 1,178.8 million mark by 2024.
The estimates are a result of market analysis over a period of 2013-18, Stratview Research goes to the depth of the issues shaping the market and estimates the most probable future growth rate for the Dissolvable Frac plugs Market during the period 2019-24.
Identifying the Factors & Avenues of Growth
Tending to the most frequent questions and problems that consume the psyches of business visionaries and leaders, the new report of "Stratview Research" on the Dissolvable Frac Plugs Market responds to all the significant inquiries.
Operators performing hydraulic fracturing are keen to adopt different technologies and products which can maximize their production and save their cost and time of fracturing. These requisites have led to the evolvement of dissolvable frac plugs in the fracturing industry. Elimination of the cost and mill-out time, easy cleaning of the debris with no bottom hole assembly issues, reduced well complexities, omitted coiled tubing from the operation, and reduced flow back challenges are the key benefits provided by dissolvable frac plugs.
Dissolvable frac plugs are new to the market and currently hold a diminutive share of the frac plugs market. Magnum Oil Tools (Now part of Nine Energy Service Inc.) is the first company to commercialize dissolvable frac plug in the year 2014. Since then various leading suppliers of composite frac plugs, such as Haliburton, Baker Hughes, and Schlumberger, have also launched dissolvable frac plugs and are offering a unique product portfolio in this market. The attractiveness of the market has led to the entry of the leading oil & gas industry players, who were not even into composite frac plugs manufacturing. For instance, recently in Feb 2019, a US-based oil & gas multinational corporation, National Oilwell Varco (NOV), has launched VapR dissolvable frac plugs.
The global dissolvable frac plugs market is likely to experience excellent double-digit growth over the next five years (2019-2024) to reach US$ 1,178.8 million in 2024. Increasing production of oil & gas, an expected recovery of wells and rigs counts in the coming years, increasing the number of frac stages per well, increasing the share of horizontal wells in the overall drilling activities where there is a requirement of more frac stages, increasing the lateral lengths of the wells, and reduction in mill out time as well as drilling cost are some of the key factors driving the global dissolvable frac plugs market.
Unravelling the Critical Segments
The true picture of the market shall not emerge till the time the market is analyzed from various point of views. Each vantage point gives a better understanding of the market.
It would mean a lot understand with clarity that the market has various parts and insights on them might be critical to many players.
The market of Dissolvable Frac Plugs has been divided into categories such as by Material Type, Well Type, Sales Channel Type, By Region. Insights on each segment can be of critical importance to any player.
Each segmented view helps us answer a prominent question, and we bring out the best market intelligence which is of interest to each and every player in the market, no matter where he lies in the value chain.
The answers to the prominent questions which are evinced out of above slicing of the market are:
- Which are the best performing segments of the market?
- Which is the most dominant region?
- Which material is the most promising?
- Who are the movers and shakers of the market?
- What are the regional growth hotspots?
- What are the segmental growth forecasts?
To get the feel of how our best in class, cutting-edge market research report feels, request a sample: https://www.stratviewresearch.com/Request-Sample/491/dissolvable-frac-plugs-market.html
Baker Hughes at the Helm
The top 5 players are Baker Hughes, Halliburton Company, Innovex Downhole Solutions, Inc., KLX Energy Services, Kureha Corporation.
Other important firms are Maverick Downhole Technologies Inc., National Oilwell Varco (NOV), Nine Energy Service, Inc., Schlumberger Limited, Vertechs Oil & Gas Technology Co., Ltd.
Emerging Trends:
Mg alloys to Remain the Dominant Material
The global dissolvable frac plugs market is segmented based on the material type as Mg (Magnesium) alloys and PGA (Polyglycolic Acid). Mg alloys are expected to remain the dominant segment of the global dissolvable frac plugs market during the forecast period and are also likely to exhibit faster growth during the same period. Mg alloys are the materials of choice for dissolvable frac plugs, owing to their properties, such as reliable dissolution rate at different temperature and pressure brine, high toughness, strength, and hardness. However, PGA is new to the industry and is not being currently of interest of all the major players.
Horizontal well to remain dominant
Based on the well type, the dissolvable frac plugs market is segmented as horizontal well and vertical well. Horizontal well is expected to remain the dominant segment of the dissolvable frac plugs market during the forecast period. Horizontal wells are majorly used for drilling extended reach and long lateral areas where vertical wells are not of worth. A large number of frac plugs and balls are deployed in horizontal wells, which leads to the optimum gas production from wells, whereas in case of vertical wells, very small amount of gas can be extracted as compared to horizontal wells.
The Americas to be the Largest Market
In terms of regions, the Americas is projected to remain the largest dissolvable frac plugs market during the forecast period in terms of both value and volume. The USA is the growth engine for the Americas’ market where dissolvable frac plugs have been in the run in all the major shale basins such as Permian Basin, Eagle Ford, Williston basin, and South-Central Oklahoma Oil Province. Canada is another key market in the Americas, whereas Argentina is likely to be an emerging market with excellent growth expected in the near future.
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