Dissolvable Frac Plug Market: A Temporary Barrier
- Hydraulic fracturing, also known as fracking, hydrofracking, or hydrofracturing, is a stimulation technique for wells used for oil and gas production from tight reservoirs. In this process, the rock is fractured by a pressurized liquid. A fracking fluid is injected in the well at high pressure, which creates cracks in deep-rock formations. Through these cracks, natural gas, petroleum, and brine can flow more freely.
- In order to improve the overall productivity of hydraulic fracturing and attain better hydrocarbon flow, well completion techniques, such as plug and perf, are most commonly utilized. In this process, a bridge plug and perforation (perf) gun is placed at the desired stage in a well bore. Frac plugs are used as a temporary barrier to separate stages of zones during the fracturing or stimulation process. When the plug is set and the zone is perforated, a ball is pumped down to isolate the zones below the plugs. Ball-activated plugs deviate fracture fluids through perforations into the formation. After completion of all stages, the process is repeated.
- Dissolvable frac plugs eliminate the need for milling after the production is completed. This significantly reduces the production cost and time.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF sample of this report here
Key Drivers of Global Dissolvable Frac Plug Market
- Increase in the demand for energy across the globe and rise in population are driving the demand for fossil fuels such as natural gas and crude oil. The U.S. leads the global natural gas sector, in terms of both production and consumption. The country consumed 79.1 billion cubic feet of natural gas in 2018.
- The average annual consumption of natural gas in the Middle East rose by 5.6% in the last decade, whereas the average annual consumption in Asia Pacific increased by 5% during the same period. In the year 2018, natural gas production increased by 70% over that in 2005.
- The increase in production and consumption of natural gas is likely to boost the competition among oil & gas companies across the globe in the next few years. Increased competition is projected to prompt companies to improve their overall operations in the near future. This is anticipated to drive the demand for dissolvable frac plugs across the world, due to significant cost savings led by use of dissolvable frac plugs.
Increase in Use of Hydraulic Fracturing in Oil & Gas Sector to Offer Attractive Opportunities to Global Dissolvable Frac Plug Market
- Hydraulic fracturing has gained popularity in the recent years, due to increase in the use of this technique to produce oil and gas from tight reservoirs. The technique is also used in a variety of other applications that are not related to oil and gas production.
- These applications include tunnel and dam construction, carbon sequestration, groundwater remediation, rock burst mitigation, block cave mining, and water well development. Specifications of the methodology for each application vary widely in terms of scale, the pressure applied, the additives used, and fracture propagation. For instance, mining rock stress measurements focus primarily on the breaking strength of rock and these can be carried out by using a small-volume high-pressure pump.
Expanding operations in future? To get the perfect launch ask for a custom report here
Environmental Concerns Related to Hydraulic Fracturing to Restrict Global Market
- Hydraulic fracturing, especially large-scale hydraulic fracturing in oil and gas reservoirs, involves environment-related hazards. Government bodies across the globe are planning to ban the use of hydraulic fracturing. Currently, certain legislations are implemented in some states of the U.S. as well as countries across the world. Concerns include contamination of soil and groundwater and induced seismicity. This is anticipated to restrict the demand for dissolvable frac plugs across the globe during the forecast period.
North America to Lead Global Dissolvable Frac Plug Market
- Geographically, the global dissolvable frac plug market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is one of the leading consumers of dissolvable frac plugs, followed by Europe and Middle East & Africa. Increase in the demand for natural gas across the globe and rise in the market competition in the region are anticipated to drive the dissolvable frac plug market in North America in the near future.
- Rise in investments in the field of oil & gas and discovery of new oil and gas reserves are anticipated to drive for the global dissolvable frac plugs market during the forecast period
Key Players Operating in Global Market
The global dissolvable frac plug market is moderately fragmented, with the top players accounting for less than 20% of the market share. Key players operating in the global dissolvable frac plug market are:
- Frank’s International N.V.
- Schlumberger Limited
- Hart Energy
- Innovex Downhole Solutions
- Baker Hughes, a GE company
- KLX Energy Services
- Kureha Corporation
- Maverick Downhole Technologies Inc.
- National Oilwell Varco (NOV)
- Nine Energy Service Inc.
- Vertechs Oil & Gas Technology Co. Ltd.
Global Dissolvable Frac Plug Market: Research Scope
Global Dissolvable Frac Plug Market, by Material Type
- Mg Alloy
Global Dissolvable Frac Plug Market, by Well Type
- Horizontal Well
- Vertical Well
Global Dissolvable Frac Plug Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.