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.
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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.
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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
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