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Dissolvable Frac Plugs Market estimated to grow at impressive CAGR in the forecast period (2019-2024)
This report studies the current market trends including the shift from composite frac plugs, changing material dynamics, detailed competitive landscapes, and emerging trends in order to accurately forecast the dissolvable frac plugs market for the forecast period of 2019 to 2024 in terms of both value as well as units.
Published 31 July 2019
Summary:
The report on the Dissolvable Frac Plugs Market by Stratview Research is an all-inclusive report that talks about the market structure and growth in the forecast period of 2019-2024. The report also offers insights into different market segments and other factors affecting the market.
Click here for Report Description:
https://www.stratviewresearch.com/491/dissolvable-frac-plugs-market.html
Or
Request for a free sample here:
https://www.stratviewresearch.com/Request-Sample/491/dissolvable-frac-plugs-market.html
Stratview Research’s report states about the segment-wise current market condition, and also offers an estimation about future growths. The report has been generated after accumulating data from various authenticated sources such as journals, white papers, fact book, etc. As per the estimation, Dissolvable Frac Plugs Market is expected to inflate at impressive CAGR by the forecast period (2019– 2024).
As per the report, the market is segmented by:
The Table of Contents can be gone through here:
https://www.stratviewresearch.com/toc/491/dissolvable-frac-plugs-market.html
Highlights of the Report:
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.) was 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 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 number of frac stages per well, increasing share of horizontal wells in the overall drilling activities where there is a requirement of more frac stages, increasing 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.
The 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.
Based on the well type, the market is segmented as horizontal well and vertical well. Horizontal well is expected to remain the more dominant segment of the 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.
Based on the sales channel type, the market is segmented as direct sales channel and distributor sales channel. The direct sales segment is expected to remain larger over the next five years. The market is in the nascent stage and is not being widely distributed at present. Hence, major companies are generally selling dissolvable frac plugs directly to customers.
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.
Key Players of the Market
The market is consolidated in nature with five major players Baker Hughes, Halliburton Company, Innovex Downhole Solutions, Inc., KLX Energy Services, Kureha Corporation holding together the major share in the market, with Baker Hughes being the key player.
Other important firms are Maverick Downhole Technologies Inc., National Oilwell Varco, Nine Energy Service, Inc., Schlumberger Limited, Vertechs Oil & Gas Technology Co., Ltd.
Features of the Report
The Report discusses about the working of the dissolvable frac plugs, the various types, and the growth of the dissolvable frac plugs in the global market. Here are the key features of the report:
Know more about us and our reports:
Stratview Research is a global market research company and is known to offer custom research reports in varied fields such as aerospace & Defense, Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas. The team makes sure to have a deep research about the topics so that the most useful insights can be delivered to the professionals.
For inquiries, Contact:
Ritesh Gandecha
Stratview Research
E-mail: sales@stratviewresearch.com
Direct: +1-313-307-4176
The report on the Dissolvable Frac Plugs Market by Stratview Research is an all-inclusive report that talks about the market structure and growth in the forecast period of 2019-2024. The report also offers insights into different market segments and other factors affecting the market.
Click here for Report Description:
https://www.stratviewresearch.com/491/dissolvable-frac-plugs-market.html
Or
Request for a free sample here:
https://www.stratviewresearch.com/Request-Sample/491/dissolvable-frac-plugs-market.html
Stratview Research’s report states about the segment-wise current market condition, and also offers an estimation about future growths. The report has been generated after accumulating data from various authenticated sources such as journals, white papers, fact book, etc. As per the estimation, Dissolvable Frac Plugs Market is expected to inflate at impressive CAGR by the forecast period (2019– 2024).
As per the report, the market is segmented by:
- By Material Type: Mg Alloy, PGA
- By Well Type: Horizontal Well, Vertical Well
- By Sales Channel Type: Direct Sales, Distributor Sales
- By Region: North America, Europe, Asia-Pacific, Rest of the World
The Table of Contents can be gone through here:
https://www.stratviewresearch.com/toc/491/dissolvable-frac-plugs-market.html
Highlights of the Report:
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.) was 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 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 number of frac stages per well, increasing share of horizontal wells in the overall drilling activities where there is a requirement of more frac stages, increasing 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.
The 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.
Based on the well type, the market is segmented as horizontal well and vertical well. Horizontal well is expected to remain the more dominant segment of the 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.
Based on the sales channel type, the market is segmented as direct sales channel and distributor sales channel. The direct sales segment is expected to remain larger over the next five years. The market is in the nascent stage and is not being widely distributed at present. Hence, major companies are generally selling dissolvable frac plugs directly to customers.
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.
Key Players of the Market
The market is consolidated in nature with five major players Baker Hughes, Halliburton Company, Innovex Downhole Solutions, Inc., KLX Energy Services, Kureha Corporation holding together the major share in the market, with Baker Hughes being the key player.
Other important firms are Maverick Downhole Technologies Inc., National Oilwell Varco, Nine Energy Service, Inc., Schlumberger Limited, Vertechs Oil & Gas Technology Co., Ltd.
Features of the Report
The Report discusses about the working of the dissolvable frac plugs, the various types, and the growth of the dissolvable frac plugs in the global market. Here are the key features of the report:
- Strategic Segmentation
- Competitive Analysis
- Strategic Growth Opportunities
- Swot Analysis
- Key Players
- Forecast Analysis & Future Growth
Know more about us and our reports:
Stratview Research is a global market research company and is known to offer custom research reports in varied fields such as aerospace & Defense, Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas. The team makes sure to have a deep research about the topics so that the most useful insights can be delivered to the professionals.
For inquiries, Contact:
Ritesh Gandecha
Stratview Research
E-mail: sales@stratviewresearch.com
Direct: +1-313-307-4176
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