The rising energy demand from emerging economies is a significant factor driving the demand for fracking chemicals in the international markets. Not only the U.S. but other countries and regions are also adopting hydraulic fracturing technique as it is a promising technique in energy extraction. Shale oil reserves in Russia total 75 billion barrels to America’s 58 billion, while America’s 665 trillion cubic foot shale gas reserves are exceeded by China, Argentina, and Algeria, with 1,115, 802 and 707 trillion cubic feet of known reserves, respectively. Worldwide, fracking is expected to open up approximately 140 billion barrels of oil that were previously inaccessible. The untapped reserves in many countries are expected to boost the development of the global fracking chemicals market.
Alongside the U.S., Canada has made robust use of fracking chemicals in its domestic energy sector. Roughly 80 percent of new wells in Canada utilize hydraulic fracturing, and the technology has been in limited use for Canadian extraction for over 60 years. Like America, Canada has seen a rapid explosion in the fracking chemicals use in recent years.
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Impact of COVID-19 on the Fracking Chemicals Market
As the pandemic has force the industrialist across the globe to halt their production, leading to supply chain disruptions and impairing of various industries such as chemical, food & beverages, and textile. The litany actions were taken by the government to stop the impending catastrophe – enact restriction on movement. As in the chemical industry, production is done through on-site jobs, which cannot be done remotely. This has led to the downfall of the production of the bulk chemicals. And it is anticipated to reduce the profit margins significantly of the various companies in the upcoming quarters. Additionally, the lower demand for oil and gas has led to a steep fall in prices, which in turn may hamper the market growth.
The manufacturers in the chemical industry are currently focusing on future planning and production according to future demand. It is difficult for companies to forecast future demand as the uncertainty in the economy prevails. The global leaders in the industry are emphasizing on the development of new business models that can address the rising consumer needs.
Fracking Chemicals Market Segmentation
By Fluid Type
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