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Fracking Chemicals Market Size & Share - Industry Report, 2018-2026

Fracking Chemicals Market

CHICAGO, July 24, 2023 /PRNewswire/ -- Hydraulic Fracturing Market is projected to reach USD 74.4 billion in 2028 from USD 52.1 billion in 2023 at a CAGR of 7.4% according to a new report by MarketsandMarkets™. Hydraulic fracturing, also known as fracking, is one of the most efficient techniques used to recover unconventional oil and gas resources. It is an underground petroleum extraction process in which water, sand, and chemicals are injected under high pressure into a bedrock formation through the well. The injection pressure of the pumped fluid creates fractures that cause gas and fluid flow, and the sand or other coarse materials help in holding the fractures. The increasing supply-demand gap for primary energy sources is one of the leading factors driving the growth of the Hydraulic Fracturing Market, as the demand for oil and gas is constantly growing, and the production capacities of the related reserves are limited. The capability of foams to provide waterless fracking presents promising opportunities for the Hydraulic Fracturing Market. However, the risks associated with growing concerns regarding seismic activities due to hydraulic fracturing has hindered the growth of the market in recent years and is expected to restrain the market's growth during the forecast period.

Hydraulic fracturing, depending on one's perspective, has been an engine for economic growth or a dangerous process with serious environmental consequences.

It seems that price of guar gum will remain on sky due to shortage of supply. Exporters are already supplying guar gum in food industry and textile industry in bulk quantity. However, fracking has significantly raised its worth.

Oil giant Exxon Mobil saw earnings slip on falling production, but could the earnings report show signs of a major shift for the company in the future?