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    Dissolvable Frac Plugs Market Size, Share & Forecast (2019-2024)

    Dissolvable Frac Plugs Market Size, Share & Forecast (2019-2024)
    Report code - SROG106 Published On : Jun,2019 No. of Pages: 172

    Dissolvable Frac Plugs Market Size, Share, Trend, Forecast, See more...

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    Dissolvable Frac Plugs Market Insights

    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 Dissolvable frac plugs market size 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.

    Dissolvable Frac Plugs Market Forecast

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    Dissolvable Frac Plugs Market Share Analysis

    Insights by Material Type

    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.

    Insights by Well Type

    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.

    Insights by Sales Channel Type

    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.

    Regional Insights

    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.

    Dissolvable Frac Plugs Market Forecast

    Key Players

    The supply chain of this market comprises raw material suppliers, dissolvable frac plug manufacturers, distributors, and end users. Key dissolvable frac plug manufacturers are Baker Hughes, Haliburton Company, KLX Energy Services, Kureha Corporation, Innovex Downhole Solutions, Inc., Nine Energy Service, Inc., Schlumberger Limited, and Maverick Downhole Technologies Inc. Development of high-performance dissolvable frac plugs in order to overcome operators’ or contractors’ challenges along with ease of operations and formation of strategic alliances with operators are the key strategies adopted by the major players to gain a competitive edge in the market.

    Research Methodology

    For calculating the market size, our analysts follow either Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. We leverage multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentation, white papers, and articles to gather the data. More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.

    Market Scope & Segmentation

    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.

    Research Scope

    Trend & Forecast Period

    2013-2024

    Size in 2024

    US$ 1,178.8 million

    Forecast

    18.9% CAGR during 2019-2024

    Regions Covered

    The Americas, Asia-Pacific, Rest of the World

    Countries Covered

    The USA, Canada, Argentina, China, The Middle East & Others

    Figures & Tables

    >150

    Customization

    Up to 10% customization available free of cost

     

    The market is segmented in the following ways:

    Dissolvable Frac Plugs Market Size, Share & Forecast by Material Type:

    • Mg Alloy
    • PGA

    Dissolvable Frac Plugs Market Size, Share & Forecast by Well Type:

    • Horizontal Well
    • Vertical Well

    Dissolvable Frac Plugs Market Size, Share & Forecast by Sales Channel Type:

    • Direct Sales
    • Distributer Sales

    Dissolvable Frac Plugs Market Size, Share & Forecast by Region:

    • The Americas (The USA, Canada, Argentina & Others)
    • Asia-Pacific (China & Others)
    • Rest of the World (The Middle East & Others)

     

    Report Features

    Stratview continued its voyage of publishing exclusive syndicated market reports on the high-growth subjects in the oil & gas industry. After publishing a comprehensive report on the composite frac plugs and balls market, this time, we come up with a detailed market report on dissolvable frac plugs. 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. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies in order to expedite their growth process.

    The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis.
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Market trend and forecast analysis.
    • Market segment trend and forecast.
    • Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.


    A bird's eye view of the Global Dissolvable Frac Plugs Market

    What will be the size of the Dissolvable Frac Plugs Market in the foreseeable years?

    Driven by a number of factors like Increasing production of oil & gas, the dissolvable frac plugs market size is projected to reach an estimated value of US$ 1,178.8 million in 2024.

    Which country/region is expected to remain the largest Dissolvable Frac Plugs Market?

    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.

    Which type of material is dominant?

    Mg alloys are expected to remain the most dominant material type in the global dissolvable frac plugs market during 2019-24.

    Who are the key players in the Dissolvable Frac Plugs Market?

    Baker Hughes, Haliburton Company, KLX Energy Services, Kureha Corporation, Innovex Downhole Solutions, Inc., Nine Energy Service, Inc., Schlumberger Limited, and Maverick Downhole Technologies Inc. are among the key players in the Dissolvable Frac Plugs Market.

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