Composite Frac Plugs and Frac Balls Market Bounces Back After Recovery in Drilling Activities
Despite the short-term fluctuations in composite frac plugs and frac balls demand in North America caused by dropping new shale oil & gas rig activities that is a result of the decreasing crude oil prices, the long-term business outlook seems promising with good growth potential in the foreseen future.
The global composite frac plugs and frac balls market offers a healthy growth opportunity during the forecast period of 2018 to 2023. Recovery of oil & gas exploration activities, mammoth shale gas reserve in different parts of the world, especially in the USA, and superior performance of composite frac plugs and balls over their rival are the major factors burgeoning the growth of the market. Both composite frac plugs and frac balls are expected to experience similar growth in the next five years, driven by increasing use of composites frac balls and plugs in the onshore oil & gas application.