Composite Frac Plugs & Balls Market to Grow Beyond US$ 2,837.1 million 2024
February 19, 2020
Composite Frac Plugs & Balls Market Overview:
Plug-n-perf is the most common technique and accounts for more than 85% share of the hydraulic fracturing market in which composite frac plugs and balls are the most preferred choices. The global composite frac plugs and balls market size is likely to experience an excellent CAGR over the next five years to reach US$ 2,837.1 million in 2024. Rebounding crude oil prices; recovering rigs count, especially of North America; increasing share of hydraulically fractured oil & gas in the USA; increasing share of horizontal wells drilling in the USA; increasing average lateral length of wells; and increasing average number of frac stages are some of the major factors that are driving the demand for frac plugs and balls.
Report Overview:
This report, from Stratview Research, studies the global composite frac plugs and balls market over the trend period from 2013 to 2018 and the forecast period from 2019 to 2024. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Salient Features of the Report
The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.
The following are the key features of the report:
- Strategic segmentation
- Market analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Detailed Competitive Rivalry landscaping
- Market trend and forecast analysis
- Future Growth Boulevards
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Composite Frac Plugs & Balls Market Segment Insights:
Frac Plugs: The growth engine
The market is firstly bifurcated into frac plugs and frac balls. Both, composite frac plugs as well as balls, play a pivotal role in the plug-and-perf operation in the hydraulic fracturing. However, in terms of market size, frac plug dominates the total market and is expected to remain the larger and faster-growing segment of the market over the next five years, as composite frac plug is the highly-used technology in the plug-n-perf method, which optimizes the entire lifecycle of extraction of natural gas from run, set, test, hold, and mill.
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https://www.stratviewresearch.com/toc/365/Composite-Frac-Plugs-and-Frac-Balls-Market.html
A highly/moderately/fragment consolidated Market
The composite frac plugs and balls market is marked by the presence of both, service companies manufacturing composite frac plugs and balls in-house as well as independent frac plug and ball manufacturers. The key well completion companies manufacturing composite frac plugs and balls are Baker Hughes, Halliburton, Schlumberger, and Weatherford, whereas the key independent manufacturers are Magnum Oil Tools, Downhole Technology, and Team Oil Tools. New product development, collaboration with customers, and regional expansion are the key strategies adopted by the key players to gain a competitive edge in the market.
Regional Hegemony of North America
North America is expected to remain the largest as well as the fastest-growing market during the forecast period. The major players such as Haliburton, Schlumberger Limited, Downhole technology Ltd., Weatherford International, and Baker Hughes, are based in North America only. The USA is the growth engine of the North American as well as the global composite frac plugs and balls market and will continue to drive the region’s market over the next five years. It is estimated that hydraulic fracturing accounts for about 70% share of the new oil and natural gas wells drilled in the USA, where plug-n-perf is the most dominant method. This is assuring a huge demand for composite frac plugs and balls in the country.
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