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Composite Frac Plugs and Frac Balls market to reach US$ 2,837.1 million in 2024 according to forecasts

The report on Composite Frac Plugs and Frac Balls Market is a 241-pages study offering rich insights on the market opportunities, trends, forecasts, and competitive analysis.

Stratview Research has launched a research report on Composite Frac Plugs and Frac Balls Market . The objective of this report is to identify the Trend, Forecast, Competitive Analysis, and Growth Opportunity of Composite Frac Plugs and Frac Balls Market from 2019 to 2024.

This 241-pages report is segmented in five ways to provide a 360-degree holistic view. The segments are –

  • by Product Type (Frac Plugs, Frac Balls)
  • by Resin Type (Epoxy Resin, Phenolic Resin, Other Resins)
  • by Manufacturing Process Type (Injection Molding, Filament Winding, Other Processes)
  • by Sales Channel Type (Direct Sales, Distributors)
  • by Region

        o   North America (Country Analysis: The USA & Rest of the North America)

        o   Europe (Country Analysis: CIS and Rest of Europe)

        o   Asia-Pacific (Country Analysis: Australia, China and Rest of Asia-Pacific)

        o   Rest of the World (Country Analysis: Latin America, MEA)

Stratview Research has presented the study of Composite Frac Plugs and Frac Balls Market over the trend period of 2013 to 2018 and forecast period of 2019 to 2024.

The report provides detailed insights on the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

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.

 detailed scope

report

composite frac plugs and balls are the most preferred choices in the hydraulic fracturing market-

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 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.

Composites material dominates over metal

Composite frac plugs and balls are designed to provide zonal isolation of the wellbore between multistage stimulation treatments during the hydraulic fracturing. These composite balls and plugs are made from glass fiber with epoxy or phenolic resin and are easier to mill out than metal plugs and balls.

They can withstand higher pressures and temperatures than traditional plastic and dissolvable salt balls. Frac plugs are generally in the range from 4.5 to 5.5 inches in diameter and 22 to 30 inches in length, whereas frac balls typically measure from 1.0 to 5.75 inches in diameter.

A single wellbore requires 10 to 40 multi-part frac plugs to pressurize and perforate multiple oil and gas producing layers, also known as stages.

Hydraulic fracturing is the most dominant technology type

Hydraulic fracturing is considered to be the most promising technology for oil & gas production, where composite frac plugs and balls have a proven track record of more than three decades. The market for composite frac plugs and balls is highly dependent on the hydraulic fracturing activity which in turn, is dependent on the volatility of crude oil prices.

Despite the short-term fluctuations in composite frac plugs and balls demand in North America caused by dropping new shale oil & gas 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 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.

North America to remain the largest market

In terms of region, 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.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value.

It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. 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,.
  • Attractive market segments and associated growth opportunities
  • Emerging trends
  • Strategic growth opportunities for the existing and new players
  • Key success factors
  • Research Methodology

This report studies the Composite Frac Plugs and Frac Balls Market, keeping in mind the interest of all the stakeholders across the value chain. The rich quality of insights is outcome of -

  • Extensive secondary research,
  • Rigorous primary interviews with more than 10 industry stakeholders across the value chain.
  • Validation and triangulation of data with Stratview Research’s internal database and statistical tools.
  • More than 1,500 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.

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