Global Frac Plugs Market Research Report 2024(Status and Outlook)

Global Frac Plugs Market Research Report 2024(Status and Outlook)

Report Overview

Frac plugs serve as check valves to provide wellbore zonal isolation in multistage stimulation treatments. They isolate the lower zone during stimulation but allow flow from below to aid in well cleanup once the stimulation is over.

The global Frac Plugs market size is projected to reach US$ 864.42 Million by 2028, from US$ 483.11 million in 2021, at a CAGR of 9.09% during 2022-2028. Compared to conventional frac plugs, the composite frac plug is light and has shorter pump downtime, and the dissolvable frac plugs eliminates cost and grinding time, facilitates debris removal without downhole assembly problems, reduces well complexity, eliminates coiled tubing in operation, and reduces backflow challenges. Coupled with the recovery of oil & gas exploration activities, the Frac Plugs market is expected to achieve rapid growth.

Segment by Type, the Frac Plugs can be split into Composite, Dissolvable, etc. Composite frac plug is specially designed and manufactured using composite materials such as epoxy materials, thermoplastic, and resins. Magnesium alloy and polyglycolic acid are the main raw materials for dissolvable frac plugs. In 2021, Dissolvable Plugs have taken the major market share, accounting for 63.96% of the total market share, compared to 36.04% for Composite Plugs. During the forecast period of 2021-2028, the market size of Dissolvable Plugs will continue to maintain rapid growth, achieving a CAGR of 10.05%, while Composite Plugs will also maintain a CAGR of 7.23%.

The COVID-19 pandemic has significantly impacted the oil & gas sector. Oil prices have been declining due to failed agreements. Demand for refined products is also declining due to industrial slowdowns and travel restrictions. Large oil & gas companies are reducing capital and operational expenditures. Moreover, the supply chain of raw material is highly disrupted. This is expected to hamper the demand for frac plugs.

According to the application, the Frac Plugs market can be divided into Horizontal Well and Vertical Well. In 2021, Horizontal Well will occupy the vast majority of the market share, reaching 91.46% of the total market share, while Vertical Well will account for 8.54%. It is expected that during the forecast period of 2022-2028, the market size of Horizontal Well will still grow rapidly at a CAGR of 9.73%, while the market size of Vertical Well has a high probability of recession at a CAGR of -1.42%.

Various Frac Plugs companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players.

Based on region, the global composite frac plug market can be segmented into five regions: North America, Europe, Asia Pacific, South America, and Middle East & Africa.North America dominated the global composite frac plug market in 2021. The trend is projected to continue during the forecast period owing to the presence of ample unconventional reservoirs in the region. Furthermore, a large number of crude oil and natural gas oils are present in the region.

Major companies operating in the global composite frac plug market include Schlumberger, Halliburton, Nine Energy Service, WellBoss, CNPC, Sinopec, Forum Energy Technologies, NOV Inc., Pyramid Oil Tools, Weatherford, Innovex Inc., KLX Energy Services, Peak Completion Technologies, Inc., Expro.

This report provides a deep insight into the global Frac Plugs market covering all its essential aspects. This ranges from a macro overview of the market to micro details of the market size, competitive landscape, development trend, niche market, key market drivers and challenges, SWOT analysis, value chain analysis, etc.

The analysis helps the reader to shape the competition within the industries and strategies for the competitive environment to enhance the potential profit. Furthermore, it provides a simple framework for evaluating and accessing the position of the business organization. The report structure also focuses on the competitive landscape of the Global Frac Plugs Market, this report introduces in detail the market share, market performance, product situation, operation situation, etc. of the main players, which helps the readers in the industry to identify the main competitors and deeply understand the competition pattern of the market.

In a word, this report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the Frac Plugs market in any manner.

Global Frac Plugs Market: Market Segmentation Analysis

The research report includes specific segments by region (country), manufacturers, Type, and Application. Market segmentation creates subsets of a market based on product type, end-user or application, Geographic, and other factors. By understanding the market segments, the decision-maker can leverage this targeting in the product, sales, and marketing strategies. Market segments can power your product development cycles by informing how you create product offerings for different segments.

Key Company

Schlumberger

Halliburton

Nine Energy Service

WellBoss

CNPC

Sinopec

Forum Energy Technologies

NOV Inc.

Pyramid Oil Tools

Weatherford

Innovex Inc.

KLX Energy Services

Peak Completion Technologies, Inc.

Expro

Market Segmentation (by Type)

Composite Plugs

Dissolvable Plugs

Market Segmentation (by Application)

Horizontal Well

Vertical Well

Geographic Segmentation

North America (USA, Canada, Mexico)

Europe (Germany, UK, France, Russia, Italy, Rest of Europe)

Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)

South America (Brazil, Argentina, Columbia, Rest of South America)

The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

Key Benefits of This Market Research:

Industry drivers, restraints, and opportunities covered in the study

Neutral perspective on the market performance

Recent industry trends and developments

Competitive landscape & strategies of key players

Potential & niche segments and regions exhibiting promising growth covered

Historical, current, and projected market size, in terms of value

In-depth analysis of the Frac Plugs Market

Overview of the regional outlook of the Frac Plugs Market:

Key Reasons to Buy this Report:

Access to date statistics compiled by our researchers. These provide you with historical and forecast data, which is analyzed to tell you why your market is set to change

This enables you to anticipate market changes to remain ahead of your competitors

You will be able to copy data from the Excel spreadsheet straight into your marketing plans, business presentations, or other strategic documents

The concise analysis, clear graph, and table format will enable you to pinpoint the information you require quickly

Provision of market value (USD Billion) data for each segment and sub-segment

Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market

Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region

Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled

Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players

The current as well as the future market outlook of the industry concerning recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions

Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis

Provides insight into the market through Value Chain

Market dynamics scenario, along with growth opportunities of the market in the years to come

6-month post-sales analyst support

Chapter Outline

Chapter 1 mainly introduces the statistical scope of the report, market division standards, and market research methods.

Chapter 2 is an executive summary of different market segments (by region, product type, application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the Frac Plugs Market and its likely evolution in the short to mid-term, and long term.

Chapter 3 makes a detailed analysis of the market's competitive landscape of the market and provides the market share, capacity, output, price, latest development plan, merger, and acquisition information of the main manufacturers in the market.

Chapter 4 is the analysis of the whole market industrial chain, including the upstream and downstream of the industry, as well as Porter's five forces analysis.

Chapter 5 introduces the latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.

Chapter 6 provides the analysis of various market segments according to product types, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.

Chapter 7 provides the analysis of various market segments according to application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.

Chapter 8 provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and capacity of each country in the world.

Chapter 9 introduces the basic situation of the main companies in the market in detail, including product sales revenue, sales volume, price, gross profit margin, market share, product introduction, recent development, etc.

Chapter 10 provides a quantitative analysis of the market size and development potential of each region in the next five years.

Chapter 11 provides a quantitative analysis of the market size and development potential of each market segment (product type and application) in the next five years.

Chapter 12 is the main points and conclusions of the report.