Global Dissolvable Metal Frac Plugs Market Growth 2023-2029

Global Dissolvable Metal Frac Plugs Market Growth 2023-2029

The global Dissolvable Metal Frac Plugs market size is projected to grow from US$ 298.9 million in 2022 to US$ 563.1 million in 2029; it is expected to grow at a CAGR of 563.1 from 2023 to 2029.

The key manufacturers of Dissolvable Metal Frac Plugs in the world are Schlumberger Limited, Halliburton Company, China National Petroleum Corporation (CNPC), Nine Energy Service, Inc., Pyramid Oil Tools, LLC, China Petroleum & Chemical Corporation (Sinopec) , Innovex Inc. and NOV Inc., among which the market share of the top three producers is close to 50%, and Schlumberger Limited is the largest producer. The global production of dissolvable metal frac plugs is mainly distributed in North America and China. At present, North America is the largest production area, with a market share of more than 80%. In terms of its products, the growth rate of small caliber products is relatively fast and the market share is currently the highest, close to 90%, followed by large caliber products. As far as its application is concerned, horizontal well is the largest application field, accounting for nearly 90% of the market share, followed by vertical well.

The dissolvable metal frac plug operates like a traditional frac plug and can be set anywhere in the wellbore to isolate individual zones. The dissolvable frac plug is composed of a high-strength metal that degrades completely in wellbore fluids.

The dissolvable frac plug is designed for plug-and-perf applications and is composed of a new high-strength engineered metal that dissolves in water-based wellbore fluid, formation fluid, or production fluid. Complete dissolution of the frac plug eliminates the need for a separate mill run intervention into the wellbore, which helps reduce costs, operation time, and risks to personnel.

Dissolvable frac plugs are generally in the range from 4.5 to 6 inches in diameter and 8 to 20 inches in length. 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, also known as fracking, hydrofracking, or hydrofracturing, is a stimulation technique for wells used for oil and gas production from tight reservoirs. In this process, the rock is fractured by a pressurized liquid. A fracking fluid is injected in the well at high pressure, which creates cracks in deep-rock formations. Through these cracks, natural gas, petroleum, and brine can flow more freely. In order to improve the overall productivity of hydraulic fracturing and attain better hydrocarbon flow, well completion techniques, such as plug and perf, are most commonly utilized. In this process, a bridge plug and perforation (perf) gun is placed at the desired stage in a well bore. Frac plugs are used as a temporary barrier to separate stages of zones during the fracturing or stimulation process. When the plug is set and the zone is perforated, a ball is pumped down to isolate the zones below the plugs. Ball-activated plugs deviate fracture fluids through perforations into the formation. After completion of all stages, the process is repeated. The development of soluble bridge plug market benefit from the development of unconventional oil and gas wells, especially shale gas wells.

LPI (LP Information)' newest research report, the “Dissolvable Metal Frac Plugs Industry Forecast” looks at past sales and reviews total world Dissolvable Metal Frac Plugs sales in 2022, providing a comprehensive analysis by region and market sector of projected Dissolvable Metal Frac Plugs sales for 2023 through 2029. With Dissolvable Metal Frac Plugs sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Dissolvable Metal Frac Plugs industry.

This Insight Report provides a comprehensive analysis of the global Dissolvable Metal Frac Plugs landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Dissolvable Metal Frac Plugs portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms' unique position in an accelerating global Dissolvable Metal Frac Plugs market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Dissolvable Metal Frac Plugs and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Dissolvable Metal Frac Plugs.

This report presents a comprehensive overview, market shares, and growth opportunities of Dissolvable Metal Frac Plugs market by product type, application, key manufacturers and key regions and countries.

Market Segmentation:

Segmentation by type
Small Caliber
Large Caliber

Segmentation by application
Horizontal Well
Vertical Well

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Schlumberger Limited
Halliburton Company
China National Petroleum Corporation (CNPC)
Nine Energy Service, Inc.
Pyramid Oil Tools, LLC
China Petroleum & Chemical Corporation (Sinopec)
Innovex Inc.
NOV Inc.
Klx Energy Services Inc.
Expro Group
Peak Completion Technologies, Inc.

Key Questions Addressed in this Report

What is the 10-year outlook for the global Dissolvable Metal Frac Plugs market?

What factors are driving Dissolvable Metal Frac Plugs market growth, globally and by region?

Which technologies are poised for the fastest growth by market and region?

How do Dissolvable Metal Frac Plugs market opportunities vary by end market size?

How does Dissolvable Metal Frac Plugs break out type, application?

What are the influences of COVID-19 and Russia-Ukraine war?

Please note: The report will take approximately 2 business days to prepare and deliver.