Composite Frac Plugs and Balls Market Size to reach US$ 2,837.1 million in 2024
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.
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Composite Frac Plugs and Balls Market Insights:
By Product Type:
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.
By Region:
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.
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