IMARC Group, a leading market research company, has recently releases report titled “Stimulation Materials Market Report by Type (Proppants, Chemical), Technology (Hydraulic Fracturing, Acidization), Application (Onshore, Offshore), and Region 2024-2032”, Offers a comprehensive analysis of the industry, which comprises insights on the global stimulation materials market share.
How Big Is the Stimulation Materials Market?
The global stimulation materials market size reached US$ 59.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 142.6 Billion by 2032, exhibiting a growth rate (CAGR) of 9.8% during 2024-2032.
Industry Overview of Stimulation Materials
Simulation materials are employed to enhance the flow of hydrocarbons in the oil and gas wells. In addition, they are used for injecting microbes and eliminating heavy component deposits, including wax and asphaltene. They consist of proppants such as coated clay-based ceramic, sand, raw frac, and sintered bauxite. They also include advanced incorporated fluid systems, such as clay control, crosslinkers, surfactants, biocides, buffers, breakers, gelling systems, friction reducers, and scale inhibitors. Nowadays, leading manufacturers are introducing stimulation materials with ultra-lightweight proppants that minimize injected fluids, frac height, and the need for wellbore cleanouts which is propelling the market growth.
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What are the growth prospects and trends in the stimulation materials industry?
The market is primarily driven by the expanding oil and gas sector. In addition, the surging exploration activities across the globe for extracting natural gas is contributing to market growth. Moreover, governments of various countries are implementing stringent regulations to reduce the negative effects of hydraulic fracking, encouraging the adoption of green materials with less impact on the environment, representing another major growth-inducing factor.
Besides this, the widespread adoption of crude oil to fulfill production needs in several industries, such as polymers, chemicals, plastic, textile, and construction, is propelling the market growth.
Furthermore, the introduction of products that provide thermal stability and chemical and crush resistance and extensive research and development (R&D) activities conducted by key players are also creating a favorable market outlook.
Leading Companies Operating in the Global Stimulation Materials Industry:
- Akzo Nobel N.V.
- Baker Hughes Company
- BASF SE
- Carbo Ceramics Inc.
- Chevron Phillips Chemical Company LLC
- DuPont de Nemours Inc.
- Halliburton Company
- Hexion Inc.
- Saint-Gobain S.A
- Schlumberger Limited
- Solvay S.A.
Stimulation Materials Market Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Type:
- Proppants
- Frac Sand
- Resin Coated
- Ceramic
- Chemical
- Surfactants
- Gelling Agents
- Friction Reducers
- Breakers
- Crosslinking Agents
- Corrosion and Scale Inhibitors
- Biocides
- Others
Breakup by Technology:
- Hydraulic Fracturing
- Multistage Fracturing
- Re-fracturing
- Acidization
- Hydrochloric Acid Wash
- Matrix Acid Stimulation
- Acid Fracturing
Breakup by Application:
- Onshore
- Offshore
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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