The market research report, entitled Dissolvable Frac Plugsshows good possibilities in the Dissolvable Frac Plugsmarket during the next five-year period and ensures more information regarding market trends. The following summary will give an overview of the drivers, challenges and key players in the market.
Global Dissolvable Frac PlugsMarket Forecast:
The global Dissolvable Frac Plugsmarket is forecasted to grow at a rate of 4.4% CAGR during the period of 2021-2026. Dissolvable Frac PlugsMarket will be experiencing an escalation in demand attributed to the growing usage of Dissolvable Frac Plugsin the market. The XYZ market growth depends upon numerous factors which have direct or indirect impact on the demand. Our report has the summary of such factors derived using SWOT, PEST, industry life cycle and supply chain analysis. These methods help in analysing the strength of the companies and identify gaps as well as opportunities to lay out a successful roadmap which leads to higher profitability.
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Some linchpins in the market are
BAE Systems Plc., Cobham Plc., Honeywell International Inc., Microsemi Corporation, and Texas Instruments
Dissolvable Frac PlugsMarket Segmentation:
The report segments based upon demographics, geographics, benefits and volume etc, has different driving factors and identifies the most-attractive segments and sub-segments. Dissolvable Frac Plugsmarket segmentation will not only help marketers to be more efficient in terms of time, money and other resources but also allows companies to learn about their target audience so that they can tailor campaigns and increase market share and revenue.
- Baker Hughes, a GE company
- Halliburton Company
- Innovex Downhole Solutions, Inc.
- KLX Energy Services
- Kureha Corporation
- Maverick Downhole Technologies Inc.
- National Oilwell Varco (NOV)
- Nine Energy Service, Inc.
- Schlumberger Limited
- Vertechs Oil & Gas Technology Co., Ltd.
Growth drivers and Market Value:
This report, from Stratview Research, studies the Dissolvable frac plugs market value and growth drivers over the trend period of 2019-14. According to the report –
Dissolvable frac plugs are new to the market and currently hold a diminutive share of the frac plugs market. Magnum Oil Tools (Now part of Nine Energy Service Inc.) was the first company to commercialize dissolvable frac plug in the year 2014. Since then, various leading suppliers of composite frac plugs, such as Haliburton, Baker Hughes, and Schlumberger, have also launched dissolvable frac plugs and are offering a unique product portfolio in this market. The attractiveness of the market has led to the entry of the leading oil & gas industry players, who were not even into composite frac plugs manufacturing. For instance, recently in Feb 2019, a US-based oil & gas multinational corporation, National Oilwell Varco (NOV), has launched VapR dissolvable frac plugs.
Based on by Material Type:
The market is segmented based on the material type as Mg (Magnesium) alloys and PGA (Polyglycolic Acid). Mg alloys are expected to remain the dominant segment of the global dissolvable frac plugs market during the forecast period and are also likely to exhibit faster growth during the same period. Mg alloys are the materials of choice for dissolvable frac plugs, owing to their properties, such as reliable dissolution rate at different temperature and pressure brine, high toughness, strength, and hardness. However, PGA is new to the industry and is not being currently of interest of all the major players.
Based on Regional:
In terms of regions, the Americas is projected to remain the largest dissolvable frac plugs market during the forecast period, in terms of both value and volume. The USA is the growth engine for the Americas’ market where dissolvable frac plugs have been in the run in all the major shale basins such as Permian Basin, Eagle Ford, Williston basin, and South-Central Oklahoma Oil Province. Canada is another key market in the Americas, whereas Argentina is likely to be an emerging market with excellent growth expected in the near future.
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COVID-19 IMPACT Analysis on Dissolvable Frac PlugsMarket
Coronavirus has influenced every one of the organizations, little or large, dealing in any sector. The growth curves of XYZ market have seen immense fluctuations in the year 2021. The market scenario and the pace of growth have taken a colossal turn and have prompted numerous adjustments in the cycles, which will have repercussions for a significant stretch. 2021 is probably going to be superior to 2021 for the XYZ market players as the greater part of the organizations have continued their activities and the interest is getting reestablished for them.
Note: This report will be refreshed to consolidate the effect of COVID-19, available for the time of 2021 to 2026.
The assessment of the pandemic reveals an enormous transformation in both short, as well as long-term regional business. With some barriers along the road, the Dissolvable Frac Plugsmarket stakeholders hope to regain stability in 2021, with flourishing demand and a hassle-free market environment. In terms of region, North America and Russia held the major chunk of the market in and before 2021. Despite several setbacks and the pandemic’s impact, the regions having the presence of key players, are likely to maintain their dominance in the upcoming years. According to the report, North America. region is expected to handle the crisis most efficiently, growing at the highest rate during the five-year tenure and is expected to become the next potential manufacturing hub.
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About Stratview Research
Stratview Research is a global market intelligence firm helping its clients’ tract the ever-evolving market scenarios through customised and syndicated reports. The reports offered here are gathered with the help of our wide-ranging and reliable secondary sources and in-depth interviews with the linchpins within the market. Extrapolated through primary and secondary research, Stratview Research’s reports help you remain ahead of the curve by enabling you to understand the current market trends and challenges coming on your way. Our strong team of industry veterans and researchers assure high quality research and strategic insights that help companies worldwide in effective decision