What Does the Historical and Current Dissolvable Frac Plugs Market Size Trend Indicate?
The dissolvable frac plugs market has seen considerable growth due to a variety of factors.
• In recent times, there has been substantial growth in the market size of dissolvable frac plugs. It is forecasted to escalate from $3.15 billion in 2024 to an impressive $3.39 billion in 2025, representing a compound annual growth rate (CAGR) of 7.7%.
The historical growth trajectory reflects the wider trends in the oil and gas sector, including increasing demand for unconventional oil and gas resources, the prevalent use of multi-stage fracturing, a worldwide surge in energy demand, and population growth.
What Is the Forecasted Market Size and Growth Rate for The Dissolvable Frac Plugs Market?
The dissolvable frac plugs market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for dissolvable frac plugs is predicted to experience a substantial surge in the coming years, reaching $4.51 billion by 2029 with a CAGR of 7.4%.
This projected growth within the forecast period is largely due to an increasing demand for non-conventional oil and gas production, escalating shale gas exploration activities, heightened environmental awareness, broadened geographical scope, and the rising implementation of horizontal drilling. Key trends anticipated for the forecast period consist of advancements in technology, optimized usage of dissolvable frac plugs, ongoing advances in manufacturing techniques and materials science, technological innovations, and the emergence of composite and biodegradable frac plugs.
What Are The Essential Drivers Behind The Growth Of The Dissolvable Frac Plugs Market?
The growth of the dissolvable frac plugs market is projected to be fuelled by the rise in oil and gas production. This production refers to the extraction of oil and natural gas for energy and industrial usage from the earth. The boost in oil and gas production largely stems from an increased global energy demand, specifically from burgeoning industries and emerging countries. Dissolvable frac plugs enhance oil and gas production by lessening the necessity for plug removal after fracturing, thereby saving time and reducing expenses in the oil and gas extraction process (hydraulic fracturing). For example, a report published in September 2023 by the UK Government reveals that the total government revenues from UK oil and gas production in the fiscal year of 2022 to 2023 amounted to £9 billion ($11.76 billion), a significant leap from the £1.4 billion ($1.83 billion) in 2021 to 2022, indicating an increase of £7.6 billion ($9.93 billion). This surge in oil and gas production, therefore, propels the dissolvable frac plugs market.
What Are The Main Segments Of The Global Dissolvable Frac Plugs Market?
The dissolvable frac plugs market covered in this report is segmented –
1) By Plug Type: Temporary Frac Plug, Permanent Frac Plug, Drillable Frac Plug
2) By Material: Magnesium Alloy, Calcium Carbonate, Polymer-Based
3) By Well Type: Horizontal Wells, Vertical Wells, Fractured Wells, Unconventional Wells
4) By Sales Type: Direct Sales, Distributor Sales
5) By Application: Drilling, Completion, Production, Other Applications
Subsegments:
1) By Temporary Frac Plug: Standard Temporary Frac Plug, High-Temperature Temporary Frac Plug, Biodegradable Temporary Frac Plug, Pressure-Activated Temporary Frac Plug
2) By Permanent Frac Plug: Composite Permanent Frac Plug, Cemented Permanent Frac Plug, High-Strength Permanent Frac Plug
3) By Drillable Frac Plug: Metal-Based Drillable Frac Plug, Composite-Based Drillable Frac Plug, Biodegradable Drillable Frac Plug, Hybrid Drillable Frac Plug
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What Emerging Trends Are Influencing The Growth Of The Dissolvable Frac Plugs Market?
Leading enterprises in the dissolvable frac plugs market are prioritizing the creation of sophisticated products like downhole completion tools, increasing wellbore integrity, augmenting operational productivity, lessening environmental footprints, and catering to more efficient solutions for hydraulic fracturing procedures. The technology of downhole completion tools encompasses apparatus engineered to finalize the construction of wells and boost fluid control, thereby facilitating effective oil and gas retrieval. For example, in December 2023, KLX Energy Services LLC, a firm based in the US that provides oilfield services, introduced the VISION Suite of tools encompassing downhole completion tools including SpectrA PDC, OraclE-SRT, and PhantM dissolvable frac plugs. These PhantM dissolvable frac plugs show an intricate design that self-dissolves after usage, thereby eradicating the need for intervention. Their firm construction implements a bottom-set mechanism to forestall pre-sets hence lessening non-productive hours and mishaps occurring during fracturing operations. These plugs boost operational productivity by decreasing the necessity for post-frac retrieval.
Who Are the Key Players in the Dissolvable Frac Plugs Market?
Major companies operating in the dissolvable frac plugs market are include:
• Schlumberger Ltd
• Baker Hughes Co
• Halliburton Co.
• Tenaris S.A
• National Oilwell Varco (NOV) Inc.
• Weatherford International plc
• Expro Group
• Kureha Corporation
• KLX Energy Services Holdings Inc.
• Nine Energy Service Inc
• Innovex Downhole Solutions Inc
• G&H Diversified Manufacturing L.P.
• Vertechs Group
• The WellBoss Company
• Vigor Drilling Co Ltd
• Silver Fox Completion Services
• Frank's International NV
• Repeat Precision
• Terves Inc.
• Lateral Completions Ltd
What Is The Most Dominant Region In The Dissolvable Frac Plugs Market?
North America was the largest region in the dissolvable frac plugs market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the dissolvable frac plugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
