According to the latest report by IMARC Group, titled "Stimulation Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global stimulation materials market reached a value of US$ 53.6 Billion in 2022. Simulation materials are generally used for improving the flow of hydrocarbons in the bore well. They are utilized for injecting microbes and eliminating deposits, including asphaltene and wax. There has been a considerable rise in the adoption of stimulation materials due to rapid industrialization and the growing demand for fuels across the globe. Besides this, numerous manufacturers are also offering customized and standard chemical solutions in order to enhance the stimulation process, which is catalyzing the demand for stimulation materials.
Global Stimulation Materials Market Trends:
The global market is primarily driven by significant growth in the oil and gas industry. In line with this, the increasing exploration activities across the industry for extracting natural gas is creating a positive market outlook. Besides this, the rising demand for crude oil in order to fulfil manufacturing needs in multiple industries, such as textile, polymers, chemical, plastic and construction, is propelling the market growth. Moreover, continual technological advancements in the production of stimulation materials are favorably impacting the market. Furthermore, numerous leading players are heavily investing in launching lightweight stimulation materials, which are gaining widespread prominence across the sector. Additionally, several initiatives undertaken by the government of multiple countries for promoting the adoption of eco-friendly stimulation materials are providing an impetus to the market. Other factors, including product innovations, continual development of unconventional energy resources and extensive research and development (R&D) activities conducted by key players, are also positively influencing the product demand. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 101.9 Billion by 2028, expanding at a CAGR of 11.2% during 2023-2028.
- On the basis of the type, the market has been segmented into proppants (frac sand, resin-coated and ceramic) and chemicals (surfactants, gelling agents, friction reducers, breakers, crosslinking agents, corrosion and scale inhibitors, biocides and others).
- Based on the technology, the market has been categorized into hydraulic fracturing (multistage fracturing and re-fracturing) and acidization (hydrochloric acid wash, matrix acid stimulation and acid fracturing).
- On the basis of the application, the market has been segmented onshore and offshore.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include 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 and Solvay S.A.
|Base Year of the Analysis
||Type, Technology, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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 and Solvay S.A
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