Dissolvable frac plugs are specialized downhole tools used in hydraulic fracturing operations to temporarily isolate different zones within a wellbore. Unlike traditional composite or metal plugs, these plugs are designed to dissolve in wellbore fluids over time, eliminating the need for costly and time-consuming milling operations to remove them.
The dissolvable frac plugs market consists of sales, by entities (organizations, sole traders, and partnerships), of specialized downhole tools used in hydraulic fracturing operations to temporarily isolate sections of a wellbore. Dissolvable frac plugs are made from materials such as magnesium alloys or biodegradable polymers that dissolve in wellbore fluids after use, eliminating the need for costly retrieval or milling operations.
The global dissolvable frac plugs market was valued at $387.41 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 6.00%.
Increase In Oil And Gas Production
During the historic period, the increase in oil and gas production supported the growth of the dissolvable frac plugs market. The expansion of oil and gas production, particularly in horizontal shale wells, has increased the need for multi-stage hydraulic fracturing, driving demand for dissolvable frac plugs. These plugs are favored in deep, high-pressure wells where traditional retrieval is difficult. Their ability to dissolve eliminates mill-out operations, saving rig time and reducing costs. As drilling activity intensifies and efficiency becomes a priority, operators are increasingly adopting dissolvable plugs for streamlined well completions. For instance, in May 2023, according to the Kansas Geological Survey, a US-based division of the University of Kansas dedicated to geological studies and related activities, the count of permitted wells accounted for 366, with the drilling of 34 fresh oil wells and a single new gas well. Furthermore, a substantial surge in permitted wells was observed, reaching 1,684, accompanied by the drilling of 837 new oil wells and 79 gas wells in 2022, compared to 1,290 total permitted wells in 2021. Additionally, in December 2022, according to Energy Information Administration (EIA), a government agency, global oil production accounted for 95.70 million barrels per day in 2021, an increase of 1.96% compared to 93.86 million barrels per day in 2020. In addition, the US accounted for the largest share, with 20% of the total oil produced worldwide. Therefore, the increase in oil and gas production drove the growth of the dissolvable frac plugs market.
Innovative Hybrid Frac Plug Enhances Efficiency And Reduces Millout Time
Companies operating in the dissolvable frac plugs market are focusing on developing hybrid frac plug to combine the durability of composite materials with the efficiency of dissolvable components. The aim is to enable faster millout times, reduced operational costs and enhanced performance across diverse well conditions. For instance, in November 2023, Nine Energy Service, a US-based oil and gas company, launched the Pincer, a hybrid frac plug combining composite and dissolvable materials for versatile use across different well environments. With faster millout times, under three minutes per plugit cuts costs, reduces risk and improves efficiency. Positioned between Nine's Scorpion and Stinger plugs, the Pincer has already proven its reliability in field deployments.
The global dissolvable frac plugs market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 22.55% of the total market in 2024.
Dissolvable Frac Plugs Global Market Opprtunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global dissolvable frac plugs market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for dissolvable frac plugs? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The dissolvable frac plugs market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider dissolvable frac plugs market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by material, by well type, by application and by sales type.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Growth Analysis And Strategic Analysis Framework- Analysis on PESTEL, end use industries, market growth rate, global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods, forecast growth contributors and total addressable market (TAM).
- Global Market Size And Growth- Global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by material, by well type, by application and by sales type in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size And Growth- Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers And Acquisitions- Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Recent Developments- Information on recent developments in the market covered in the report.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for dissolvable frac plugs providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Material: Metallic; Composite; Polymer-Based
- 2) By Well Type: Horizontal Wells; Vertical Wells; Fractured Wells; Unconventional Wells
- 3) By Application: Drilling; Completion; Production; Other Applications
- 4) By Sales Type: Direct Sales; Distributor Sales
- Companies Mentioned: Schlumberger Limited (SLB); Halliburton Company; Baker Hughes Company; National Oilwell Varco (NOV) Inc.; Weatherford International plc
- Countries: China; Australia; India; Indonesia; Japan; USA; Canada; Russia
- Regions: Asia-Pacific; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; dissolvable frac plugs indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.