“Going Green” Fracking Applications Take Center Stage as U.S. Oil Fracking Output Skyrockets, According to BCC Research
Wellesley, Mass. (PRWEB) July 15, 2015 -- Meeting rising energy requirements and protecting the environment are among the most important applications of catalyst technology. Environmentally friendly (green) processes include lowering process temperatures (which can reduce energy consumption and lower effluent temperatures) and reducing the production of harmful by-products, BCC Research reveals in its new report.
The global market for energy and environmental catalysts totaled $25.7 billion in 2014. This market is expected to grow at a compound annual growth rate (CAGR) of 5.6%, from nearly $27.3 billion in 2015 to nearly $35.8 billion by 2020. Environmental catalyst as a segment should total nearly $19.9 billion in 2015 and nearly $24.7 billion by 2020, at a CAGR of 4.4% from 2015 to 2020. The global market for energy catalysts is expected to grow at a CAGR of 8.6%, from nearly $7.4 billion in 2015 to $11.1 billion by 2020.
A catalyst is broadly defined as any substance that increases the rate of a chemical reaction without being consumed itself.
Important catalyst applications in primary energy production include synthetic fuels, or synfuels, which are liquid fuels produced from fossil sources such as oil shale, natural gas, and coal. Virtually all of the world’s shale oil output is currently produced via fracking. To address environmental concerns associated with fracking, drilling companies increasingly are exploring the use of “green” processes, such as using enzyme catalysts to deactivate the gelling agent in the fracturing fluid and encourage flowback.
“There is intense interest in among frackers in reducing the adverse environmental impacts of their operations, so use of green fracking fluids can be expected to grow rapidly,” says BCC Research analyst Andrew McWilliams. BCC Research used the projected growth rate of the overall green chemistry market in the absence of reliable data specific to green fracking fluids. According to an industry estimate, “The green chemistry market is projected to grow at a CAGR of nearly 50% through 2020." "At this rate,” says McWilliams, “the fracking-related market for enzyme catalysts should reach $21 million in 2015 and $159.4 million in 2020."
Catalysts for Environmental and Energy Applications (CHM020E) analyzes the global market for energy and environmental catalysts, presents data from 2014 and estimates for 2015, and projections of segment CAGRs for the period 2015-2020.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming(at)bccresearch(dot)com.
About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years we've helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key market participants. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Recently selected as the world’s greatest market research company, BCC Research is a unit of Eli Global, LLC. Visit our website at http://www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern Time), or email information(at)bccresearch(dot)com.
Steven Cumming, BCC Research, http://www.bccresearch.com, +1 (781) 489-7301 Ext: 632, [email protected]
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