According to the latest report by IMARC Group, titled “Proppants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global proppants market reached a value of more than US$ 7 Billion in 2018. Proppants are solid materials that are utilized in hydraulic fracturing to keep fissures open. They provide a pathway for hydrocarbons to flow freely from the reservoir to the well and prevent fractures from closing. They are mostly made up of sand, frac sand, resin coated sand, man-made ceramic materials or resin coated ceramic materials. Proppants are found in various shapes and sizes which determine the final permeability through the fracture. These materials are integral to the process of fracturing, which enables easy extraction from permeable reservoirs, and thereby are extensively employed in the oil and gas industry.
The ever-growing requirement of oil and natural gas across the globe is bolstering the demand for proppants. Crude oil and natural gas were earlier obtained using conventional extraction methods. However, significant depletion of these natural resources over the years has led to the development of unconventional extraction techniques including hydraulic fracturing, which is spurring the sales of proppants. Apart from this, manufacturers are constantly engaging in research and development (R&D) activities with an aim to develop lightweight variants which reduce proppant settling and require low viscosity fluids for transportation. In addition to this, multifunctional proppants are expected to detect hydraulic fracture geometry and slowly release downhole chemical additives while maintaining conductive hydraulic fractures. Another major factor contributing to the market growth is the advent of horizontal multistage fracturing technique. By 2024, the market is expected to reach a value of around US$ 10 Billion, expanding at a CAGR of 5.1% during 2019-2024.
- On the basis of the product type, frac sand is the most popular type. Other major segments include resin coated sand and ceramic proppants.
- Based on the application, the market has been divided into shale gas, tight gas, coal bed methane and others. Amongst these, shale gas exhibits a clear dominance in the market.
- On the geographical front, the market has been classified into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. At present, North America accounts for the majority of the total market share.
- The competitive landscape of the market has also been analyzed in the report with the detailed profiles of the key players. Some of the major players operating in the market include Carbo Ceramics Inc., Saint-Gobain Proppants Inc., U.S. Silica Holdings, Inc., JSC Borovichi Refractories Plant, Yixing Orient Petroleum Proppants Co., Ltd., Mineração Curimbaba Ltda, China Gengsheng Minerals, Inc., Fairmount Santrol Holdings Inc., Superior Silica Sands LLC, Hi-Crush Partners LP, Hexion Inc., Unimin Corporation, Preferred Sands LLC, Fores Ltd., Badger Mining Corporation (BMC), Smart Sand Inc., Mississippi Sand LLC, Changqing Proppants Corporation, Yangquan Changqing Petroleum Proppants Co., Ltd. and Eagle Materials Inc.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter: @imarcglobal