Global Proppants Market to Reach US$ 11.5 Billion by 2028, Propelled by Significant growth in Oil and Gas Industry

According to the latest report by IMARC Group, titled “Proppants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global proppants market size reached US$ 8.5 Billion in 2022.

Proppants refer to solid, granular, and uniformly sized abrasive materials that are employed in hydraulic fracturing processes. It includes various natural and synthetic products, such as frac sand, ceramics, glass, sintered bauxite, polymers, and resin-coated proppants. They are manufactured in multiple steps that involve crushing, grinding, mixing, blending, drying, firing, coating, and sieving processes. Proppants are widely used in the extraction of oil, natural gas, and coal bed methane from underground rock formations. They are cost-effective, conductive, and highly durable materials that are resistant to chemicals and can withstand extreme environmental conditions, such as high temperatures and pressures. Proppants also aid in maximizing production, increasing access to underground reservoirs, and improving the flow rate of fluids. 

Proppants Market Trends:

The significant growth in the oil and gas industry across the globe is one of the key factors creating a positive outlook for the market. Proppants are widely used in fracking processes to create, maintain, and propagate fractures in deep underground rock formations, which improves access to reservoirs and allows oil and gas to flow easily to the surface. In addition to this, the increasing focus on the extraction of unconventional resources, such as shale gas, tight oil, and coal bed methane, due to the rapid depletion of conventional oil and gas reserves is acting as another growth-inducing factor. Furthermore, various government initiatives to promote the exploration of new oil and gas reserves to meet the rising energy demand is providing an impetus to the market growth. Apart from this, the introduction of eco-friendly proppants that are coated with non-phenolic resins, which improves well operations, promotes sustainability, reduces energy consumption, and minimizes the adverse environmental impact of the extraction process, is positively influencing the market growth. Additionally, the recent development of microproppants that can reach hard-to-access areas, improve fracture conductivity, and enhance oil and gas flow is favoring the market growth. Moreover, increasing product utilization in geothermal energy production to improve the efficiency of the heat extraction process is propelling market growth. Other factors, including rapid advancements in hydraulic fracturing technology, the increasing investment in the research and development (R&D) of advanced products, and the recent discovery of new oil and gas reserves, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 11.5 Billion by 2028, exhibiting a CAGR of 5% during 2023-2028. 

Market Summary:

• On the basis of the product type, the market has been divided into resin coated sand, ceramic proppants, and frac sand. Among these, frac sand is the most preferred product type.
• Based on the application, the market has been classified into shale gas, tight gas, coal bed methane, and others. At present, shale gas holds the largest market share.
• On a regional basis, the market has been categorized into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
• The competitive landscape of the industry has also been examined, with some of the key players being Carbo Ceramics Inc., Saint-Gobain Proppants Inc., U.S. Silica Holdings, Inc., Borovichi Refractories Plant, Yixing Orient Petroleum Proppant Co., Ltd., Mineração Curimbaba Ltda., China GengSheng Minerals, Inc., Fairmount Santrol Holdings Inc., Superior Silica Sands LLC, Hi-Crush Inc., Hexion Inc., Unimin Corporation, Preferred Sands LLC, Fores Ltd., Badger Mining Corporation (BMC), Smart Sand Inc., Mississippi Sand LLC, ChangQing Proppant Corporation, Yangquan Changqing Petroleum Proppants Co., Ltd., Eagle Materials Inc.

Report Scope:

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