The global proppants market reached a value of around US$ 7 Billion in 2018. Proppants are abrasive materials that are employed in the process of hydraulic fracturing, also known as fracking, to keep fissures open in shale rock. They assist in the extraction of oil and gas by forming a channel through which hydrocarbons can flow more freely. It’s widely available in different shapes, sizes, densities and qualities and play a vital role in influencing the final permeability of fissures. These are two types available in the market are naturally occurring (frac sand) and human-made/engineered. Amongst these, man-made proppants are further bifurcated into resin-coated and ceramic variants. It is extensively utilized in the oil and gas industry as they are conductive and crush resistant.
The rising demand for oil and natural gas in both developed and emerging economies represents one of the significant growth-inducing factors in the proppants industry. Earlier, oil and natural gas were procured using traditional extraction techniques. As these resources are depleting, there has been a subsequent rise in the adoption of unconventional oil and gas extraction techniques that involve the usage of proppants for smooth flow of resources. Besides this, manufacturers are also introducing new fracking techniques such as horizontal multistage fracturing. Since these techniques are anticipated to gain traction in the coming years, they are creating a positive outlook for the market. Furthermore, enhanced research and development (R&D) to develop lightweight proppant variants are also contributing to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 10 Billion by 2024, at a CAGR of 5.1% during 2019-2024.
Breakup by Product Type:
Frac sand currently represents the most preferred product type owing to its low price.
Breakup by Application:
At present, shale gas accounts for the majority of the total market share on account of its extensive usage in power generation and transportation.
On the geographical front, North America represents the largest market. This can be accredited to the moderate recovery in oil prices and the introduction of longer laterals to increase natural gas production in the region.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of the leading players are:
Key Questions Answered in This Report:
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