Rising Mining Activities through Hydraulic Fracking and increasing demand of natural gases are the major drivers of the Global Proppants Market.
According to TechSci Research report, “Proppants Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, the Global Proppants Market stood at USD 7989.16 million in 2022 and is expected to grow at a CAGR of 8.46% during the forecast period. Proppant is a persistent material with consistently equal-sized particles used with fracturing fluid during the hydraulic fracturing (fracking) process to hold cracks created in the earth to extract oil and gases.
The various companies operating worldwide are putting their efforts into extraction to increase the production to the globally required amount. According to the U.S. Energy Information Administration (EIA), the production of shale natural gas and oil production is anticipated to reach its double by 2040. Furthermore, shale gas and tight oil production are expected to upsurge from 14 trillion cubic feet in 2015 to 29 trillion cubic feet in 2040 to bear out the growing market demand.
Because of the current scenario and sanctions on Russia by major producing countries helped new opportunities for the nations like Venezuela, which also has vast reserves of unconventional gas. The US is currently thinking of lifting the ban on Venezuela to fill the gap between the demand and supply of proppants.
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The global proppants market segmentation is based on type, application, and regional distribution. Based on type, the market is further fragmented into frac sand, resin coated frac sand, resin coated ceramic proppants and high strength ceramic proppants. Frac Sand segment dominated the market in 2022 with an overall market share of around 67.93%. Growth in the market can be ascribed to the growing demand for hydraulic fracking.
Based on application the market is further divided into shale gas, coalbed methane, tight gas, tight oil, deep gas, and others. Shale Gas segment dominated the market in 2022 on account of the widespread reserves of Shale gas in worldwide.
Some of the major companies operating in the Global Proppants Market include:
- US Silica Holdings Inc.
- Compagnie de Saint-Gobain S.A
- Smart Sand Inc.
- Badger Mining Corporation
- Xinmi Wanli Industry Development Co., Ltd.
- Petro Welt Technologies AG
- Mineração Curimbaba Ltda
- Vikas Proppant & Granite Limited
- Nika Petro Tech
- JSC Borovichi Refractories Plant etc.
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There was a sharp increase in the pricing of Proppants in North America as North America was importing the Proppants from Russia/Ukraine, and that supply halted in 2022 because of war. Russia-Ukraine war affected the Russian market by almost 60%.
Because of the current scenario and sanctions on Russia by major producing countries helped new opportunities for the nations like Venezuela, which also has vast reserves of unconventional gas. The United States is currently thinking of lifting the ban on Venezuela to fill the gap between the demand and supply of Proppants., said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
Proppants Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Frac Sand, Resin Coated Frac Sand, Resin coated ceramic proppants, high strength ceramic proppants), By Application (Shale gas, Coalbed Methane, Tight gas, tight Oil, Deep gas & Others), By Region Competition”, has evaluated the future growth potential of Global Proppants Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Proppants Market.
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