Author: Himanshu Patni
21 November 2022
The Proppant Market is expected to grow at a CAGR of around 7% during the forecasted period from 2022-2028. This is mainly due to the government policies to regulate hydraulic fracturing in response to growing environmental concerns along with the introduction of environmentally acceptable non-phenolic resin-coated proppants.
Increased demand for proppants from the oil and gas industry as a result of hydraulic fracturing is one of the main drivers fueling the market’s rise. The market for proppants is anticipated to experience strong demand in the upcoming years due to the advent of innovative fracking techniques including horizontal multistage fracturing, which is anticipated to gain substantial traction in the next years. Additionally, it is anticipated that throughout the projected period, increased research & development to create lightweight proppant variations will help to market expansion.
For a detailed analysis of the Proppant Market, browse through – https://univdatos.com/report/proppant-market/
Based on type, the market is classified into frac sand, resin-coated proppant, and ceramic proppant. Ceramic proppant catered a significant share in the market due to its excellent crush resistance, conductivity, and strength, ceramic proppants are predicted to have a rapid increase in demand due to increased consumption in impermeable shale fields. In addition, ceramic sand has superior performance compared to sand and lower cost compared to ceramic proppants, resin-coated proppants which are anticipated to increase its demand. Moreover, ceramics are non-metallurgical materials created by the fusion of substances including alumina, clay, tungsten carbide, and silicon carbide in the presence of extreme heat.
Based on application, the market is categorized into shale gas, tight gas, coalbed methane, and others. In 2020, shale gas accounted for a significant share of the market. Furthermore, it is anticipated that the demand will increase in the coming years due to the presence of significant untapped shale gas deposits in China, Australia, Argentina, Saudi Arabia, Algeria, and Brazil. Further driving the growth is anticipated to be the rising estimated ultimate recovery (EUR) and permeability of ceramic proppant in shale plays. It is anticipated that the high prospective reserves of coal bed methane (CBM) in Australia and India will increase the demand for proppants in this application.
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For a better understanding of the market adoption of the proppant industry, the market is analyzed based on its worldwide presence in the countries such as North America (US and Canada); the Middle East and Africa (Saudi Arabia, U.A.E., and Rest of the Middles East and Africa); Asia-Pacific (China, India, Australia, Rest of Asia-Pacific), and Rest of World. Asia-Pacific is anticipated to record remarkable growth in the proppant market and is estimated to progress at a considerable pace in the global market during the forecast period. China is the main force behind countries employing cutting-edge technologies to extract shale gas from its reserves.
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