Frac Sand Market to Benefit as Oil and Gas Industry Continues to Grow
In countries such as the U.S., Brazil, Mexico, Saudi Arabia, China, Russia and Norway, the increase in oil and gas exploration activities is expected to drive demand for frac sand.
The global frac sand market is expected to reach $11.9 billion by 2022, according to a recent report from Technavio. In countries such as the U.S., Brazil, Mexico, Saudi Arabia, China, Russia and Norway, the increase in oil and gas exploration activities is expected to drive demand for frac sand.
The rising demand for fine-mesh raw frac sand is a key emerging trend. Fine-mesh raw frac sand is a proppant used for extracting oil and natural gas. When compared with other proppants such as resin-coated sand and manufactured ceramics, it proves to be cost effective. In countries such as the U.S., the consumption of fine-mesh raw frac sand has increased due to technological advances and increased demand for petroleum products.
The white sand segment held the largest market share in 2017, accounting for nearly 65% of the market, though the market share for this type is expected to decrease by 2022. The fastest-growing type is brown sand, which will account for nearly 36% of the total market share by 2022.
The Americas was the leading region for the global frac sand market in 2017, accounting for a market share of nearly 77%. The region is expected to continue dominating the market and register the highest growth rate through 2022.
Additional details are available at www.technavio.com.