New Report Projects Strong Growth for Global Proppants Market
By 2024, the global market for proppants is expected to reach around $10 billion, expanding at a CAGR of 5.1% from 2019-2024.
The global proppants market reached a value of more than $7 billion in 2018, according to a recent report by IMARC Group. By 2024, the market is expected to reach around $10 billion, expanding at a CAGR of 5.1% from 2019-2024.
The ever-growing requirement of oil and natural gas across the globe is bolstering demand for proppants. Crude oil and natural gas were traditionally obtained using conventional extraction methods. However, significant depletion of these natural resources over the years has led to the development of unconventional extraction techniques, including hydraulic fracturing, which is spurring the sales of proppants.
In addition, manufacturers are constantly engaging in research and development activities with an aim to develop lightweight variants that reduce proppant settling and require low-viscosity fluids for transportation. In addition, multifunctional proppants are expected to detect hydraulic fracture geometry and slowly release downhole chemical additives while maintaining conductive hydraulic fractures. Another major factor contributing to the market growth is the advent of the horizontal multi-stage fracturing technique.
On the basis of product type, frac sand is the most popular. Other major segments include resin-coated sand and ceramic proppants. Based on application, shale gas exhibits a clear dominance in the market (compared to tight gas, coal bed methane, and others). North America currently accounts for the majority of the total market share.
Proppants are solid materials that are utilized in hydraulic fracturing to keep fissures open. They provide a pathway for hydrocarbons to flow freely from the reservoir to the well and prevent fractures from closing. They are mostly made up of sand, frac sand, resin-coated sand, man-made ceramic materials, or resin-coated ceramic materials. Proppants are found in various shapes and sizes, which determine the final permeability through the fracture.
For more information, visit www.imarcgroup.com.