According to a recently published report by Research Nester on “Proppant Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global proppant market in terms of market segmentation by product type, by application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
On the basis of product type, the global proppant market is segmented into sand, resin coated, and ceramic; by application into shale gas, tight gas, coal-bed methane, and others.The proppant market is anticipated to record a CAGR of around 9% over the forecast period i.e. 2019-2027.
Increasing applications of proppant in hydraulic fracturing used in extraction of shale gas through deep holes drilled down into the shale rock are expected to significantly contribute toward the growth of the market over the forecast period. Proppants are highly crush resistant material which can hold the fractures open for as long as possible. This in turn helps to increase the productivity of the well, which is anticipated to foster the growth of the market. In addition, proppants are utilized for forming conduits for the fluid flow into the wellbore, which is also projected to positively impact the market growth.
Furthermore, various technological advancements concerning the properties of proppants such as, size, shape, and mechanical strength which influences the integrity of fractures as well as flow of oil & gas out of the well are also expected to boost the market growth.
Based on region, the proppant market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The North America market is expected to witness a significant growth owing to numerous shale oil reserves in the region, particularly in U.S. As per EIA, the U.S reliance on oil imports has significantly decreased. Moreover, it estimates that in 2018, about 6.44 million barrels per day of crude oil were produced directly from tight oil resources in the United States. This was equal to about 59% of total U.S. crude oil production in 2018.
The market in Asia Pacific is also anticipated to observe a considerable growth over the forecast period. This can be attributed to large number of shale reserves in various economies such as, China, Australia, and India.
Rising Applications of Proppant in Hydraulic Fracturing
Reservoirs for hydrocarbon can be conventional or unconventional depending upon the difficulty of procedures applied for the extraction of oil & gas. Over the recent years, utilization of different types of proppants for such extractions is being widely adopted to aid in the recovery of oil & natural gas from various conventional and unconventional resources. Such a factor is anticipated to propel the growth of the market in the forthcoming years.
However, various harmful environmental and health impacts associated with the application of these proppants in drilling and hydraulic fracturing are expected to operate as a key restraint to the growth of global proppant market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global proppant market which includes company profiling of Hi-Crush Partners LP, Superior Silica Sands LLC, Fairmount Santrol Holdings Inc., Minerao Curimbaba Ltd., Fores Ltd., JSC Borovichi Refractories Plant, S. Silica Holdings Inc., Saint-Gobain Proppant Inc., Carbo Ceramics Inc., Badger Mining Corporation, and other leading players. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global proppant market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.