Latest News:- Frac Sand Market: Oil exploration is expected to lead the Application segment during 2024-2028

Frac Sand Market to grow at a CAGR of 9.38% during 2024-2028

The Frac Sand Market is expected to grow at a CAGR of 9.38% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4500.2 million. The global frac sand market is poised for significant growth due to the expanding oil and gas and petrochemical industries. According to the US Energy Information Administration (EIA), global liquid fuel consumption, including gasoline, diesel, kerosene, and jet fuel, is projected to exceed 100 million barrels per day by 2024. Furthermore, oil production is anticipated to surge by 12% from 2022-2024 in key regions such as Canada, Brazil, and Norway, with new sources like Guyana contributing to this growth. These industry expansions are expected to fuel the demand for frac sand as an essential component in the hydraulic fracturing process. 

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The Oil exploration subsegment is expected to dominate the Application segment during the forecast period 

Technavio analysts predict that the Oil exploration subsegment will lead the Application segment during 2024 and 2028 The frac sand market is experiencing significant growth due to the increasing demand for this essential commodity in the oil and gas industry. Frac sand, also known as proppant, is utilized in the hydraulic fracturing process to maximize oil and natural gas production. Market trends indicate continued expansion, driven by technological advancements and the rising global energy demand. Companies are investing in frac sand mining and processing facilities to capitalize on this lucrative business opportunity.

Here are the various ways based on which the market is segmented: 

• Application
  • Oil exploration
  • Natural gas exploration
• Type
  • White frac
  • Brown frac
• Geography
  • North America
  • Europe
  • APAC
  • Middle East and Africa
  • South America

Reasons to Purchase the Global Frac Sand Market Market Research Report by Technavio. What is in it for you?

• Wealth of Experience: Technavio is an established name in the world of market research. It holds an expertise of more than 20 years in the field, has published 21,000+ reports thereby extensively covering the area in various industries and range of regions
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There are several factors that are causing the market to flourish abundance of unconventional oil and gas resources

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

The Frac Sand Market has experienced significant growth in recent years due to the increasing demand for high-purity quartz sand in hydraulic fracturing operations in the Oil and Gas industry. Companies like Badger Mining Corporation and Emerge Energy Services are major players in this market, supplying proppants, primarily in the form of sand, to the mining sector. These proppants are essential in holding open fractures in tight shale formations, allowing hydrocarbons to flow. The use of frac sand in hydraulic fracturing (fracking) involves the consumption of vast amounts of water, sand, and chemicals. While the benefits of fracking have been debated, concerns over the potential health risks associated with silica dust exposure during sand mining have emerged. Silica, a common component of quartz sand, can lead to lung cancer, silicosis, and other respiratory diseases. The Petroleum Industry and Shale Gas Formations continue to explore ways to mitigate these risks while ensuring the continued supply of proppants for hydraulic fracturing.

Market Research Overview

The global specialty chemicals industry encompasses businesses specializing in high-value-add chemicals used in the production of a diverse range of products, including fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings. According to Technavio's market analysis, the market's size is determined by the consolidated revenue generated by manufacturers focusing on high-value-added chemicals. Key growth drivers for the specialty chemicals market include the increasing demand for specialty adhesives and sealants, which are expected to significantly contribute to market expansion throughout the forecast period.

The Frac Sand Market is experiencing significant growth, fueled by the abundance of unconventional oil and gas resources. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
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