The Proppants Market is segmented by Product Type (Frac sand, Ceramic proppants, and Resin coated proppants), Application (Shale gas, Coal bed methane, Tight gas, and Others), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). As per the Global Forecast research report 2024-2028 published by Technavio, the market size is estimated to grow by USD 5.30 billion, at a CAGR of 8.42% during the forecast period. There are several companies that are contributing to the market as per this report. Technological developments in hydraulic fracturing process .
The frac sand segment dominates the global proppants market, accounting for the largest market share in 2023. Frac sand is a naturally sourced proppant derived from high-purity sandstone. Comprised of over 99% quartz, its grains are exceptionally spherical and resilient, making it an ideal choice for use in oil and natural gas exploration. Frac sand's applications extend to both oil and natural gas sectors, encompassing the discovery phase of hydrocarbon resources through drilling and extraction processes.
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The North American proppants market is projected to experience substantial expansion during the forecast period. With North America being the largest consumer of proppants like frac sand for unconventional oil and gas production, its growth is attributed to the region's early adoption of unconventional drilling techniques, such as hydraulic fracturing. The US, in particular, holds a vast abundance of shale oil and gas reserves, with over 170 billion barrels of technically recoverable shale oil resources and over 1,600 trillion cubic feet (tcf) of technically recoverable shale and tight natural gas. Horizontal wells in tight formations, such as shale, are drilled using hydraulic fracturing to access these resources, making North America a significant market for proppants.
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The Proppants market has witnessed significant growth in recent years due to the increasing demand for natural gas and crude oil production. Natural gas production, particularly from unconventional sources like Shale Gas, Tight Gas, and Coalbed Methane, has been a major driver for the market. Proppants, primarily raw frac sand or silica sand, are essential components in hydraulic fracturing, a process used to extract these unconventional hydrocarbons. During hydraulic fracturing, the crushing forces of the fluid cause the proppants to keep the fissures open, allowing the hydrocarbons to flow freely. Traditional proppants include silica sand and quartz sand, but alternative options like sintered bauxite, ceramic sand, and resin-coated proppants are also gaining popularity. Environmental concerns regarding the use of raw frac sand and the potential impact on water resources have led to the exploration of alternative proppant materials. Hydraulic fracturing fluid, a critical component of the process, also plays a role in the selection of proppants. The petroleum sector's reliance on horizontal drilling has further boosted the demand for proppants. Overall, the Proppants market is expected to continue its growth trajectory, driven by the increasing demand for natural gas and crude oil production.
According to Technavio, the global proppants market is a segment of the larger global commodity chemicals market, which encompasses businesses primarily engaged in the production of industrial and basic chemicals. This market category includes manufacturers of plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. Notably, this market excludes chemical companies specializing in diversified chemicals, fertilizers and agricultural chemicals, industrial gases, and specialty chemicals. The expansion of the global commodity chemicals market is anticipated to be driven by the escalating demand for plastic packaging, as plastic remains the preferred material for packaging applications worldwide. - The Proppants Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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