ID: MRFR/CnM/9075-HCR | 180 Pages | Published By Anshula Mandaokar on March 2023
Proppant Market is projected to be worth USD 16.72 billion by 2028, registering a CAGR of 10.15% during the forecast period (2021 - 2028), The market was valued at USD 7.95 billion in 2020.
$16.72 billion
10.15%
North America
2022-2028
Proppants Market Synopsis
Proppant Market is projected to be worth USD 16.72 billion by 2028, registering a CAGR of 10.15% during the forecast period (2021 - 2028), The market was valued at USD 7.95 billion in 2020.
Proppants are gritty, uniformly sized materials that are mixed with fracturing fluid during the hydraulic fracturing (fracking) process to hold open fractures made in the ground. Lately, demand for proppants has increased as oil and natural gas wells are made to yield more oil and gas using hydraulic fracturing.By combining new drilling techniques with ultra-sophisticated frac designs, proppant solutions help to improve the production capacity of the wells by delivering more oil and natural gas daily.The proppant market is experiencing very high growth, majorly driven by the increasing drilling activities from North America and the Asia-Pacific regions.
The major factors favoring themarket's growth are surging demand for proppants from across the oil and gas industry due to its hydraulic fracturing. Hydraulic fracturing is used in the oil and gas industry to increase the flow of oil or gas from the well. Proppants (propping agents) are pumped into the oil well with fracturing fluid to hold the fissures open so that the crude oil or natural gas can flow up in the well. In a frac job, proppant is one of the key components.Proppant can remove the hydrocarbons from the reservoir,which depends solely on the performance characteristics of the proppant pack. The proppants market is expected to have excellent demand in the coming years due to the introduction of new fracking techniques such as horizontal multistage fracturing, which are anticipated to gain major traction in the review years. Moreover, the enhanced research and development to develop lightweight proppant variants are expected to contribute to the market growth in the forecast period.
However, governments across the world are implementing rules to regulate hydraulic fracturing due to the growing concerns towards the environment and its preservation.Furthermore, the exploitation of fossil fuel and renewable energy acts as a significant restraint for the market growth.
Pricing Analysis
In 2020, the proppants were priced around USD 0.68 to 1.27per kg across the globe. In the same year, the price of ceramic proppants varied from USD 1.02 to 1.24 per kg. The proppants are expected to witness a gradual rise in the price with a range from USD 0.74 to 1.42per kg by 2028. This price change is expected to be influenced by the availability and pricing of raw materials, while the demand for proppants is expected to streamup during the forecast period.
Market Drivers
Market Restraints
Segmentation
By Product Type
By Application
By Region
Regional Analysis
Key Players
Report Attribute/Metric | Details |
---|---|
Market Size |
|
CAGR | 10.15% (2022 - 2030) |
Base Year | 2021 |
Forecast Period | 2022 - 2030 |
Historical Data | 2019 & 2020 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Product Type, Application, Region |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | Carbo Ceramics Inc. COVIA JSC Borovichi Refractories Plant S. Silica Holdings Inc. Hi-Crush Inc. MineraçãoCurimbaba XinmiWanli Industry Development Co., Ltd. Atlas Sand Company, Llc HEXION Schlumberger Limited |
Key Market Opportunities | - Environmental issues, exploitation of fossil fuel, and use of renewable energy resources |
Key Market Drivers | - Increasingdemand for proppants in the oil & gas sector due to new advanced fracking techniques |
Proppants Market is predicted to grow at 10.15% through forecast period of 2020-2027.
The forecast period for Proppants Market research report is 2020-2027.
Proppants Market is dominated by APAC region.
Increasingdemand for proppants in the oil & gas sector due to new advanced fracking techniques
Carbo Ceramics Inc. COVIA JSC Borovichi Refractories Plant S. Silica Holdings Inc. Hi-Crush Inc. MineraçãoCurimbaba XinmiWanli Industry Development Co., Ltd. Atlas Sand Company, Llc HEXION Schlumberger Limited