Global Proppant Market Report 2023:
Increasing Demand for Oil and Gas Drives Growth – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Global Proppant Market Size, Share, Growth Analysis, By Product Type, By Application – Industry Forecast 2022-2028” report has been added to ResearchAndMarkets.com’s offering.
The global proppant Market size was valued at USD 8.40 billion in 2021 and is poised to grow from USD 9.15 billion in 2022 to USD 18.17 billion by 2030, growing at a CAGR of 8.85% in the forecast period (2023-2030).
The global proppant market refers to the industry involved in the manufacturing and supply of materials used in hydraulic fracturing operations in the oil and gas industry. Proppants are small particles that are injected into oil and gas wells under high pressure to hold open the fractures in the rock, allowing oil and gas to flow more easily. The market is highly competitive and includes several large players from around the world.
Segments covered in this report
The Global Proppant Market is segmented based on the Product type, Application and Region. Based on the Product Type, the Global Proppant Market is segmented as Frac Sand, Resin-Coated Proppants, Ceramic Proppants. Based on Application, the Global Proppant Market is segmented as Shale Gas, Tight Gas, Coalbed Methane, Others (tight oil, deep gas and subsea hydrates). Based on Region Proppant Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Driver
The increasing demand for oil and gas is a major driver of the global proppant market. As global energy consumption continues to grow, the demand for oil and gas production also increases, driving the demand for proppants. Additionally, the development of shale gas and tight oil reserves has led to an increase in hydraulic fracturing operations, which is driving demand for proppants.
Restraint
The high cost of proppants is a major restraint of the proppant market. Proppants can be expensive to produce and transport, which can add to the cost of hydraulic fracturing operations. Additionally, concerns over the environmental impact of hydraulic fracturing and the use of proppants have led to regulatory and public scrutiny, which can create challenges for the industry.
Market Trends
The increasing use of ceramic proppants and resin-coated proppants is a significant trend in the proppant market. Ceramic proppants are highly durable and can withstand high temperatures and pressures, making them ideal for use in deep and high-pressure wells.
Resin-coated proppants can improve the performance of hydraulic fracturing operations by reducing proppant flowback and improving fracture conductivity.
Additionally, there is a growing interest in using locally sourced proppants to reduce transportation costs and support local economies. Finally, there is a focus on developing sustainable and environmentally friendly proppants that can reduce the impact of hydraulic fracturing on the environment.
Companies Mentioned
- Carbo Ceramics Inc. (US)
- COVIA (US)
- JSC Borovichi Refractories Plant (Russia)
- S. Silica Holdings Inc. (US)
- Hi-Crush Inc. (US)
- Mineracao Curimbaba (Brazil)
- XinmiWanli Industry Development Co., Ltd. (China)
- Atlas Sand Company, Llc (US)
- HEXION (US)
- Schlumberger Limited (US)
For more information about this report visit https://www.researchandmarkets.com/r/4wfk0y
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