Proppant Market worth USD 16.72 billion by 2028, registering a CAGR of 10.15% – Report by Market Research Future (MRFR)
New York, Aug. 25, 2021 (GLOBE NEWSWIRE) — Proppants Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Proppants Market Research Report: Information By Product Type, By Application, By Region – Forecast till 2028” the market size 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.
Market Competitive Landscape:
The notable companies in the proppant market profiled are:
- 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
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Market Scope:
Proppants are gritty, evenly sized granules that are combined with fracturing fluid to hold open fractures created in the subsurface during the hydraulic fracturing (fracking) process. As oil and natural gas wells are altered to yield more oil and gas through hydraulic fracturing, demand for proppants has risen recently. Proppant solutions help to increase the production capacity of wells by delivering more oil and natural gas daily by combining modern drilling techniques with ultra-sophisticated frac designs. However, the ability of the proppant to extract hydrocarbons from a reservoir is totally dependent on the proppant pack’s performance parameters.
Market USP Covered:
Market Drivers:
The market’s growth is aided by rising demand for proppants across the oil and gas industry as a result of hydraulic fracturing. In the oil and gas sector, hydraulic fracturing is used to improve the flow of oil or gas from a well. The proppant market growth is estimated to be bolstered by increased investment potential in the course of the forecast period. The increased pace of development in the market due to the upgradation in operational technologies is estimated to guide the development of the proppant market in the upcoming period.
Market Restraints
Due to various growing concerns about the environment and its preservation, governments all over the world are enacting rules to restrict hydraulic fracturing. Additionally, the extraction of fossil fuels and renewable energy is a major stumbling block to market expansion. The increased focus on being environmentally conscious is estimated to restrict the development of the proppant industry.
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COVID 19 Analysis
Significant developments such as accelerating deglobalization and possible regulation to combat climate change will bolster investors’ enthusiasm toward the chemical industry. Chemical firms will need to establish solutions for what these scenarios mean for their products’ value chains, from raw material availability and pricing to price positions of manufacturing routes and changes in consumer demand, in order to plan for the future. As the oil and gas industry grapples with growing infections, Chevron Corp. has begun mandating certain employees to take Covid-19 vaccines and is contemplating mandates across its whole workforce. As the industry grapples with unvaccinated field workers, the second-largest U.S. oil business is one of the first big oil-and-gas producers to apply such measures. Outbreaks of the virus have recently harmed operations in crucial locations such as the Gulf of Mexico’s offshore platforms and Texas and New Mexico’s Permian Basin.
Market Segmentation
By product type, the frac sand segment held the principal market segment of over 50% in 2020 and is anticipated to control the proppants market throughout the forecast period.
By application, shale gas is expected to be the largest segment in terms of application and is expected to govern the proppants market throughout the forecast period.
Regional Insights
The growth of the North American market is being fueled by the development of new gas technology. During the projection period, Europe is expected to be the fastest-growing market. The main causes driving business expansion in the region are the development of natural gas production and the development of petroleum products. Asia-Pacific accounted for over 35% of the market in 2020 and is predicted to continue during the forecast period, primarily to high demand from the oil and gas industry, which has a large presence in China and India. The Latin American region has a small but rapidly increasing oil and gas industry, which is likely to support the region’s proppants market growth. Due to its ever-increasing oil and gas demand, the Middle East and Africa area has made significant investments in the oil and gas industries throughout the years.
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Vikas Proppant & Granite has declared that the next critical step in reaching its target resource reservoir has been planned and will be completed soon. The first step in the rock fracture and removal process was to get to an acceptable depth of 30 meters below the earth. The mines have already been drained of water, and the necessary pumps have been built to assure system continuity. The company is also in the process of contacting potential granite processors, manufacturers, and exporters.
Segmentation of Market covered in the research:
Proppants Market Research Report: Information By Product Type (Freac Sand, Resin-Coated Proppant, Ceramic Proppant) By Application (Shale Gas, Tight Gas, Coal Bed Methane) By Region ( North America, Europe, Asia Pacific, Latin America, Middle East & Africa) Forecast till 2028
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