Proppant Market To Reach US$ 17.5 Billion By 2030, Says Exactitude Consultancy

Proppant Market

“Proppant Market: Exactitude Consultancy Research Report Offers Comprehensive industry Overview and Future Projections”

LUTON, BEDFORDSHIRE, UNITED KINGDOM, August 28, 2024 /EINPresswire / -- Proppant market Overview:

Revenue from the global Proppant Market size is estimated to reach US$ 7.8 Billion in 2023. The market has been analyzed to climb to a value of US$ 17.5 Billion by the end of 2030, expanding at a CAGR of 9.36% over the next decade.

The analysis of the proppant industry shows a promising future because of the increasing hydraulic fracturing operations. Numerous countries and companies are eager to invest in exploring undeveloped hydrocarbon deposits. Unconventional hydrocarbons provide a reliable energy source to satisfy the increasing need for oil and gas. Hydraulic fracturing is employed for the exploration of shale gas, tight gas, coal-bed methane gas, and other resources. Proppant is utilized to maintain the fractures open, ensuring they remain effective channels for fluid flow in the exploration process. They play a vital role in ensuring that fracture conductivity and connectivity remain at elevated levels. Proppants are available in various shapes and sizes to suit different situations. Lately, there has been a rise in the need for proppant as the demand for natural gas, a cleaner-burning fossil fuel, continues to grow.

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Competitive Rivalry:

The Proppant market supports a range of applications, including supply chain analytics, risk analysis, demand forecasting, and vendor management. Solutions in this market encompass various modules such as financial surveys, real-time and batch data analysis, category management, and compliance management. Implementing these modules enhances data optimization, automates data cleansing, and facilitates sourcing category analysis.

Vital Companies Profiled in the Report are: Carbo Ceramics Inc., JSC Borovichi Refractories Plant, Saint-Gobain Proppant Inc., Hi-Crush Partners LP, Hexion Inc., U.S. Silica Holdings Inc., Mineração Curimbaba Ltda, Yixing Orient Petroleum Proppant Co., Ltd., Fairmount Santrol Holdings Inc., and China Gengsheng Minerals, Inc., and others.

Recent Development:

In February 2024, Atlas Energy Solutions Inc., a company specializing in renewable energy solutions, entered into an agreement with Hi Crush Inc. to acquire the latter's North American logistics operations and proppant production assets

In June 2022, Nureva has announced the appointment of AV Supply Group as its Australian distributor. Nureva's audio conferencing products were first introduced to the New Zealand market in 2017, and the group's expansion into Australia recognizes the demand from the shift to hybrid working and learning models.

Proppant Market Drivers

The use of horizontal drilling and multistage fracturing technologies has revolutionized oil and gas production on a global scale. Exploration and production companies are testing higher amounts of sand per stage in their horizontal wells, with expectations for this trend to increase over time. Since 2023, the average amount of sand used per horizontal well has tripled and is expected to continue rising due to longer laterals and increased loading per lateral foot. Technologies have been created to boost the utilization of natural sand/frac sand over ceramic sand, leading to a surge in the need for proppants for drilling. Utilizing frac sand cuts down the raw material expense by over 50%. As a result, significant shale formations are available for testing and implementing new tools and technologies that are promoting the use of natural sand in hydraulic fracturing.

Proppant Market Restraints

Ceramic proppants are a man-made material created through a high-energy manufacturing process involving sintered bauxite, kaolin, and magnesium silicate or combinations of bauxite and kaolin. The manufacturing process is intricate because the proppants need to be consistent in size, shape, sphericity, and roundness in order to achieve increased porosity and permeability of the proppant bed. Ceramic proppants exhibit greater strength and crush resistance compared to frac sand, capable of enduring closure stresses of up to 20,000 psi. Ceramic proppants are more expensive compared to uncoated or resin-coated proppants due to being an engineered product with a more intricate manufacturing process. The cost of ceramic proppants is approximately 50% greater than frac sand.

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Market Segments by Proppant

Proppant Market By Type, 2020-2029, (USD Billion, Kilotons)

Frac Sand

Resin-Coated Proppants

Ceramic Proppants

Proppant Market By Application, 2020-2029, (USD Billion, Kilotons)

Shale Gas

Tight Gas

Coalbed Methane

Others

Proppant Market By Ceramic Proppant, 2020-2029, (USD Billion, Kilotons)

High Strength Ceramic Proppants

Intermediate Strength Ceramic Proppants

Light Weight Ceramic Proppants

Others

Frac Sand is the most rapidly expanding proppant type within its segment.

In 2023, the frac sand category dominated the market with a market share exceeding 50% and is expected to maintain its lead in the forecast period. Their crush-resistant quality allows the petroleum industry to use them for fracking. Ceramic proppants have a higher crush strength than sand, making them more suitable for wells with lower closure stresses where sand is not effective. This causes ceramic to be one of the market categories that is growing quickly.

In the process of hydraulic fracturing, resin-coated proppants are used to enhance the conductivity of fractures, prevent formation particles from moving towards the wellbore, stop proppant flow back, minimize loss of fracture permeability due to crushing or embedment, and maintain long-term fracture permeability. Throughout the forecasted time frame, it is expected that the industry will greatly gain from these factors.

North America Reigns as the Frontrunner

North America is a significant proppant consumer and is anticipated to see ongoing growth in the coming years. The increase is credited to higher use of hydraulic fracturing for extracting unconventional gases. Consistent hydraulic fracturing in Russia is fueling the growth of the proppant market in Europe. The Asia Pacific region is seeing a significant increase in exploration and production activities in order to keep up with the rising need for hydrocarbons. China and India are the top users of fossil fuels globally. The government and private companies are continuously funding E&P projects to keep up with the increasing need for fossil fuels, which could support the industry. Currently, the Middle East possesses 50% of the world's traditional oil reserves and 40% of its gas. There is substantial potential due to the rise in investment in extracting undiscovered hydrocarbons.

Europe is projected to experience the highest CAGR growth in the forecast period due to the rise in natural gas production and petroleum product development. Moreover, anticipated growth in the market in the region is attributed to favorable government policies and a positive stance on natural resources.

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