Proppant Market Global Market Demand, Sales Revenue, Market Growth Analysis And Forecast by 2023

Global proppant market is projected to reach $10,562.9 million by 2023. The increasing use of ceramic and resin-coated proppants to enhance the productivity of wells and the growing demand for frac sand for the extraction of petroleum fluids are the key factors driving the market growth. Proppant is a solid material, primarily sand, which is suspended in water or some other liquid to facilitate the opening of an induced hydraulic fracture.

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Globally, in terms of volume, North America continues to hold the largest share in the proppant market. It contributed more than 70.0% share to the market in 2017. The growth of the market in the region is mainly driven by increased material loading levels and moderate recovery in oil prices. In addition, longer laterals are being utilized to boost natural gas production in region, which, in turn, requires the use of the sand material for fracturing purposes.

Ceramic and resin-coated materials have properties such as higher strength and increased ability to withstand stress in deep-well sites. With increased well-drilling activities, there is a need for ceramic and resin-coated materials that can be used in low-permeability wells or multiple-stage fracturing. Oil and gas producers are now focusing on deep-well sites, which require high-strength materials for hydraulic fracturing purposes.

Ceramic materials can withstand compression load up to 10,000 pounds per square inch, which allows the drillers to access much deeper shale formations. These factors have led to an increased demand for these materials, which, in turn, is driving the proppant market growth.

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The key trend witnessed in the proppant market in recent years is the increasing hydraulic fracturing activities in the North American region. With the exploration of new shale gas reserves in the region, there has been an increase in hydraulic fracturing activities.

Some of the key players operating in the global proppant market are Superior Silica Sands LLC, Bagder Mining Corporation, JSC “Borovichi Refractories Plant”, Unimin Corporation, U.S. Silica Holdings Inc., Fores, Preferred Sands, Saint-Gobain Proppants Inc., CARBO Ceramics Inc., and Fairmount Santrol Holdings Inc.

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