Proppants Market Set for Rapid Growth During 2023-2028

Proppants Market, by  Proppant Type (Frac Sand, Resin-Coated Proppant, and Ceramic Proppant), Application Type (Shale Gas, Coal bed methane, Tight Gas, and Others), Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Russia, and Rest of Europe], Asia-Pacific [China, Japan, South Korea, India, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, and Others]).

Market Insights

The proppants market was estimated to be worth USD 8.2 billion in 2022, and it is anticipated to increase to USD 13.1 billion by 2028, at a compound annual growth rate of 8.5%.

The proppant market will be driven by advances in drilling and fracturing technology, rising proppant consumption per well, new proppant technologies, and rising natural gas demand to ensure energy security during the forecast period. Between 2022 and 2028, the increase in oil prices throughout the projection period will also increase demand for proppants.

Based on Type

The proppant market is segmented into Frac Sand, Resin-Coated Proppant, and Ceramic Proppant. A common proppant is frac sand. It is a naturally occurring proppant crafted from sandstone of the highest quality. Most of these proppants can be used with a 6,000-psi closure pressure. Frac sand has a substantial market share and is frequently chosen as a proppant when oil prices are falling, and E&P companies need to cut production costs. During the forecast period, the frac sand market is anticipated to be driven by rising US shale gas production as well as the creation of new shale gas basins around the globe.

Regional Analysis

Asia-Pacific is expected to remain the largest market for proppants during the forecast period. The development of shale gas in the area will enhance domestic demand for natural gas in major APAC nations. By reducing the countries' reliance on outside resources, the mining of shale gas is projected to improve the region's energy security. Shale gas development is still in its early stages, though. China is the main force behind countries employing cutting-edge technologies to extract shale gas from their reserves.

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