Proppant Market is Forecasted to Attain a Value of $10,562.9 Million by 2023: P&S Market Research

NEW YORK, May 28, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, 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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Of all types, sand material held the largest volume share, of more than 85.0%, in the proppant market in 2017. This can be attributed to its simple manufacturing process and large-scale use in the hydraulic fracturing for shale gas extraction. Besides, the material is widely used in the filtration of oil and the fracking process of liquefied natural gas (LNG).

Based on application, shale gas extraction was the largest application area of the material during the historical period. It held the largest value share, of more than 50.0%, in the proppant market in 2017. This can be attributed to the fact that these materials are widely used for hydraulic fracturing during shale gas extraction. Besides, there has been a significant increase in the production of shale gas in North America for commercial use.

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.

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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. According to the Railroad Commission of Texas (RRC), 2,712 wells were completed during January–March in 2018, as against 1,925 wells completed during the same period in 2017. This can be attributed to the use of these materials for fracturing purposes.

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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