[131 Pages Report] The Proppant Market is expected to grow from USD 7.06 billion in 2017 to USD 9.87 billion by 2023, at a CAGR of 6.9% from 2017 and 2022. Proppant is used during or after the hydraulic fracturing treatment, to keep the fractures open. It finds the majority of its consumption in the hydraulic fracturing of natural gases such as shale gas, tight gas, and coal bed methane. Increasing demand for natural gas is expected to drive the global proppant market during the forecast period. The base year considered for the study is 2017, and the forecast has been provided for the period between 2018 and 2023.
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Key companies profiled in the proppant market research report are Carbo Ceramics Inc. (U.S.), Saint-Gobain Proppant Inc. (U.S.), JSC Borovichi Refractories Plant (Russia), Yixing Orient Petroleum Proppant Co., Ltd. (China), U.S. Silica Holdings Inc. (U.S.), Hexion Inc. (U.S.), China GengSheng Minerals, Inc. (China), Fairmount Santrol Holdings Inc. (U.S.), Hi-Crush Partners LP (U.S.), Superior Silica Sands LLC, and Mineração Curimbaba Ltda. (Brazil).
Improvements in fracturing technology and new drilling techniques
Increasing proppant consumption per well
Innovation in proppant technologies is driving its demand for well drilling
Growing demand for frac sand proppant
Increasing demand for ceramic and resin-coated proppants to improve well economics
The high cost of ceramic proppant
Oversupply of crude oil
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Based on type, ceramic proppant is estimated to be the fastest-growing segment of the proppant market
Ceramic proppant is estimated to be the fastest-growing type segment of the proppant market. Ceramic proppant is manufactured from sintered bauxite, alumina, kaolin, and magnesium silicate. It can withstand closure pressures up to 15,000 psi, owing to its high strength and complex molecular structure. In addition, it has a consistent size that results in improved porosity and permeability of proppant bed. Hence, ceramic proppant is superior to other types of proppants.
Rising demand for proppant from Asia-Pacific is expected to be a key factor driving the growth of the global proppant market
Asia-Pacific is estimated to be the leading market for proppant. China is estimated to be the largest market and India is projected to be the fastest-growing market for proppant during the forecast period. Australia is the other major country in the Asia-Pacific proppant market. These countries are expected to have large shale gas and coal bed methane reserves. The increasing demand of proppant from the oil and gas industry for hydraulic fracturing application is expected to drive the proppant market in these countries.
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