As per a report by P&S Intelligence, in 2017, the global proppant market generated a revenue of $6,057.0 million and is predicted to attain a value of $10,562.9 million in 2023, progressing at a 9.5% CAGR during the forecast period. Proppant is of different types, namely sand, ceramic, and resin coated. Out of these, sand proppant was the most in demand in the past, which is attributed to its lower cost in comparison to other proppants. It is used extensively in exploration and production (E&P) activities by several companies that are in fracturing processes.
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Sand proppant is further of two types, i.e. brown and white. Brown sand is cheaper as it does not contain a high percentage of silica; however, it is also more prone to crushing at low stress levels. Since white sand has high silica content, it is used more widely than brown sand. The different applications of all these proppant types are coal-bed methane, shale gas, and tight gas. Proppant was utilized the most in the past for applications in shale gas extraction, which is ascribed to the fact that these materials are used extensively for hydraulic fracturing during shale gas extraction.
In the past, North America emerged as the largest proppant market, owing to the moderate recovery in oil processes, introduction of longer laterals for boosting natural gas production, and increased material loading levels in the region. Other than this, the requirement for proppant is also projected to grow considerably in the Asia-Pacific region due to the rising popularity of the sand material and surging unconventional natural gas production.
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Hence, the demand for proppant all across the globe is rising because of the growing need for oil and the increased utilization of the fracking process.