From $3,713.3 million in 2019, the low strength proppants market revenue is expected to surge to $5,294.8 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 9.8% from 2020 to 2030 (forecast period). The market is being propelled by the surging oil and gas exploration and production (E&P) activities and rapid technological advancements and innovations in crude oil recovery.
The players operating in the Asia-Pacific (APAC) and North American regions are making huge investments to improve exploration of new oil and gas reserves. Additionally, power production, especially in the U.S., is predicted to surge massively in the coming years, owing to the development of novel and improved technologies. This is subsequently predicted to propel the use of low-density proppants, which will, in turn, drive the progress of the low strength proppants market.
U.S. oil and gas explorers are increasingly focusing on extracting shale gas in the country. As per the U.S. Energy Information Administration (EIA), in 2019, the shale gas production in the country accounted for 75% of the total natural gas production. Thus, with soaring exploration and production activities in shale gas reserves, the demand for low-strength proppants will surge sharply in the coming years. Across the globe, the North American low strength proppants market is predicted to demonstrate the fastest growth in the coming years.
The addition of this mine would make the company the U.S.’s largest in-basin sand provider, with a combined capacity of more than 19 million tons every year. Likewise, Alpine Silica began the development of two new plants in Fay in Oklahoma and Van Horn in Texas in June 2018, thus adding to its already existing portfolio in the Permian basin. The organization primarily serves frac sand for the oil and gas industry to improve recovery rates. These factors are predicted to push up the demand for low-density proppants in the forthcoming years.
Hence, the sales of low-strength proppants will surge sharply in the coming years, primarily because of the increasing oil and gas exploration and production activities all over the world.
The proppants market is estimated to be USD 7.8 billion in 2020 and is projected to reach USD 12.1 billion by 2025, at a CAGR of 9.1% between 2020 to 2025.
The improvements in fracturing technology and new drilling techniques, increasing proppants consumption per well, innovation in proppants technologies and the growing natural gas demand to ensure energy security is driving the proppants market during the forecast period.♦ View Detailed PDF Brochure Here: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=802 COVID-19 impact on the global proppants marketIn 2020, the proppants market declined by 27% in terms of volume, which was due to the oil price crash triggered by the COVID-19 pandemic.
The unprecedented demand shock in the oil industry in 2020 led to a historic drop in the oil prices, as governments around the world closed down businesses, issued stay-at home mandates, and restricted travel.
Oil prices at the start of 2020 started strong, and by April, the impact of reduced economic activities around the world created an oversupply of oil in the international market, and oil prices plunged dramatically.
Another factor that majorly contributed to the freefall of oil prices was the oil price war between Saudi Arabia and Russia, which was initiated at the start of March with both the countries failing to agree on the oil production levels.♦ Speak To Analyst In A Single Click – https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=802 Opportunity: Exploration of unconventional oil and gas reserves increasingCountries such as the US, Canada, China, India, and Russia have been witnessing high demand for oil and gas since the last decade.
Limited availability of conventional oil and gas, along with their high level of carbon emission, has led to the growth in the production of unconventional oil and gas such as shale oil & gas, tight oil & gas, and coalbed methane.
COVID-19 Impact Analysis on Proppants Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2019-2027.
The report encompasses data regarding market share and recent developments by key players.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the Proppants include U.S. Silica, Carbo Ceramics, Fairmount Santrol, Momentive, Hi-Crush LP Partners, Fores, Saint-Gobain, and Preferred Sands..
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Proppants Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/proppants-market/download-sampleMarket SegmentationThe broad Proppants has been sub-grouped into the Product, Application and Region.
The report studies these subsets with respect to the geographical segmentation.
