Market Size of Proppants Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | < 5.00 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Proppants Market Analysis
The proppants market is estimated at 157 million tons currently and is expected to reach 204 million tons over the forecast period, registering a CAGR of around 5% during the forecast period.
The major application of proppants is in oil and gas wells. Due to COVID-19 and geopolitics, the demand for crude oil decreased as markets had been over-supplied, thus forcing OPEC+ producers to cut the output. It is expected to affect the demand for various proppants such as frac sand, resin coated, and ceramics.
- In the medium term, improvements in fracking technology and increasing shale gas production activities are expected to drive the market studied. The Energy Information Administration (EIA) expects shale natural gas and oil production to double by 2040. According to EIA, shale gas and tight oil production will increase from about 14 trillion cubic feet (Tcf) in 2015 to 29 Tcf in 2040, enhancing market demand.
- However, environmental concerns and stringent regulations will likely hinder the studied market's growth.
- North America dominated the market across the world, with the largest consumption from the United States.
- Shifting focus toward using ceramic proppants is expected to provide opportunities for the market studied.
