Global Frac Sand Market Report 2019-2024
According to the latest report by IMARC Group, titled “Frac Sand Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global frac sand market experienced moderate growth during 2011-2018. Frac sand is high-purity quartz sand processed from sandstone. Made up of small and round particles, it is used in the process of hydraulic fracturing. Frac sand, along with large quantities of water and industrial fluids, is utilized to open the underground cracks while fracturing the shale to produce petroleum fluids such as oil, natural gas and natural gas liquids. The small perforations present on the surface become larger fractures due to the high-pressure water stream. Frac sand is employed to hold the fractures open to avoid interruption of the process of natural gas and oil derivation.
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Global Frac Sand Market Trends:
One of the major factors bolstering the growth of the market is the thriving oil and gas industry. Owing to the continually increasing demand for petroleum and gas, there has been a significant rise in the number of oil exploration activities across the globe. Furthermore, unconventional methods like shale fracturing are widely being adopted to extract oil and gas in a more efficient manner. This consequently is driving the demand for frac sand as it is an integral part of the hydraulic fracturing process. Moreover, manufacturers are constantly engaging in research and development (R&D) activities to introduce efficient and high-quality frac sand. For instance, manufacturers have fine-mesh frac sand that enhances the flow of the fluid while it is being released from the shale. Other factors including the cost-effectiveness of frac sand as compared to resin-coated and ceramic proppants are further creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to expand at a CAGR of around 7% during 2019-2024.
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