Proppants Market Set to Grow at over 5.1% CAGR until 2024
According to the latest report by IMARC Group, titled “Proppants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global proppants market reached a value of more than US$ 7 Billion in 2018. Proppants are solid materials that are utilized in hydraulic fracturing to keep fissures open. They provide a pathway for hydrocarbons to flow freely from the reservoir to the well and prevent fractures from closing. They are mostly made up of sand, frac sand, resin coated sand, man-made ceramic materials or resin coated ceramic materials. Proppants are found in various shapes and sizes which determine the final permeability through the fracture. These materials are integral to the process of fracturing, which enables easy extraction from permeable reservoirs, and thereby are extensively employed in the oil and gas industry.
Request Free Sample Report: https://www.imarcgroup.com/proppants-market/requestsample
Proppants Market Trends:
The ever-growing requirement of oil and natural gas across the globe is bolstering the demand for proppants market. Crude oil and natural gas were earlier obtained using conventional extraction methods. However, significant depletion of these natural resources over the years has led to the development of unconventional extraction techniques including hydraulic fracturing, which is spurring the sales of proppants. Apart from this, manufacturers are constantly engaging in research and development (R&D) activities with an aim to develop lightweight variants which reduce proppant settling and require low viscosity fluids for transportation. In addition to this, multifunctional proppants are expected to detect hydraulic fracture geometry and slowly release downhole chemical additives while maintaining conductive hydraulic fractures. Another major factor contributing to the market growth is the advent of horizontal multistage fracturing technique. By 2024, the market is expected to reach a value of around US$ 10 Billion, expanding at a CAGR of 5.1% during 2019-2024.
Browse Full Report with TOC & List of Figure: https://www.imarcgroup.com/proppants-market
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact US
IMARC Group
Email: [email protected]
Tel No:(D) +91 120 433 0800 | www.imarcgroup.com
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800
Linkedin: https://www.linkedin.com/company/imarc-group
For India market research reports, visit: http://www.marketresearchindia.co.in