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.
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COVID-19 impact on the global proppants market
In 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 m
arket, 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.
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Opportunity: Exploration of unconventional oil and gas reserves increasing
Countries 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. Countries such as Brazil, Algeria, South Africa, Argentina, Mexico, and Australia have large proven reserves of unconventional oil and gas, which will significantly increase the demand for proppants in the future.
APAC estimated to be the fastest-growing market for proppants market
The domestic demand for natural gas will increase in major APAC economies due to the development of shale gas in the region. The extraction of shale gas is likely to enhance the region’s energy security by allowing the countries to become less dependent on external sources. However, the development of shale gas is at the initial stage. Countries are extracting shale gas using advanced technology from their shale gas reserves, majorly driven by China.
Allied Market Research published a new report, titled, " Synthetic Proppants Market: Global Opportunity Analysis and Industry Forecast, 2020-2027."
The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape.
This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.The report offers key drivers that propel the growth in the global synthetic proppants market.
Extensive analysis of sales, revenue, growth rate, and market share of each FF and GG for the historic period and the forecast period is offered with the help of tables.The market is analyzed based on regions and competitive landscape in each region is mentioned.
These insights help to devise strategies and create new opportunities to achieve exceptional results.The research offers an extensive analysis of key players active in the global synthetic proppants industry.
These players have adopted various strategies including expansions, mergers & acquisitions, joint ventures, new product launches, and collaborations to gain a strong position in the industry.
