Global proppant market is projected to reach $10,562.9 million by 2023
New York, NY -- (SBWIRE) -- 07/26/2018 -- Proppant is a solid material that is designed to keep a hydraulic fracture open during the hydrofracking treatment. Naturally occurring sand and high-strength ceramic materials, such as bauxite, are utilized in the production of proppants. Proppants should be carefully sorted in terms of sphericity and size to maximize well productivity. The global proppant is projected to grow at a decent pace in the years to come. The increasing use of ceramic and resin-coated proppants to enhance the productivity of wells and the growing demand for frac sand for the extraction of petroleum fluids are the key factors driving the market growth.
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In terms of volume, Europe accounted for 16.9% share in the global proppant market in 2017. During the forecast period, the proppant market in the region is expected to demonstrate a healthy growth rate, which can be mainly attributed to increasing R&D activities in hydraulic fracturing and introduction of new drilling techniques in the region employing proppants.
Proppants produced in Europe majorly utilize kaolin, bauxite, and fly ash as raw materials. The proppant volume and type utilized in hydraulic fracturing procedures vary in region, as different shale gas formations require different hydraulic fracturing treatments. Europe has an abundance of silica sand deposits, most of which are commercially developed. Leading silica sand producers are researching and studying reserves for producing fracturing-grade proppants. This is expected to increase the supply of sand proppants in the region in the coming years.
Unlike those of sand proppants, there are not many large-scale, commercially developed plants offering ceramic proppants in Europe as of now. Imports, thus, play an important role in the European proppant market. Imports of high-quality ceramic proppants from established U.S. manufacturers such as CARBO Ceramics Inc. and Saint-Gobain Proppants Inc. and those of low-priced proppants from China play a significant role in shaping the European proppant market.
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Among the European countries,in terms of volume, Russia held the largest share in the European proppant market in 2017. This can be attributed to the growth in the number of sand proppant manufacturers in the country. Russia also exports ceramic proppants manufactured by JSC "Borovichi Refractories Plant" and Fores to the U.S. market and several other countries of Europe. During the forecast period, the European proppant market is expected to witness the highest growth in Norway, as oil firms in the country are planning to double the drilling activities in offshore areas in the coming years.
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