Global Synthetic Proppants Market: Overview
Proppant is a solid material designed to keep hydraulic fracture open during treatment. Hydraulic fracture is a widely used process in gas companies. Under the process, chemicals, injecting sand, and water are inserted into a well under carefully controlled conditions to crack or fracture solid rocks and release trapped gas deposits. Development of the hydraulic fracturing technology has led to the usage of proppants. Proppants are used during hydraulic fracturing to keep the fissures open for oil and gas to flow toward the well head. There are primarily three types of proppants: sand, resin-coated, and ceramic. The proppants market has been expanding in most of the emerging economies. The market entails significant investment. Traditional drilling methods incur high cost and can adversely affect the availability of resources. Synthetic proppants play a vital role in the extraction process by keeping the supplies of natural gas and oil unhindered. This is fuelling the proppants market.
Various types of proppants are used in the fraction process; however, synthetic proppants provide better performance under high pressure conditions in reservoirs at greater depth. This is anticipated to augment the synthetic proppants market during the forecast period. Rise in usage of proppants in the oil & gas industry has boosted the demand for proppants across the globe. However, implementation of stringent government regulations to reduce hydraulic fracturing due to its hazardous environmental impact is hampering the market.
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Global Synthetic Proppants Market: Key Segments
Based on type, the synthetic proppants market can be segmented into ceramic beads, aluminum beads, sintered bauxite, coated sand, and others. Ceramic proppants are manufactured from kaolin clay or non-metallurgical bauxite, which is sintered to reduce the water content and increase density, roundness, and strength. Synthetic proppants provide an additional benefit; their specific gravity and grain size can be matched to the viscosity of the fracking fluid. Thus, enhanced properties of synthetic proppants are estimated to drive the market during the forecast period.
Global Synthetic Proppants Market: Applications
In terms of application, the synthetic proppants market can be divided into hale gas, tight gas, coal bed methane, and others. Increase in application of synthetic proppants in shale gas extraction due to its usage in transportation and power generation is projected to augment the market during the forecast period. Furthermore, presence of unexplored shale gas reserves in economies such as China, Argentina, Australia, Algeria, Saudi Arabia, and Brazil is likely to boost the demand for synthetic proppants during the forecast period.
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Global Synthetic Proppants Market: Key Players
Prominent players operating in the global synthetic proppants market are Fortress Proppants Ltd, Fairmount Santrol, Badger Mining Corporation (BMC), U.S. SILICA, CARBO Ceramics, and Hi Crush LP Partners.