Boom Expected in Global Low Strength Proppants Market During 2020—2030

The soaring oil and gas exploration and production (E&P) activities is one of the major factors fuelling the surge in the demand for low-strength proppants across the globe. Since the last several years, there has been a huge rise in conventional and unconventional E&P activities, especially in North America. Out of all the newly drilled oil wells in the region, almost 80% of the wells were drilled in the U.S. Additionally, the E&P activities are gaining traction in Canada, owing to the opening up of the shale reserves in the country for commercial activities.

The increasing technological investments being made in the various Asia-Pacific (APAC) and North American countries for encouraging the exploration of oil and gas reserves are massively boosting the growth of the low strength proppants market across the world. In addition to this, the increasing number of projects pertaining to energy production, being launched, especially in the U.S., is expected to cause rapid technological developments that would ensure huge business growth and subsequently increase the utilization of low strength proppants, which will in turn, cause huge expansion of the low strength proppants market in the country in future.

Due to the above-mentioned reasons, the value of the global low strength proppants market is expected to rise from $3,713.3 million to $5,294.8 million from 2019 to 2030. The low strength proppants market is expected to register a CAGR of 9.8% during the forecast period (2020“2030). Low strength proppants are used in crude oil, shale gas, and coal-bed methane. Amongst these, the crude oil category recorded the highest share in the low strength proppants market in 2019, due to the large-scale consumption of crude oil and the existence of numerous unconventional oil reserves throughout the world.

Globally, North America is predicted to observe the fastest growth in the utilization of low strength proppants during the forecast period. Moreover, the low strength proppants market is expected to register the fastest growth in North America from 2020 to 2030. This is primarily credited to the increasing oil and gas E&P activities and the surging investments being made by the major oil and gas producing and exploring companies for boosting the oil and gas exploration activities in the region.

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