The global low strength proppants market generated a revenue of $3,713.3 million in 2019, and it is predicted to attain a value of $5,294.8 million by 2030. Furthermore, the market will progress at a CAGR of 9.8% between 2020 and 2030, as per the estimates of P&S Intelligence, a market research company based in India. The market is being driven by the surging exploration & production (E&P) activities and rapid technological advancements in crude oil discovery.
Over the last few years, North America has witnessed a sharp surge in oil & gas E&P, with the U.S. alone accounting for around 80% of the newly drilled wells in the region. Canada is also garnering pace with the opening up of its several shale reserves for commercial exploration. These exploration activities are propelling the demand for low strength proppants, due to the fact that these proppants can increase the flow of gas or oil during the hydraulic fracturing process.
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Across the globe, North America dominated the low strength proppants market between 2014 and 2019, due to the presence of a large number of drilled wells and the discovery of numerous unconventional gas and oil reserves in the region. Additionally, the huge requirement for low-density proppants in the regional countries for extracting resources from both conventional and unconventional reserves also contributed toward the growth of the market in this region.
Hence, it can be said without any hesitation that the market will surge in the coming years, primarily because of the increasing oil and gas E&P activities and the rapid technological advancements being made in crude oil discovery in several countries around the world.
Read More: https://www.psmarketresearch.com/market-analysis/low-strength-proppants-market-outlook
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