Global Low strength Proppants Market Share, Growth and Future Scope

The increasing oil and gas exploration and production (E&P) activities, especially in North America, are massively pushing up the requirement for low strength proppants. According to many reports, the U.S. accounts for almost 80% of all the newly drilled oil wells in North America. Low-strength proppants are mainly used for increasing the flow of gas or oil during the hydraulic fracturing process and therefore, the demand for these substances is rising sharply because of the growing E&P activities.

The development of advanced crude oil recovery methods and technologies is causing a huge spike in the sales of low-strength proppants across the globe. This is causing the surge of the global low strength proppants market. The market reached a value of $3,713.3 million in 2019 and is predicted to attain a revenue of $5,294.8 million by 2030. Further, the market will demonstrate a CAGR of 9.8% between 2020 and 2030.

Geographically, the North American low strength proppants market will demonstrate the highest growth in the forthcoming years, as per the estimates of P&S Intelligence, a market research company based in India. The surging investments being made by industry players in the development of low strength proppants and the rising natural gas and crude oil exports of North American countries are the key factors fueling the expansion of the market in this region.

Hence, it can be said with full confidence that the sales of low strength proppants will climb steeply all over the world in the upcoming years, on account of the rising oil and gas exploration and production activities in several countries around the world.

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