The global low strength proppants market generated a revenue of $3,713.3 million in 2019 and is predicted to progress at a CAGR of 9.8% between 2020 and 2030. According to the forecast of the market research firm, P&S Intelligence, the market would attain a value of $5,294.8 million by 2030. The rising exploration & production (E&P) activities and rapid technological advancements being made in crude oil recovery are the key factors fueling the expansion of the market across the globe. 

 

North America has historically been one of the biggest contributors to the global oil and gas production and this trend will not change in the coming years. In this region, the U.S. alone accounts for almost 80% of all newly drilled wells. Oil and gas E&P is also gaining traction in Canada, especially with the opening up of the country’s shale reserves for commercial production and exploration. These surging E&P activities are pushing up the demand for low strength proppants.

 

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This is because low strength proppants are heavily used in huge amounts during the hydraulic fracturing process, on account of their ability to augment the flow of oil and gas. The other major factor propelling the advancement of the market is the rising technological advancements being made in crude oil discovery. Many major oil & gas E&P companies in the Asia-Pacific and North American regions are making huge technological investments for enhancing the E&P of new oil and gas reserves. 

 

According to industry experts, energy production will register a huge growth in the U.S. in the near future, which will, in turn, fuel the development of improved and new technologies in order to ensure easy recovery process and high business growth for the organizations operating in the oil and gas industry. Based on end use, the low strength proppants market is categorized into crude oil, shale gas, and coal-bed methane.