With depleting resources of easily available natural gas and crude oil, unconventional energy sources were gradually explored and have received substantial impetus over the past decade. Unlike the rapidly depleting conventional oil and gas resources, unconventional resources are present in abundance across many countries such as the US, Canada, China, and Argentina. For instance, in November 2018, the US EIA announced that the volume of proven reserves of natural gas in the US had reached 464.3 trillion Cubic Feet (Tcf) in 2017, registering a year-over-year growth of 36.1%. Such figures suggest that unconventional oil and gas resources are abundantly available, and even with the increase in production, they will remain available for a longer period. This is expected to drive the growth of the frac sand market during the forecast period.
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As per Technavio, the growing demand for fine mesh raw frac sand will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Frac Sand Market: Growing Demand for Fine Mesh Raw Frac Sand
Fine mesh raw frac sand is a proppant used for extracting oil and natural gas and improving their flow. It proves to be cost-effective, when compared with other proppants such as resin-coated sand and manufactured ceramics. The rising use of fine mesh raw frac sand as a proppant is an upcoming trend in the global frac sand market. In countries such as the US, the consumption of fine mesh raw frac sand has increased owing to technological advances and increased demand for petroleum products in the country. The demand for high-quality fine mesh raw frac sand will continue to increase due to long-term development of unconventional oil and natural gas reservoirs.
“Factors such as the rise in petroleum refining, increasing applications of IoT, and the growing adoption of green fracking methods will have a positive impact on the growth of the frac sand market value during the forecast period,” says a senior analyst at Technavio.
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Frac Sand Market: Segmentation Analysis
This market research report segments the frac sand market by type (white sand and brown sand), and geography (APAC, Europe, MEA, North America and South America).
The North American region led the frac sand market in 2019, followed by Europe, APAC, MEA and South America. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the rising adoption of unconventional oil and gas drilling techniques and the abundance of shale oil and gas reserves.
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Some of the key topics covered in the report include:
- White sand
- Brown sand
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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