Proppants Market - Forecast(2020 - 2025)
Proppants Market Overview: The demand for oil & gas was gauged to be 145.7 mboe/d in 2015, and the Organization of Petroleum Exporting Countries (OPEC) projects that the demand will catapult to 193.9 mboe/d in 2040. [1] This growing demand for oil & gas is poised to drive associated industries, and one of those sectors is the proppants market, which was worth $8.1 billion as of 2018. This is because proppants are used during the fracking stage of oil & gas extraction. Owing to the augmented demand for oil & gas, the proppants market is poised to observe growth at a profitable compound annual growth rate (CAGR) of 7.10% during the forecast period 2019--2025. Request Sample According to the US Energy Information Administration (EIA), in 2018, as much as 6.44 million barrels per day of crude oil production in the U.S. was attributed to tight oil resources, which equals to 59% of the total crude oil production in the U.S. [2] North America has been the highest produce