The global frac sand market is expected to display higher growth rate in the upcoming period. Rapid surge in the market is credited to the increasing oil exploration activities and rising demand from oilfield supply industry. Increasing adoption of frac sand for hydraulic fracturing in oil & gas industry is expected to drive the growth of the market over the forecast period. Globally, frac sand market is predicted to generate massive revenue over the forecast period, providing numerous opportunities for industry participants to invest in research and development of frac sands.
Frac sand is commonly termed as sand with small and uniform particles, thus allowing flow of fluids like water, oil, and gas easily through the spaces during fracking. Frac sand is increasingly used for process of hydraulic fracturing, also called as fracking, in which the sand is compressed onto the rock formation along with the water, thereby fracturing the rock. Rising number of mining activities across the globe is the key market trend associated with frac sand market over the forecast period.
Increasing use of frac sand as a proppant is further fostering the growth of frac sand market over the past few years. In addition, growing preference towards frac sand as a proppant over ceramic beads, aluminum beads and sintered bauxite due to high performance capabilities and cost effectiveness is anticipated to fuel market demand over the coming years.
The market is broadly categorized into two major segments based on the application type such as oil & gas industry, and petroleum industry. Oil & gas industry segment is growing rapidly in the market with substantial revenue generation in the last few years. Growing popularity of frac sand in oil & gas industry segment is attributed to the increasing product penetration and several advantages over its counterparts.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in implementation of latest technologies in manufacturing sector, surge in number of research & development activities and existence of well-established industrial infrastructure in the region. In European region, Norway, Netherlands, and Russia are projected to witness steady growth over the coming years.
Asia-Pacific region is estimated to hold a major share in the frac sand market with massive growth in forecast period. Countries such as Japan, China and Australia are leading the Asia-Pacific market with strong economic growth, rising oil exploration activities, increasing mining activities, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the frac sand market are The HORIBA Group, Athabasca Minerals Inc., Frac Sand McLanahan Co., Sierra Frac Sand, Inc., and Black Mountain Sand Corp.
Research Support Specialist, USA