NEW YORK, March 08, 2018 (GLOBE NEWSWIRE) -- The global ceramic proppant market was growing at a progressive rate in 2017 and is expected to grow at a significant rate during the forecast period, growing at a CAGR of 13.2% from 2018-2024. The key factor driving the growth of the global ceramic proppant market is the rising demand of ceramic proppants in hydraulic fracturing of shale, tight gas and coal bed methane production. Subsequently, the conductivity, quality and strength of ceramic proppant are more than any other proppants with long-term cost benefits and also high performance. Another factor driving the market growth is the utilization of ceramic proppants in deep water and high pressure wells.
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Ceramic proppant are manmade proppants with higher conductivity and performance along with greater crush strength which enables the fractures to remain open and allow the continuous flow of oil and gas. The manufacturing of ceramic proppants is environment friendly as it is manufactured from kaolin, bauxite and loam having neutral effect.
The primarily factor driving the demand of ceramic proppant market is the rising demand of oil and gas to meet the demand and supply gap. Moreover, depletion of shallow hydrocarbon deposits is leading to deep water oil and gas production. This has resulted in high pressure drilling and hydraulic fracturing in low permeability formations by ceramic proppant which allows the cracks to remain open and increase oil and gas production.
The ceramic proppant market can be segmented into product type, application, and region. On the basis of product type, the market is segmented into ultra-Low density ceramic proppants, medium density ceramic proppants, and high density ceramic proppants. On the basis of application, the ceramic proppant market is segmented into oil and gas sector, construction, and others. Oil and gas is the largest segment owing to its increasing application in hydro fracturing technology in shale gas production.
North America was holding the largest market share of ceramic proppant market, in 2017. Presence of a large number of oil and gas reserves coupled with high energy demand is boosting the growth of North American ceramic proppant market. Asia-Pacific ceramic proppant market is anticipated to grow at a steady rate over the forecast period owing to slow increment in oil and gas drilling projects. In Asia-Pacific, China have high potential shale deposits which will have a positive impact to the market. Middle East is investing huge amount of money in exploration and production activities which will have a positive impact to the ceramic proppant market.
The major companies include Fores LLC, Badger Mining Corporation, Carbo Ceramics, Imerys S.A., and Momentive Speciality Chemicals among others.
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