Proppants Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type (Frac Sand, Resin-Coated Proppants, Ceramic Proppants), By Application (Shale Gas, Tight Gas, Coalbed Methane, Others) and Region Forecast 2020-2031

Proppants Market size was valued at US$ 9.9 billion in 2024 and is expected to reach US$ 17.1 billion by 2031, growing at a significant CAGR of 8.2% from 2025-2031. The market is poised for growth, driven by the expanding oil and gas exploration activities, energy security, growing demand for natural gas, and technological advancements. The primary driver of the market is the expansion of oil and gas exploration activities. As energy demands increase, the exploration for new oil and gas fields has intensified, leading to a rise in fracking activities and, consequently, the use of proppants. The shale gas revolution in the United States has led to a significant increase in demand for oil and gas. Hydraulic fracturing, a process that uses proppants to prop open fractures in rock formations, is essential for shale gas production.

Additionally, Improvements in fracking technology and drilling techniques have also propelled the market forward. Innovations in proppant technologies, such as the development of stronger and more efficient proppants, cater to the evolving needs of the fracking industry. For instance, the use of larger proppant grains and higher proppant concentrations is becoming more common. These trends are driving the growth of the proppants market. While it faces challenges such as price volatility and environmental concerns, opportunities in shale gas production and the development of superior proppants present a positive outlook. Trends like the dominance of frac sand and the growth of the Asia-Pacific market are shaping the future of the industry. As the world continues to demand more energy, the market will remain a critical component of the oil and gas sector.

Key Developments

• In April 2022, Exxon announced a significant investment of US$ 10 billion in a new offshore venture located off Guyana’s shores. This initiative represents the corporation’s fourth venture into oil production within the country, marking it as the most substantial undertaking in Latin America. The Guyanese authorities have given their nod to the YellowTail project, which is anticipated to produce a daily output of 250,000 barrels of oil, with operations commencing in 2025.
• In September 2019, U.S.-based U.S. Silica, a global industrial minerals and logistics company, announced the acquisition of a former ceramic Proppants manufacturing facility in Georgia, U.S. This move was intended to boost the production of high-end Proppants.