The increasing technological investments being made in the various Asia-Pacific and North American countries for encouraging the exploration of oil and gas reserves are massively boosting the growth of the low strength proppants market across the world. In addition to this, the increasing number of projects pertaining to energy production, being launched, especially in the U.S., is expected to cause rapid technological developments that would ensure huge business growth and subsequently increase the utilization of low strength proppants, which will in turn, cause huge expansion of the low strength proppants market in the country in future.
The low strength proppants market size is expected to register a CAGR of 9.8% during 2020-2030. Low strength proppants are used in crude oil, shale gas, and coal-bed methane. Amongst these, the crude oil category recorded the highest share in the low strength proppants market in 2019, due to the large-scale consumption of crude oil and the existence of numerous unconventional oil reserves throughout the world.
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As per the International Association of Energy Economics, the unconventional oil production is predicted to account for 3.0% of the total crude oil production in the world in 2020. Furthermore, the total volume of the unconventional oil production is predicted to rise from 3.05 million barrels every day to 3.75 million barrels each day from 2020 to 2030. Owing to these reasons, crude oil is predicted to hold a huge share in the low strength proppants market in the coming years.
Hence, it is clear that the demand for low strength proppants will skyrocket all over the world in the coming years, mainly because of the increasing oil and gas production and exploration activities across the globe and the soaring requirement of these materials in the oil and gas industry.
Read more: https://www.psmarketresearch.com/market-analysis/low-strength-proppants-market-outlook
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