ascribed to the Growing exploration & production activities and technical improvements for crude oil retrieval are some of the main reasons propelling the low-strength proppants market.
In recent years, the crude oil category had the largest industry share in the low-strength proppants market, on the basis of end-use.
This development can be ascribed to the growing usage of raw oil and the existence of a huge count of alternative oil reserves throughout the globe. Nations such as Russia the U.K., the U.S., and Saudi Arabia are concentrating on making unconventional oil in high quantity, which, ultimately, is fuelling the usage of low-density proppants.
In recent years, the North American region dominated the market, which is credited to the surge in the count of drilled wells, coupled with findings of unconventional oil & gas reserves, in the continent. Furthermore, the continent has the presence of both unconventional and conventional resources in plenty, and in order to abstract these resources, low-density proppants are needed in high quantities.
Hence, with large-scale oil and gas survey activities in the North American region, the usage of low-strength proppants surges significantly. Furthermore, growing expenditure in the regional industry in order to surge production activities is also projected to propel the low-strength proppants industry.
In the past few years, the North American region has significantly contributed to unconventional and conventional oil and gas production. The U.S. alone is responsible for approximately 80% of the afresh drilled wells in the continent. Canada too is increasing its pace with the opening up of its shale reserves for commercial examination.
Key Industry companies across North American and APAC regions are doing heavy technical expenditure in order to advance the examination of new oil & gas reserves. Furthermore, electricity production, mainly in the U.S., is estimated to experience huge development, on account of which new and better-quality technologies are being advanced to guarantee high business progress and simple recovery procedures. This, ultimately, is projected to accelerate the usage of low-density proppants and thereby fuel the low-strength proppants industry.
Hence, the Growing exploration & production activities and technical improvements for crude oil retrieval are some of the main reasons propelling the low-strength proppants market.