The analysts at RnRMarketResearch are forecasting the global frac sand market to grow at a Compound Annual Growth Rate (CAGR) of 10.29 percent during the period 2016-2020. The report covers the present scenario and the growth prospects of the global frac sand market for 2016-2020.
According to the frac sand market report, a key growth driver is the technological advances being made in the oil extraction processes. The extraction of oil and natural gas from conventional resources in North America and ROW has been experiencing a decline.
The majority of conventional oil and natural gas resources are already being accessed. Oil and gas production from unconventional resources such as shale and tight sandstone was not considered to be an economically viable option.
Unlike the conventional reserves of oil and natural gas, oil and gas in these tight petroleum reservoirs do not flow naturally through the rock, making them much more difficult to extract. However, the introduction of hydraulic fracturing has changed the oil and gas industry, especially in the U.S., where shale gas is produced in significant volumes at relatively low costs.
The global frac sand market analyst said a trend that is having a positive impact on the market is consolidation. The frac sand industry is witnessing increased market consolidation. Large operators in the market are acquiring small companies to expand their product portfolio and enhance their capabilities in the market.
For more information, go here.