Frac sand is crystalline silica made with pure sandstone. It is pure quartz sand consisting of grains of round sand. This sand is durable and offers a material with crush-resistant properties. This material is used in oil & gas industries to fracking the technique is called hydraulic fracturing. The rock unit goes through many cycles of weather. Thus, it is considered a potential source. These qualities of frac sand make it ideal for use in the fracking process. Fracking involves the use of high-pressure fluid injection into the formation of underground rock to open fissures and insert crude oil or trapped gas to flow toward the wellhead through the pipe.
The market size of frac sand is expected to grow remarkably in the next several years, driven by expanding use-cases in the mining sector. The oil & gas sector is also anticipated to present lucrative opportunities for suppliers, considering the wide application of the product in the extraction of natural gas & oil.
According to a research study by Business Research Insights, the global market for frac sand is projected to rise at a CAGR of 14.2% during 2020-2027. In 2020, the market value stood at USD 6,409.7 million and is estimated to reach 14,220 million by 2027.
Significant Challenges Posed by COVID-19 Pandemic
The pandemic created various challenges in the market growth due to halt in production and decreased demand for the sand. The global enterprises witnessed a downfall as the company headquarters are present in the most affected regions such as Asia Pacific, North America, and Europe. Additionally, the pandemic affected the production and supply chains, resulting in decline in sales. The shortage of raw materials impeded the growth of the market.
Business Research Insights Presents the 5 Prominent Players in the Industry
1. Covia Solutions Inc.
Covia is a leading company in sand-based products and solutions for gas, oil, and recreation. The company was formed by merging Unimin and Fairmount Santrol and named Covia Solutions Inc. The company was founded by Bill Conway in 1978 and is headquartered in Ohio, U.S. Walter C. Best got to know about Covia, which was a small producer of silica sand in Chardon, Ohio while he was looking to purchase a company. Later, Conway purchased Covia and renamed it Best Sand, which later set the foundation for Fairmount Santrol.
2. Preferred Sands
The company was founded by Michael O’Neill in 2007. It is one of the significant manufacturers of proppants and sands. Proppant is a solid material, usually sand, artificial ceramic material, or treated sand, which is designed to keep the induced hydraulic fracture open following a fracturing treatment. The company offers resin and silica-coated sands and logistics management services to customers.
3. Badger Mining Corporation
The company was founded in 1949 by Clifford A. Chier. The founder started a mining operation near Fairwater in Wisconsin, now known as C.A. Chier Sand Company. The company delivers high-quality products of industrial silica sand. It operates in an environmentally responsible manner, along with ensuring the wellness and health of the communities and company associates.
4. Mammoth Energy Services
Mammoth Energy Services is an oilfield service provider founded in 2014 and has its headquarters in Oklahoma City, Oklahoma. The company currently offers facilities and service centers for supporting the operations in significant unconventional resources in the U.S. The company employs over 1,000 people and is listed as one of the top oilfield service providers.
5. Carbo Ceramics
Carbo Ceramics was founded by Manak Chand Darak, Pawan Kumar Joshi, Sanjeev Marda, and Samarpita De. It was assimilated as Midnapore Zemindary Company in 1902. The company was also involved in the activities of zamindary. The service and products of the company are used in hydraulic fracturing of oil wells and natural gas. Carbo Ceramics supplies ceramic proppants and offers software, spill prevention, consulting services, geotechnical monitoring, and containment. It also deals in selling its service and products to the operators of natural gas wells, oils, and companies of oilfield services.
The Trend of Hydraulic Fracturing in Gas & Oil Industries will Lead to Market Progress
The market share of frac sand is expected to witness a major growth due to rising demand for fuel and natural gases. The consistently rising demand for oil and gas is anticipated to boost extraction activities. Technological advancements in extraction activities and the increasing demand for petroleum-based products and gases are projected to drive the market growth. The rising population and increasing demand for vehicles are likely to boost the market as the urge to own a personal vehicle is increasing among the population. Moreover, the major use of frac sand is in hydraulic fracturing, which helps in the extraction of oil and natural gas.