Composites in Oil & Gas Industry Market to offer a healthy CAGR of 5.4% during 2020-25
February 14, 2020
Composites in Oil & Gas Industry Market Overview:
Composites in Oil & Gas Industry Market is likely to witness an impressive CAGR of 5.4% during the forecast period. The major factors driving the demand for composites in the oil & gas industry are their superior properties such as lightweight, corrosion and chemical resistance, high mechanical strength, and low maintenance cost.
Report Overview:
This new report from Stratview Research analyses the Composites in Oil & Gas Industry Market over the trend period from 2014 to 2019 and forecast period from 2020 to 2025. The insights of the report shall enable informed decision making and strategy formulation for the near future to capitalize on the opportunities.
Salient Features of the Report
The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.
The following are the key features of the report:
- Strategic segmentation
- Market analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Detailed Competitive Rivalry landscaping
- Market trend and forecast analysis
- Future Growth Boulevards
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Composites in Oil & Gas Industry Market Segment Insights:
Fiber Type: glass fiber composites and carbon fiber composites
Based on the fiber type, the market has been segmented as glass fiber composites and carbon fiber composites. The glass fiber composites segment dominated the market and is expected to maintain its position during the forecast period, owing to its usage in a wide range of applications, such as frac plugs, frac balls, handrails, ladders, tanks, and others. Further, the low cost of glass fiber composites along with their exceptional properties such as high mechanical strength, durability, flexibility, and lightweight are acting as a catalyst towards their increasing demand in the oil and gas industry.
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Resin Type: epoxy resin, polyester resin, phenolic resins, and others
Based on the resin type, the market is segmented as epoxy resin, polyester resin, phenolic resins, and others. The epoxy resin-based composite segment is expected to witness the highest growth during the forecast period. Increasing usage of hydraulic fracturing to extract natural gas from shale gas deposits has led to an increased usage of epoxy composites in applications, such as bridge plugs, frac plugs, frac balls, and pipes.
Application Type: pipes, tanks, top side applications, and others
Based on the application type, the market is segmented as pipes, tanks, top side applications, and others. The pipes segment is estimated to be the largest segment during the forecast period, owing to properties of composite pipes such as resistance to crude oil, paraffin build-up, and ability to withstand relatively high pressure in harsh operating environment.
A highly/moderately/fragment consolidated Market
Some of the leading players operating in the composites in oil & gas industry are Airborne Oil & Gas BV, GE Oil & Gas, Magma Global Limited, National Oilwell Varco, Vello nordic AS, Schlumberger Limited, Halliburton Company, Strongwell Corporation, Enduro Composites, Inc., and ZCL Composites.
Region: Asia-Pacific is expected to witness the highest growth
In terms of regions, Asia-Pacific is expected to witness the highest growth in the composites in oil & gas industry market during the forecast period, owing to the exceptional properties exhibited by composite materials in applications, such as pipes, tanks, top side applications, and others. North America and Europe are the other two major markets which are expected to witness substantial growth during the forecast period, owing to aging oil & gas transportation infrastructure and increasing focus towards unconventional sources of energy.
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