The changing dynamics in Epoxy Resin Market in the Oil & Gas Industry with covid-19 impact assessment
June 02, 2020
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Epoxy Resin Market in the Oil & Gas Industry.
It was estimated prior to this unanticipated outbreak that the Epoxy Resin Market in the Oil & Gas Industry was expected to grow at a CAGR of >6.0% by 2025. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
For a more detailed breakdown of the COVID-19 impact on the Epoxy Resin Market in the Oil & Gas Industry, request a free sample of the report here:
Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues has gone down in 2020 and may resume an uptrend gradually form 2021. Companies optimizing their operation and statergy will sustain and beat the competition.
Global epoxy resin market in the oil & gas industry is segmented based on operation type as onshore, offshore, and transportation. Onshore is expected to remain the most dominant application in the epoxy resin market in the oil & gas industry during the forecast period. Epoxy resin is preferred in a wide array of applications from exploration, drilling to production applications. There is an increasing penetration of epoxy resin based composite applications, such as small diameter GRE pipes in the onshore applications. Offshore operations are expected to offer an excellent growth in the epoxy resins market, driven by higher demand for lightweight, high-strength, and corrosion-resistant composites over the next five years.
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Global epoxy resin market in the oil & gas industry is segmented based on application type as composites, coatings, adhesion, painting, linings, and others. Composites is expected to be the fastest growing application of epoxy resin in the oil & gas industry over the next five years, driven by its multiple advantages, such as corrosion resistance, shear resistance, chemical resistance, high operating temperature, low maintenance cost, and durability.
North America is expected to remain the largest market for epoxy resin in the oil & gas industry during the forecast period of 2020 to 2025. All three countries, the US, Canada, and Mexico are generating a healthy demand for epoxy resins in the North American oil & gas industry. Good natural gas infrastructure, installation, and replacement of underground tanks have contributed to the demand in this region. Asia-Pacific is estimated to witness the highest growth in the epoxy resin market in the oil & gas industry for the same period, China and India being the growth engines of this region. Increasing pipeline infrastructure in Middle-East and Africa is further propelling the growth of epoxy resin market in the oil & gas industry.
Key Players:
Dow Coating Materials, Cytec Solvay Group, Henkel AG & Company, Hexion Inc., Huntsman Corporation, Nona composites, and Polyset Co Inc. are some of the major players in the global epoxy resin market for the oil & gas industry. New application development of composites, advancement in technology, and collaboration with EPC companies are some of the key strategies adopted by the major companies to gain a competitive edge over others.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Epoxy Resin Market in the Oil & Gas Industry analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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