According to a new market report published by Lucintel the future of the composites in oil and gas industry looks promising with opportunities pipes, tanks, pultruded products, frac plugs and frac balls end uses. Composites in the global oil and gas industry is expected to reach an estimated $2.0 billion and CAGR 5.5% 2021 to 2027. The major drivers of growth for this market are increasing oil and gas drilling and exploration activities in future.
Browse 62 market data tables and 98 figures spread through 194 pages and in-depth TOC on “Composites in the Global Oil and Gas Industry Market"
In this market, polyester, epoxy, phenolic, and polyethylene composites are the materials used to manufacture various composite parts for oil and gas industry. Lucintel forecasts that epoxy composites will remain the largest segment over the forecast period supported by its high performance characteristics such as low shrinkage, excellent adhesion, effective electrical insulation, high chemical, and solvent resistance properties. Polyethylene composites is expected to witness highest growth over the forecast period.
Within the composites in the global oil and gas industry, pipe is expected to remain as the largest market by value and volume consumption and it is also expected to experience the highest growth in the forecast period due to increases in oil and gas production and exploration activity on both onshore and offshore production sites have increased the demand for pipes are the major driving forces that spur the growth for this segment over the forecast period.
North America will remain the largest market over the forecast period due to growth in natural gas infrastructure projects, and awareness on the advantages of composite materials for oil and gas over traditional material. ROW is expected to witness highest growth over the forecast period.
Emerging trends, which have a direct impact on the dynamics of the industry, are the emergence of introduction of carbon fiber for composites application in the oil and gas industry, on-site construction of FRP pipes to any length and diameter, and increasing demand for high temperature and pressure RTPs. Owens corning, Jushi, CPIC, Nippon Electric Glass Co. Ltd, Hexion, and Olin Corporation are among the leading players of composites material in global oil and gas industry.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the composites in the global oil and gas by end use, resin type, and region. Lucintel has prepared a comprehensive research report entitled “Growth Opportunities in the Composites in the Global Oil and Gas Industry 2022-2027: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the composites in the global oil and gas industry by end use, resin type, and region as follows:
By End Use [Value ($M) and Volume (M lbs) shipment analysis for 2016 – 2027]:
•Pipes
•Tanks
•Pultruded Products
•Frac Plugs and Frac Balls
•Others
By Resin type [Value ($M) and Volume (M lbs) shipment analysis for 2016 – 2027]:
•Epoxy Composites
•Polyester Composites
•Phenolic Composites
•Polyethylene Composites
By Region type [Value ($M) and Volume (M lbs) shipment analysis for 2016 – 2027]:
•North America
•Europe
•Asia Pacific
•ROW
This 194-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/composites-in-oil-and-gas-market.aspx or write us at helpdesk@lucintel.com.
About Lucintel
Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers following 11 key questions:
Q.1 What are some of the most promising potential, high growth opportunities for the composites in the global oil and gas by end use (pipes, tanks, pultruded products, frac plugs and frac balls, and others), resin type (epoxy composites, polyester composites, phenolic composites, and polyethylene composites), and region (North America, Europe, and Asia Pacific & ROW)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are the emerging trends in this market and the reasons behind them?
Q.7 What are the changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M & A activities have taken place in the last 5 years in this market?