The report, now available on ASDReports, "Composites in Oil and Gas Industry Market by Resin Type (Epoxy, Polyester, and Phenolic), Fiber Type (Glass and Carbon), Application (Pipes, Tanks, and Top Side Applications), and Region - Global Forecasts to 2021", The global market of composites in oil & gas industry is projected to reach USD 1.98 Billion by 2021, at a CAGR of 5.05% between 2016 and 2021. The major factors fueling the growth of market of composites in oil & gas industry are the increasing demand of non-corrosive and lightweight materials in the oil & gas industry and boom in the hydraulic fracturing activities.
Glass fiber-based oil & gas composites comprise a major share in market of composites in oil & gas industry
Glass fiber-based oil & gas composites has the major share in market of composites in oil & gas industry due to large demand from pipes, tanks, frac balls, frac plugs, and other applications. The low cost of glass fiber and its superior properties such as strength, flexibility, durability, stability, lightweight, as well as resistance to heat, temperature, and moisture are factors that contribute to the growth of glass fiber-based oil & gas composites.
Epoxy resin-based oil & gas composites has the largest market share in the market of composites in oil & gas industry
Epoxy resin-based oil & gas composites has the largest market share and are expected to be the fastest-growing resin type in market of composites in oil & gas industry . This is because epoxy resin-based oil & gas composites offer various thermal and mechanical properties, such as resistance to corrosive liquids, excellent electrical insulation, good performance at elevated temperature, lower styrene emission in comparison to that of polyester resins, and good adhesion strength to different varieties of reinforcements.
Pipes is the largest application of the composites in oil & gas industry
The applications such as pipes, risers, downline, and flow line dominate market of composites in oil & gas industry. This is because of the growing demand for high-strength, high-performance, cost-effective, non-corrosive, and lightweight materials from the deep water offshore oil & gas exploration and production activities. In addition, the use of composite pipes reduces the overall maintenance costs, thereby minimizing the maintenance costs of the overall installations.
North America is the key market for composites in oil & gas industry
North America is expected to be the largest region for the market of composites in oil & gas industry. The growing demand for composite based frac plugs and frac balls due to exploration of shale gas resourced, thereby requiring improved hydraulic fracturing and horizontal drilling methods are driving the market in this region. Furthermore, there has been acceleration in production of oil & gas composite components to cater the huge demand from the growing shale gas exploration and production activities.
Some of the leading manufacturers of oil & gas composites include Airborne Oil & Gas (Netherlands), GE Oil & Gas (U.K.), Magma Global Limited (U.K.), National Oilwell Varco (U.S.), Vello Nordic AS (Norway), Schlumberger Limited (U.S.), Halliburton (U.S.), Strongwell Corporation (U.S.), Enduro Composites, Inc. (U.S.), and ZCL Composite (Canada). These players have adopted new product launches, partnerships, agreements & contracts, expansions, and mergers & acquisitions for enhancing their business and market
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Source: ASDReports - Market Research
Date: Sep 20, 2016