Composites in Oil & Gas Industry Market is Projected to Reach US$ 2.35 Billion in 2028
The Composites in Oil & Gas Industry Market is expected to reach US$ 2.35 Billion in 2028, growing at a CAGR of 5.38% during 2022-2028, reports Stratview Research.
Raipur, Dec. 07, 2022 (GLOBE NEWSWIRE) -- Stratview Research, a leading market research firm has launched a report on the Composites in Oil & Gas Industry Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.
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How is the Report Helpful?
The report has a very high utility for the key decision-makers and strategists in terms of accurate market insights, future growth opportunities, and key success factors.
Most importantly, the report analyses the possible impact of COVID-19 on the market dynamics which offers cushioning against the uncertain business environment and helps in streamlining the resources and investment decisions in a fruitful manner.
What are the Top Market Drivers?
According to the report, the Composites in Oil & Gas Industry Market is driven by a host of factors, some of which are noted below:
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.
The report also includes growth rate estimates based on the intensity of drivers and constraints and provides the users with several graphical illustrations of the key insights.
Composites in Oil & Gas Industry Market Segmentation:
Stratview Research has segmented the market in the following ways which fulfill the market data needs of multiple stakeholders across the industry value chain.
By Fiber Type (Glass Fiber Composites, Carbon Fiber Composites),
By Resin Type (Epoxy Resin, Polyester Resin, Phenolic Resins, and Others),
By Application Type (Pipes, Tanks, Top Side Applications, and Others),
By Region (North America, Europe, Asia-Pacific, and the Rest of the World).
Composites in Oil & Gas Industry Market Insights
Market Trends by 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.
Market Trends by 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.
Market Trends by 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.
Which region offers the best opportunity and growth?
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.
COVID-19 Impact on the Composites in Oil & Gas Industry Market
COVID-19 has put an instant halt to many industries across the globe. Lockdown norms in several countries have swiftly affected the global economy by affecting the supply chain, production, and demand in the market. Both direct, as well as indirect impacts of the pandemic, have been incorporated in this report.
To know more about the covid-19 impact, get a free sample report, here:
Who are the Top Market Players?
After a thorough analysis of the market, the experts have listed a few key players and discussed the company profiles of the below-given players -
Airborne Oil & Gas BV
GE Oil & Gas
Magma Global Limited
National Oilwell Varco
Vello nordic AS
Enduro Composites, Inc.
What deliverables will you get in this report?
In-depth analysis of the Composites in Oil & Gas Industry Market.
Detailed market segmentation.
Competitive landscape analysis.
Historical, present, and future market size analysis.
Industry trends, technologies, and advancements.
Growth and operation strategies adopted by key players.
Potential segments/regions offering promising growth.
Geographical presence of the key players.
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About us –
Stratview Research is a global market research firm that offers reliable market reports, market entry strategies, strategic growth consulting, and more. The market experts compile high-quality market information to help users obtain granular level clarity on current business trends and expected future developments. Stratview Research also offers customization of the reports. Reach out to the analysts to customize the given report according to your priority/requirement.
Stratview Research has also launched 'Composights', an online portal that offers free thought leadership reports, whitepapers, market report synopsis, and much more for Composites and allied industries, worth US$ 20,000 every year.
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