According to a new market report published by
Lucintel, the future of composites in the global oil and gas market looks good,
with opportunities in the pipe, tank, pultruded products, and others. The composites
end product market for global oil and gas is expected to reach an estimated
$1.6 billion by 2021. Composites in oil and gas market are forecast to grow at
a CAGR of 4.3% by value from 2016 to 2021. The major drivers of growth for this
market are increasing oil and gas drilling and exploration activities in
future.
In this market, polyester, epoxy, phenolic,
and polyethylene composites are the materials used to manufacture various composite
parts for oil and gas industry. Lucintel predicts that the demand for epoxy
composites is expected to experience the highest growth in the forecast period,
supported by its high performance characteristics such as low shrinkage, excellent
adhesion, effective electrical insulation, high chemical, and solvent
resistance properties.
Within composites in the oil and gas industry,
pipe application is expected to remain as the largest market by value and
volume consumption. The tank
application is expected to experience the highest growth in the forecast period.
Increasing new installation and replacement of old underground storage tanks are
the major driving forces that spur the growth for this segment over the
forecast period.
North America is expected to remain the
largest market due to growth in natural gas infrastructure projects, and
awareness on the advantages of composite materials for oil and gas over
traditional material.
Rest of World is expected to witness above-average
growth over the forecast period due to rising rig counts and growth in the new pipe
line installation projects.
For business
expansion, the report suggests innovation and new product development, to offers
low cost solution for oil and gas applications. Emerging trends, which have a
direct impact on the dynamics of the industry, are the emergence of
introduction of carbon fiber for oil and gas applications and on-site
construction of FRP pipes to any length and diameter which exclude
transportation and installation cost. Owens corning, Jushi, CPIC, Hexion, Thai
Epoxy 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 for composites in the global
oil and gas industry by region, end-use application, and material type
and has come up with a comprehensive research report, “Growth
Opportunities for Composites in the Global Oil and Gas Industry 2016-2021:
Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a spring
board for growth strategy as it provides a comprehensive data and analysis on
trends, key drivers, and directions. The study includes a forecast for
composites in the global oil and gas industry by region, end-use application, and material type as follows:
By region (Volume (Million Pounds) and $ Million shipment
from 2010 to 2021):
·
North America
·
Europe
·
Asia Pacific
·
Rest of the World
By end use application (Volume (Million Pounds)
and $ Million shipment from 2010 to 2021):
·
Pipe
·
Tank
·
Pultruded Product
·
Frac plugs and Frac balls
·
Others
By material type (volume (Million Pounds) and
$ Million shipment from 2010 to 2021):
·
Epoxy Composites
·
Polyester Composites
·
Phenolic Composites
·
Polyethylene Composites
This
152-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
helpdesk@lucintel.com. Lucintel offerings include Advanced
Materials Reports, Composite
Materials Market Report, Strategic
Growth Consulting, Commercial Due Diligence
Report and Business
Strategy Consulting.
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, high-growth for composites in the
global oil and gas market by applications, by material type, and region?
Q.
2.Which product segments will grow at a faster pace and why?
Q.
3.Which region will grow at a faster pace and why?
Q.4.What
are the key factors affecting market dynamics? What are the drivers and
challenges in the market?
Q.5.What
are the business risks and competitive threats in this market?
Q.6.What
are emerging trends in this market and reasons behind them?
Q.7.What
are some changing demands of customers in the market?
Q.8.What
are the new developments in the market and 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 in this area and how great a threat
do they pose for loss of market share through product substitution?
Q.
11. What M & A activities has transpired in the last 5 years in this market
and what is its impact on the industry?
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