The global composites in the oil and gas market is projected to reach $3.2 billion by 2028, at a CAGR of 7.6% during 2022-2028. The growth of composites in the oil and gas market is driven by increasing oil and gas drilling and exploration activities in future. Some of the Key Questions answered in this exclusive report are:
Q.1 What are some of the most promising, high-growth opportunities for the composites in the oil and gas market 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 What are the business risks and threats to the composites in the oil and gas market?
Q.4 What are some changing demands of customers in the composites in the oil and gas market?
Q.5 What are the new developments in the composites in the oil and gas market? Which companies are leading these developments?
Q.6 What strategic initiatives are being implemented by key players for business growth?
Q.7 What are some of the competitive products and processes in this composites in the oil and gas area and how big of a threat do they pose for loss of market share via product substitution?
Q.8 What M&A activity has occurred in the last 5 years in this composites in the oil and gas market?
Emerging trends, which have a direct impact on the dynamics of the industry, include 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.
Based on end use, the composites in the oil and gas market is segmented into pipes, tanks, pultruded products, frac plugs and frac balls, and others. The pipes segment accounted for the largest share of the market in 2022 and is expected to register the highest CAGR during 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.
Key Players in the composites in the oil and gas market are Owens Corning, Jushi Group Co. Ltd, CPIC, Nippon Electric Glass Co. Ltd, Olin Corporation, Hexion Inc, Polynt Reichhold, Ashland, Sumitomo Bakelite, Future Pipes Industries, National Oilwell Varco (NOV), Hengrun Group Co. Ltd, Hobas Pipe, Amiantit, ZCL Composite Inc.
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The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth. It would also help to understand the competitors better and gain more insights to improve their position in the business.
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