NEW YORK, Sept. 21, 2016 /PRNewswire/ --
"Increasing demand for non-corrosive and lightweight materials in the oil & gas industry"
The market size of composites in oil & gas industry is projected to reach USD 1.98 billion by 2021, registering a CAGR of 5.05% between 2016 and 2021. The increasing demand of non-corrosive and lightweight materials in the oil & gas industry along with long life cycle and low maintenance cost of composites are the major factors fueling the growth of the global market of composites in oil & gas industry.
"Pipes: The fastest-growing application of the market of composites in oil & gas industry"
The market of composites in oil & gas industry is driven by increase in the production of shale gas and improved hydraulic fracturing methods, thereby increasing the demand of composites pipes, risers, jumpers, flowline, and others. This is because these composite components offers complete solutions against highly corrosive fluids and harsh environment conditions at various temperature, pressure, adverse weather, and soil conditions. This growth is attributed to the growing exploration of untapped resources and growing demand for energy.
"North America: The fastest-growing market of composites in oil & gas industry"
North America is the largest and fastest-growing market of composites in oil & gas industry. The rising demand for high-performance and lightweight materials and increasing new product launches & other development strategies in the region lead to the growth of the market of composites in oil & gas industry in this region.
The U.S. dominated the market of composites in oil & gas industry in North America, accounting for more than half of the demand for oil & gas composites in the region. The increasing demand for non-corrosive and lightweight materials in the oil & gas industry along with long life cycle and low maintenance cost of composites is driving the demand for oil & gas composites.
The market figures presented in this report has been validated through primary interviews conducted with various industry experts, globally. These primary sources have been divided in three categories:
- By Company Type- Tier 1- 35%, Tier 2- 25%, and Tier 3- 40%
- By Designation- C Level- 30%, Director Level- 25%, and Others- 45%
- By Region- North America- 35%, Europe- 30%, Asia-Pacific- 20%, and RoW (Middle East & Africa and Latin America)- 15%
The report also provides company profiles and competitive strategies adopted by the major market players. The various key players profiled in the report are:
- 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.)
- ZCL Composite (Canada)
Key Target Audience
- Oil & gas composite manufacturers
- Raw materials suppliers
- Distributors and suppliers
- End-use industries
- Industry associations
- R&D institutions
- Environment support agencies
- Investment banks
- Private equity firms
Scope of the Report:
This research report categorizes the oil and gas composites market based on resin, fiber, application and region. Also, the report forecasts revenue growth and analysis of trends in each of the submarkets.
By Resin Type:
By Fiber Type:
- Top Side Applications
- North America
- Middle East & Africa
- Latin America
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