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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

By: marketsandmarkets.com
Publishing Date: September 2016
Report Code: CH 4567

The market size of composites in oil & gas industry was USD 1.48 Billion in 2015 and is projected to reach USD 1.98 Billion by 2021, registering a CAGR of 5.05% between 2016 and 2021. In this study, 2015 is considered as the base year and 2016–2021 as the forecast period for the composites in oil & gas industry market.

Objectives of the study:

To analyze the market of composites in oil & gas industry by volume (kiloton) and value (USD million)
To define, describe, and forecast the market of composites in oil and gas industry based on fiber type, resin type, application, and region.
To analyze and forecast the market by regions, namely, North America, Europe, Asia-Pacific, the Middle East & Africa (ME&A), Latin America, and their major countries
To further analyze and forecast the market size, in terms of volume and value, for the five main regions
To analyze the market segmentation and to forecast the market based on its fiber types that include carbon fiber and glass fiber
To analyze the market segmentation and to forecast the market based on its resin types that include polyester, epoxy, phenolic, and others
To provide detailed information regarding the key factors influencing the growth of the market (drivers, restraints, opportunities, and key issues)
To strategically analyze markets with respect to individual growth trends, future prospects, and contribution of sub-markets to the total market
To analyze the market opportunities and the competitive landscape for stakeholders and market leaders
To analyze competitive developments such as alliances, joint ventures, mergers & acquisitions, and new product developments
To strategically profile key players and analyze their core competencies

Different secondary sources such as company websites, International Monetary Fund, Energy Information Administration, BP Statistical Review, United Nations Statistics Division, Factiva, Hoovers, and others have been used to identify and collect information that is useful for this extensive commercial study of the global composites in oil & gas industry market. The primary sources, which include experts from related industries, have been interviewed to verify and collect critical information as well as assess the future prospects of the market. The top-down approach has been implemented to validate the market size, in terms of both value and volume. With the data triangulation procedure and validation of data through primaries, the exact values of the overall parent market size and individual market sizes have been determined and confirmed in this study.

Composites in Oil and Gas Industry Market

To know about the assumptions considered for the study, download the pdf brochure

The composites in oil & gas industry market has a diversified and established ecosystem of its upstream players such as raw material suppliers and downstream stakeholders such as manufacturers, vendors, end users, and government organizations. Some of the 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).

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

“This study answers several questions for the stakeholders, primarily which market segments to focus in next two to five years for prioritizing the efforts and investments”.

Scope of the Report:

This research report categorizes the oil & gas composites market based on resin type, fiber type, application, and region. Also, forecasts revenue growth and analysis of trends in each of the submarkets.

By Resin Type:

Epoxy
Polyester
Phenolic
Others

By Fiber Type:

Glass
Carbon

By Application:

Pipes
Tanks
Top Side Applications
Others

By Region

North America
Europe
Asia-Pacific
Middle East & Africa
Latin America

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:

Product Analysis

Product matrix, which gives a detailed comparison of product portfolio of each company

Regional Analysis

Further breakdown of the North America market industry
Further breakdown of the Europe market industry
Further breakdown of the Asia-Pacific market industry
Further breakdown of the Middle East & Africa market industry
Further breakdown of the Latin America market industry

Company Information

Detailed analysis and profiling of additional market players

Table of Contents

1 Introduction (Page No. - 15)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 19)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primary Interviews
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 27)

4 Premium Insights (Page No. - 31)
    4.1 Market Size of Composites in Oil and Gas Industry, in Terms of Value, 2016–2021
    4.2 Market by Resin Type
    4.3 Market of Composites in Oil and Gas Industry
    4.4 Market Share (Value), by Country
    4.5 Market Size, by Fiber Type
    4.6 Market Size, by Application

5 Macro Economic Overview and Key Drivers (Page No. - 35)
    5.1 Introduction
    5.2 Trends and Forecast of GDP
    5.3 Per Capita GDP vs Per Capita Composite Materials Demand
    5.4 Trend of Production and Consumption of Oil
           5.4.1 Trend of Oil Production
           5.4.2 Trend of Oil Consumption
    5.5 Trend of Production and Consumption of Gas
           5.5.1 Trend of Gas Production
           5.5.2 Trend of Gas Consumption
    5.6 Outlook of Oil & Gas Industry
           5.6.1 Trends and Forecasts of Fluctuating Oil Prices, USD Per Billion Barrel, 2012-2021
           5.6.2 Trends and Forecasts of Fluctuating Natural Gas Prices, USD Per Mmbtu, 2012-2021

6 Market Overview (Page No. - 46)
    6.1 Introduction
    6.2 Market Segmentation
           6.2.1 Market of Composites in Oil and Gas Industry, By Fiber Type
           6.2.2 Market of Composites in Oil & Gas Industry, By Resin Type
           6.2.3 Market of Composites in Oil and Gas Industry, By Application
    6.3 Market Dynamics
           6.3.1 Drivers
                    6.3.1.1 Increasing Demand for Non-Corrosive and Lightweight Materials in the Oil & Gas Industry
                    6.3.1.2 Long Life Cycle and Low Maintenance Cost of Composites
           6.3.2 Restraints
                    6.3.2.1 Variation in Prices of Oil & Gas
           6.3.3 Opportunities
                    6.3.3.1 Boom in Hydraulic Fracturing Creates New Opportunities for Composites
                    6.3.3.2 Increasing Demand From Growing Economies
           6.3.4 Challenges
                    6.3.4.1 High Production Cost and Availability of Low Cost Substitutes

7 Industry Trends (Page No. - 53)
    7.1 Introduction
    7.2 Value Chain Analysis
    7.3 Porter’s Five Forces Analysis
           7.3.1 Threat of New Entrants
           7.3.2 Threat of Substitutes
           7.3.3 Bargaining Power of Buyers
           7.3.4 Bargaining Power of Suppliers
           7.3.5 Intensity of Rivalry

8 Composites in Oil & Gas Industry Market, by Fiber Type (Page No. - 57)
    8.1 Introduction
    8.2 Glass Fiber Composites
           8.2.1 Introduction
           8.2.2 Market of Glass Fiber-Based, by Region
    8.3 Carbon Fiber Composites
           8.3.1 Introduction
                    8.3.1.1 Chopped Carbon Fiber
                    8.3.1.2 Continuous Carbon Fiber
           8.3.2 Market of Carbon Fiber-Based, by Region

9 Composites in Oil and Gas Industry Market, by Resin Type (Page No. - 64)
    9.1 Introduction
    9.2 Epoxy Resin
    9.3 Polyester Resin
    9.4 Phenolic Resins
    9.5 Other Resins
           9.5.1 Polyethylene Resins
           9.5.2 Polyamide Resins
           9.5.3 Peek Resins
           9.5.4 Vinyl Ester Resins

10 Composites in Oil & Gas Industry Market, by Application (Page No. - 74)
     10.1 Introduction
     10.2 Pipes
             10.2.1 Risers
             10.2.2 Jumpers
             10.2.3 Downline
     10.3 Tanks
     10.4 Top Side Applications
             10.4.1 Grids/Gratings
             10.4.2 Ladders
             10.4.3 Handrail
             10.4.4 Decking
     10.5 Others
             10.5.1 Frac Plugs and Frac Balls
             10.5.2 Flexible Tubes
             10.5.3 Composite Riders
             10.5.4 Accumulator Bottles
             10.5.5 Caissons

11 Composites in Oil and Gas Industry Market, By Region (Page No. - 85)
     11.1 Introduction
     11.2 North America
             11.2.1 U.S.
             11.2.2 Canada
     11.3 Europe
             11.3.1 U.K.
             11.3.2 Norway
             11.3.3 Netherlands
             11.3.4 Denmark
             11.3.5 Russia
             11.3.6 Italy
             11.3.7 Germany
             11.3.8 Rest of Europe
     11.4 Asia-Pacific
             11.4.1 China
             11.4.2 Australia
             11.4.3 India
             11.4.4 Thailand
             11.4.5 Malaysia
             11.4.6 Rest of Asia-Pacific
     11.5 ME&A
             11.5.1 Saudi Arabia
             11.5.2 UAE
             11.5.3 Qatar
             11.5.4 Nigeria
             11.5.5 Rest of ME&A
     11.6 Latin America
             11.6.1 Brazil
             11.6.2 Mexico
             11.6.3 Venezuela
             11.6.4 Rest of Latin America

12 Competitive Landscape (Page No. - 114)
     12.1 Overview
     12.2 Competitive Situation and Trends
             12.2.1 Agreements, Partnerships, & Contracts
             12.2.2 Expansions & Investments
             12.2.3 New Product Launches
             12.2.4 Mergers & Acquisitions

13 Company Profiles (Page No. - 122)
(Company at A Glance, Recent Financials, Products & Services, Strategies & Insights, & Recent Developments)*
     13.1 Introduction
     13.2 Airborne Oil & Gas
     13.3 GE Oil & Gas
     13.4 Magma Global Limited
     13.5 National Oilwell Varco
     13.6 Vello Nordic as
     13.7 Schlumberger Limited
     13.8 Halliburton
     13.9 Strongwell Corporation
     13.10 Enduro Composites Inc.
     13.11 ZCL Composites
     13.12 Other Key Players

*Details on Company at A Glance, Recent Financials, Products & Services, Strategies & Insights, & Recent Developments Might Not Be Captured in Case of Unlisted Companies.

14 Appendix (Page No. - 150)
     14.1 Insights of Industry Experts
     14.2 Discussion Guide
     14.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     14.4 Introducing RT: Real Time Market Intelligence
     14.5 Available Customizations
     14.6 Related Reports

List of Tables (84 Tables)

Table 1 Composites in Oil & Gas Industry Market Size (USD Million and Kiloton), 2014–2021
Table 2 Trends and Forecast of GDP, USD Billion
Table 3 Per Capita GDP vs Per Capita Composite Materials Demand, 2015
Table 4 Trend of Oil Production, Thousand Barrels Per Day (2011-2015)
Table 5 Trend of Oil Consumption, Thousand Barrels Per Day (2011-2015)
Table 6 Trend of Gas Production, Billion Cubic Meters (2011-2015)
Table 7 Trend of Gas Consumption, Billion Cubic Meters (2011-2015)
Table 8 Oil & Gas Prices, 2012-2016
Table 9 Market Size, by Fiber Type, 2014–2021 (USD Million)
Table 10 Market Size, by Fiber Type, 2014–2021 (Kiloton)
Table 11 Market Size, by Region, 2014–2021 (USD Million)
Table 12 Composites in Oil and Gas Industry Market Size, by Region, 2014–2021 (Kiloton)
Table 13 Market Size, by Region, 2014–2021 (USD Million)
Table 14 Composites in Oil and Gas Industry Market Size, by Region, 2014–2021 (Kiloton)
Table 15 Market Size, by Resin Type, 2014–2021 (USD Million)
Table 16 Market Size, by Resin Type, 2014–2021 (Kiloton)
Table 17 Market Size of Epoxy Resin-Based Composites in Oil and Gas Industry, By Region, 2014–2021 (USD Million)
Table 18 Market Size of Epoxy Resin-Based Composites in Oil & Gas Industry, By Region, 2014–2021 (Kiloton)
Table 19 Market Size of Polyester Resin-Based, by Region, 2014–2021 (USD Million)
Table 20 Composites in Oil and Gas Industry Market Size of Polyester Resin-Based, by Region, 2014–2021 (Kiloton)
Table 21 Market Size of Phenolic Resin-Based, by Region, 2014–2021 (USD Million)
Table 22 Composites in Oil and Gas Industry Market Size of Phenolic Resin-Based, by Region, 2014–2021 (Kiloton)
Table 23 Market Size of Other Resin-Based, by Region, 2014–2021 (USD Million)
Table 24 Market Size of Other Resin-Based, by Region, 2014–2021 (Kiloton)
Table 25 Composites in Oil and Gas Industry Market Size, by Application, 2014–2021 (USD Million)
Table 26 Composites in Oil & Gas Industry Market Size, by Application, 2014–2021 (Kiloton)
Table 27 Market Size of Composites in Oil and Gas Industry in Pipes Application, By Region, 2014–2021 (USD Million)
Table 28 Market Size in Pipes Application, By Region, 2014–2021 (Kiloton)
Table 29 Composites in Oil and Gas Industry Market Size in Tanks Application, By Region, 2014–2021 (USD Million)
Table 30 Market Size in Tanks Application, By Region, 2014–2021 (Kiloton)
Table 31 Composites in Oil & Gas Industry Market Size in Top Side Applications, By Region, 2014–2021 (USD Million)
Table 32 Market Size of Composites in Oil & Gas Industry in Top Side Applications, By Region, 2014–2021 (Kiloton)
Table 33 Composites in Oil & Gas Industry Market Size in Other Applications, By Region, 2014–2021 (USD Million)
Table 34 Composites in Oil and Gas Industry Market Size in Others Application, By Region, 2014–2021 (Kiloton)
Table 35 Composites in Oil & Gas Industry Market Size, by Region, 2014–2021 (USD Million)
Table 36 Market Size of Composites in Oil & Gas Industry, By Region, 2014–2021 (Kiloton)
Table 37 North America: Composites in Oil and Gas Industry Market Size, By Resin Type, 2014–2021 (USD Million)
Table 38 North America: Market Size, By Resin Type, 2014–2021 (Kiloton)
Table 39 North America: Market Size, By Fiber Type, 2014–2021 (USD Million)
Table 40 North America: Market Size, By Fiber Type, 2014–2021 (Kiloton)
Table 41 North America: Market Size, By Application, 2014–2021 (USD Million)
Table 42 North America: Market Size, By Application, 2014–2021 (Kiloton)
Table 43 North America: Composites in Oil and Gas Industry Market Size, By Country, 2014–2021 (USD Million)
Table 44 North America: Market Size, By Country, 2014–2021 (Kiloton)
Table 45 Europe: Rig Counts, By Country, 2015
Table 46 Europe: Composites in Oil and Gas Industry Market Size, By Resin Type, 2014–2021 (USD Million)
Table 47 Europe: Market Size, By Resin Type, 2014–2021 (Kiloton)
Table 48 Europe: Market Size, By Fiber Type, 2014–2021 (USD Million)
Table 49 Europe: Market Size, By Fiber Type, 2014–2021 (Kiloton)
Table 50 Europe: Composites in Oil and Gas Industry Market Size, By Application, 2014–2021 (USD Million)
Table 51 Europe: Market Size, By Application, 2014–2021 (Kiloton)
Table 52 Europe: Market Size, By Country, 2014–2021 (USD Million)
Table 53 Europe: Composites in Oil and Gas Industry Market Size, By Country, 2014–2021 (Kiloton)
Table 54 Asia-Pacific: Rig Counts, By Country, 2015
Table 55 Asia-Pacific: Composites in Oil and Gas Industry Market Size, By Resin Type, 2014–2021 (USD Million)
Table 56 Asia-Pacific: Market Size, By Resin Type, 2014–2021 (Kiloton)
Table 57 Asia-Pacific: Market Size, By Fiber Type, 2014–2021 (USD Million)
Table 58 Asia-Pacific: Composites in Oil and Gas Industry Market Size, By Fiber Type, 2014–2021 (Kiloton)
Table 59 Asia-Pacific: Market Size, By Application, 2014–2021 (USD Million)
Table 60 Asia-Pacific: Market Size, By Application, 2014–2021 (Kiloton)
Table 61 Asia-Pacific: Market Size, By Country, 2014–2021 (USD Million)
Table 62 Asia-Pacific: Market Size, By Country, 2014–2021 (Kiloton)
Table 63 ME&A: Rig Counts, By Country, 2015
Table 64 ME&A: Composites in Oil & Gas Industry Market Size, By Resin Type, 2014–2021 (USD Million)
Table 65 ME&A: Market Size, By Resin Type, 2014–2021 (Kiloton)
Table 66 ME&A: Market Size, By Fiber Type, 2014–2021 (USD Million)
Table 67 ME&A: Market Size, By Fiber Type, 2014–2021 (Kiloton)
Table 68 ME&A: Composites in Oil and Gas Industry Market Size, By Application, 2014–2021 (USD Million)
Table 69 ME&A: Market Size, By Application, 2014–2021 (Kiloton)
Table 70 ME&A: Market Size, By Country, 2014–2021 (USD Million)
Table 71 ME&A: Market Size, By Country, 2014–2021 (Kiloton)
Table 72 Latin America: Rig Counts, By Country, 2015
Table 73 Latin America: Composites in Oil & Gas Industry Market Size, By Resin Type, 2014–2021 (USD Million)
Table 74 Latin America: Market Size, By Resin Type, 2014–2021 (Kiloton)
Table 75 Latin America: Market Size, By Fiber Type, 2014–2021 (USD Million)
Table 76 Latin America: Market Size, By Fiber Type, 2014–2021 (Kiloton)
Table 77 Latin America: Market Size, By Application, 2014–2021 (USD Million)
Table 78 Latin America: Market Size, By Application, 2014–2021 (Kiloton)
Table 79 Latin America: Market Size, By Country, 2014–2021 (USD Million)
Table 80 Latin America: Market Size, By Country, 2014–2021 (Kiloton)
Table 81 Agreements, Partnerships & Contracts, 2011–2016
Table 82 Expansions & Investments, 2011–2016
Table 83 New Product Launches, 2011–2016
Table 84 Mergers & Acquisitions

List of Figures (61 Figures)

Figure 1 Composites in Oil & Gas Industry Market Segmentation
Figure 2 Market of Composites in Oil & Gas Industry: Research Design
Figure 3 Key Industry Insights
Figure 4 Breakdown of Primary Interviews
Figure 5 Market Size Estimation Methodology: Bottom-Up Approach
Figure 6 Market Size Estimation Methodology: Top-Down Approach
Figure 7 Data Triangulation Methodology:
Figure 8 Epoxy Resin to Witness Highest Growth in Composites in Oil & Gas Industry Market, 2016–2021
Figure 9 Glass Fiber to Dominate Market of Composites in Oil and Gas Industry, By Fiber Type
Figure 10 Pipes to Be Largest Application in Composites in Oil & Gas Industry Market
Figure 11 Asia-Pacific to Be Fastest-Growing Region in Composites in Oil and Gas Industry Market
Figure 12 Attractive Opportunities in Market of Composites in Oil & Gas Industry
Figure 13 Epoxy to Be Fastest-Growing Resin Type in Market of Composites in Oil & Gas Industry
Figure 14 North America Dominates Market of Composites in Oil & Gas Industry
Figure 15 U.S. Commands Majority Share in Market of Composites in Oil & Gas Industry
Figure 16 Carbon Fiber to Witness Highest Growth in Market of Composites in Oil & Gas Industry
Figure 17 Pipe Application to Account for Largest Market Size
Figure 18 Trends and Forecast of GDP, USD Billion
Figure 19 Per Capita GDP vs Per Composite Materials Demand
Figure 20 U.S. is Largest Country in Terms of Oil Production Followed By Saudi Arabia, (Thousand Barrels Per Day), 2015
Figure 21 China is Second Largest Country in Terms of Oil Consumption, Thousand Barrels Per Day, 2015
Figure 22 U.S. is Largest Country in Terms of Gas Production, Billion Cubic Meters, 2015
Figure 23 Russian Federation is Second Largest in Terms of Gas Consumption, (Billion Cubic Meters), 2015
Figure 24 Trends and Forecasts of Fluctuating Oil Prices, USD Per Billion Barrel, 2012-2021
Figure 25 Trends and Forecasts of Fluctuating Natural Gas Prices, USD Per Mmbtu, 2012-2021
Figure 26 Drivers, Restraints, Opportunities, and Challenges for Market of Composites in Oil & Gas Industry
Figure 27 Overview of Value Chain
Figure 28 Porter’s Five Forces Analysis of Market
Figure 29 Carbon Fiber Composites to Be the Fastest-Growing Fiber Type in the Market, By Value
Figure 30 Asia-Pacific to Register Highest CAGR in the Market of Glass Fiber, By Value, 2016–2021
Figure 31 North America to Account the Largest Share in the Market of Carbon Fiber-Based, By Value, 2016–2021
Figure 32 Epoxy Resin-Based Composites Dominates the Composites in Oil and Gas Industry Market, By Value, 2016 - 2021
Figure 33 North America Dominates the Market of Epoxy Resin-Based Composites in Oil & Gas Industry Market, 2016–2021
Figure 34 Polyester Resin to Be the Largest Resin Type in the North America Composites in Oil and Gas Industry Market, 2016–2021
Figure 35 Asia-Pacific is the Fastest-Growing Region for the Phenolic Resin-Based Composites in Oil & Gas Industry, By Value, 2016 vs 2021
Figure 36 North America to Lead Market of Other Resins-Based Composites in Oil and Gas Industry, By Value, 2016 vs 2021
Figure 37 Pipes to Be Largest and Second Fastest-Growing Application, By Value, in Composites in Oil & Gas Industry Market
Figure 38 North America Dominated Pipes Application in Composites in Oil and Gas Industry Market
Figure 39 North America Accounts for Major Share in Tank Market
Figure 40 Asia-Pacific to Register Highest Growth Rate in Top Side Applications in Market of Composites in Oil and Gas Industry
Figure 41 Asia-Pacific Register Second Highest Growth Rate in Other Applications in Market of Composites in Oil & Gas Industry
Figure 42 China to Drive the Market of Composites in Oil & Gas Industry, Followed By Canada, in Terms of Value, 2016–2021
Figure 43 North America Composites in Oil and Gas Industry Market Snapshot: U.S. is the Most Lucrative Market
Figure 44 The Composites in Oil & Gas Industry Market Snapshot: Norway is the Fastest-Growing Market in Europe
Figure 45 The Composites in Oil and Gas Industry Market Snapshot: China is the Fastest-Growing Market in Asia-Pacific
Figure 46 Saudi Arabia is the Largest and Fastest-Growing Composites in Oil & Gas Industry Market in ME&A
Figure 47 The Market of Composites in Oil and Gas Industry Snapshot: Brazil is the Fastest-Growing Market in Latin America
Figure 48 Agreements, Partnerships, & Contracts is the Most Preferred Growth Strategy Adopted By Key Players Between 2011 and 2016
Figure 49 Yearly Market Development Matrix: 2015 Witnessed the Maximum Number of Developments, 2011–2016
Figure 50 Growth Strategies Adopted By Market Players in the Composites in Oil and Gas Industry Market, 2011–2016
Figure 51 Airborne Oil & Gasb.V.: SWOT Analysis
Figure 52 GE Oil & Gas: SWOT Analysis
Figure 53 Magma Global Limited: SWOT Analysis
Figure 54 National Oilwell Varco: Company Snapshot
Figure 55 National Oilwell Varco: SWOT Analysis
Figure 56 Vello Nordic As: SWOT Analysis
Figure 57 Schlumberger Limited: Company Snapshot
Figure 58 Schlumberger Limited: SWOT Analysis
Figure 59 Halliburton: Company Snapshot
Figure 60 Halliburton: SWOT Analysis
Figure 61 ZCL Composites: Company Snapshot

The market size 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 increasing demand for non-corrosive and lightweight materials in the oil & gas industry and low maintenance cost of composites are the key drivers of the global composites in oil & gas industry market.

The global composites in oil and gas industry market is segmented based on fiber type, resin type, application, and region. The prepreg market, by fiber type is further segment into glass fiber and carbon fiber. Glass fiber-based oil & gas composites had the largest market size, in terms of value, owing to growing demand from frac plugs, frac balls, walkways, ladders, handrails, tanks, and others.

The market by resin type is segmented into epoxy, polyester, phenolic, and others. The epoxy resin-based oil & gas composites is expected to grow faster during the forecast period due to tremendous boom of the hydraulic fracturing to extract natural gas from shale gas deposits, leading to increased use of epoxy resins-based bridge plugs, frac plugs, frac balls, pipes, and others.

The major applications included in composites in oil and gas industry market include pipes, tanks, top side applications, and others. Applications such as frac plugs, frac balls, flexible tubes, and composite riders in the market is projected to be the fastest-growing application between 2016 and 2021. This is because with the new innovations in the exploration and production activities of the oil & gas industry, there is an increasing demand for improved hydraulic fracturing methods, thereby increasing the demand of composite products to meet the harsh and aggressive environment conditions.

Asia-Pacific is projected to register the highest CAGR, in terms of both value and volume, between 2016 and 2021. The growth is mainly attributed to the rising demand for superior properties exhibited by the product from applications including pipes, tanks, top side applications, and others. It is also backed by increasing partnerships, agreements & contracts and other development strategies.

Composites in Oil and Gas Industry Market

The composites in oil and gas industry market is rapidly gaining importance; however, few factors, such as capital-intensiveness of the industry, availability of low-cost substitutes, and high initial and production costs are some of the major challenges and restraints faced by market of composites in oil & gas industry.

Airborne Oil & Gas (Netherlands) develops, manufactures, sells, and markets fully bonded thermoplastic composite pipes composed of glass or carbon fiber reinforcements to offshore oil & gas industry. The company forms partnerships, agreements & contracts with other organizations which is directed toward improvement of existing products and adaptation of existing products to particular customer requirements. Such focus by the company has helped them to maintain its leading position in the attractive niche markets.

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