Lucintel identifies and prioritizes opportunities for composites in global oil and gas industry by material type, end use applications, and region

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.

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