Industry Background:
Fiber reinforced polymer composites have found the extensive application. The largest market in the oil and gas industry is for glass fiber composites which are widely used for piping, tanks, frac plugs and balls and for offshore drilling application. Glass fiber based composites provide heat & corrosion resistance, strength, moisture, durability, flexibility and stability. Composites structures are tailored to provide strength characteristics which are comparable to those of metallic alloy structure.This growth is primarily driven by Rising Demand for Non-Corrosive and Lightweight Material in the Oil & Gas Industry and Long Lifecycle and Low Maintenance Cost of Composites.
Major Manufacturers, such as Airborne Oil & Gas (Netherlands), National Oilwell Varco (United Kingdom), GE Oil & Gas (United Kingdom), Creative Composites Ltd. (India), Magma Global Limited (United Kingdom), Schlumberger Limited (United States), ZCL Composite (Canada), Solent Composite System Ltd. (United Kingdom), Vello Nordic AS (Norway), Strongwell Corporation (United States) and Halliburton (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In March 2018, Technip FMC announced a partnership with Magma Global Ltd. that designs and manufactures subsea pipes for subsea exploration and production. This was to develop a new carbon fiber composite hybrid flexible pipe for use in offshore applications.
In July 2018, Exel Composites’ (Vantaa, Finland) company Diversified Structural Composites (DSC) developed a fiber-optic-embedded carbon fiber composite rod for Ziebel’s (Tananger, Norway) well intervention system. The DSC-manufactured 6.2-km-long, 15-mm-diameter carbon fiber rod (the Z-Rod), is designed to deliver multiple fiber optic cables securely into a hostile downhole environment.
Market Drivers
- Rising Demand for Non-Corrosive and Lightweight Material in the Oil & Gas Industry
- Long Lifecycle and Low Maintenance Cost of Composites
Market Trend
Restraints
- Constant Change in Price of Oil & Gas
Opportunities
Rising Demand From Growing Economies
Challenges
High Production Cost and Availability of Low-Cost Substitute
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Manufacturers landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Composites in Oil and Gas Study Sheds Light on
— The Composites in Oil and Gas Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Composites in Oil and Gas industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
— Where Composites in Oil and Gas industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
— How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.