The Global Composites in Oil & Gas Market to grow from USD 2,670.19 Million in 2019 to USD 3,714.35 Million by 2025, at a Compound Annual Growth Rate (CAGR) of 5.65%.
Market Segmentation & Coverage:
The research report categorizes the Composites in Oil & Gas Market to forecast the revenues and analyze the trends in each of the following segments:
Based on Matrix Materials, the Composites in Oil & Gas Market studied across Aramid Fibers, Carbon Fibers, Epoxy, Glass Fibers, Phenolic, and Polymer.
Based on Product Type, the Composites in Oil & Gas Market studied across Glass Reinforced Epoxy Resin (GRER), Glass Reinforced Plastic (GRP), Glass Reinforced Vinyl Ester (GRVE), and Reinforced Thermoplastic (RTP).
Based on Application, the Composites in Oil & Gas Market studied across Caissons & Pull Tubes, Composite Risers, Flexible Tubes, Grinds/gratings, Ladders, and Piping Systems.
Based on Geography, the Composites in Oil & Gas Market studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas region surveyed across Argentina, Brazil, Canada, Mexico, and United States. The Asia-Pacific region surveyed across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, South Korea, and Thailand. The Europe, Middle East & Africa region surveyed across France, Germany, Italy, Netherlands, Qatar, Russia, Saudi Arabia, South Africa, Spain, United Arab Emirates, and United Kingdom.
The factors attributing to the growth of the market are wide application area due to unique mechanical properties and cost advantages associated with the use of composites in manufacturing process and steel piping. However, some factors such as reluctance in adopting attributed to widespread conservatism may hinder the market growth. The Composites in Oil & Gas Market expected to showcase the opportunities such as growing demand of glass-fiber reinforced polymer (gfrp) composites and introduction of downhole composites with advance features. Soon market may face the possible challenges in the growth due to limited performance in hostile offshore environments. However, the key players in the market are putting regressive efforts to provide innovative offerings and benchmark strategies in the market.
Cumulative Impact of COVID-19:
COVID-19 is an incomparable global public health emergency that has affected almost every industry, so for and, the long-term effects projected to impact the industry growth during the forecast period. Our ongoing research amplifies our research framework to ensure the inclusion of underlaying COVID-19 issues and potential paths forward. The report is delivering insights on COVID-19 considering the changes in consumer behavior and demand, purchasing patterns, re-routing of the supply chain, dynamics of current market forces, and the significant interventions of governments. The updated study provides insights, analysis, estimations, and forecast, considering the COVID-19 impact on the market.
360iResearch Competitive Strategic Window:
The 360iResearch Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies. The Competitive Strategic Window helps the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. During a forecast period, it defines the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth.
360iResearch FPNV Positioning Matrix:
The 360iResearch FPNV Positioning Matrix evaluates and categorizes the vendors in the Composites in Oil & Gas Market on the basis of Business Strategy (Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction (Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.
Company Usability Profiles:
The Composites in Oil & Gas Market is highly competitive and characterized by the presence of a large number of international and regional players in the market. The market has witnessed increased competition between vendors based on the pricing model, technology differentiation, brand name, quality of service, price differentiation, and technical expertise.
The report profoundly explores the recent significant developments by the leading vendors and innovation profiles in the Global Composites in Oil & Gas Market, including Airborne Oil & Gas B.V., Creative Composites Ltd., Enduro Composites, Inc., GE Oil & Gas, Halliburton Company, Magma Global Limited, National Composites Center, National Oilwell Varco, Schlumberger Limited, and Vello Nordic AS.