Americas & Europe Thermoplastic Composite Market for Oil & Gas Industry: Introduction
Transparency Market Research delivers key insights on the Americas & Europe thermoplastic composite market for oil & gas industry. In terms of revenue, the Americas & Europe thermoplastic composite market for oil & gas industry is estimated to expand at a CAGR of ~7% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the Americas & Europe thermoplastic composite market for oil & gas industry.
The Americas & Europe thermoplastic composite market for oil & gas industry is broadly affected by several factors, including usage of thermoplastic composite in various pipes and tubes in the oil & gas industry. Thus, increase in applications of thermoplastic composite in the oil & gas industry is propelling the Americas & Europe thermoplastic composite market for oil & gas industry.
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Americas & Europe Thermoplastic Composite Market for Oil & Gas Industry: Dynamics
Thermoplastic composite is a preferred choice of material used in the oil & gas industry. The oil & gas industry has been focusing on meeting the global demand for fuel at an affordable price. In line with this objective, lighter subsea production systems are required that can allow oil and gas producers to access deep-water fields. Therefore, the demand for thermoplastic is expected to increase to produce high strength and lightweight components used in oil & gas extractions. The number of oil & gas drilling and exploration activities has increased across North America, Latin America, and Europe over the past few years.
Engineers are promoting the application of thermoplastic composites instead of metals in the construction phase in order to minimize cost and maintenance required in the long term. Thermoplastic composites act as feasible and cost-effective alternatives, owing to their enhanced corrosion resistance, high stiffness and strength, and lower weight. Typical applications of fiber reinforced thermoplastic in the oil & gas sector include rigid pipes, wound pipes, rigid and flexible risers, and structural repairs.
Steel pipes are generally used to transport oil or natural gas from the off shore drilling station to onshore plants. Metallic structures such as steel pipes are used to transport oil and gas, which are highly vulnerable to corrosion. Non-metallic structures such as thermoplastic composites with carbon or fiberglass reinforcements are considered optimal alternative solution for the repair of metal-based tubular structures, owing to their strong corrosion resistance and excellent properties when subjected to fatigue loading conditions.
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Americas & Europe Thermoplastic Composite Market for Oil & Gas Industry: Prominent Regions
The thermoplastic composite market for oil & gas industry in North America is expected to expand at a significant pace during the forecast period, owing to the expansion of the oil & gas industry and presence of numerous manufacturers of components used in the oil & gas industry. Major capacity expansions for various composites grades have been carried out in the U.S. in the past few years.
The thermoplastic composite market for oil & gas industry in Europe is projected to expand considerably during the forecast period. The thermoplastic composite market in Eastern Europe is majorly driven by the large presence of oil & gas equipment manufacturers in Germany, Russia, Spain, and Turkey.
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Americas & Europe Thermoplastic Composite Market for Oil & Gas Industry: Key Players
The Americas & Europe thermoplastic composite market for oil & gas industry is consolidated. Top four players — Solvay S.A., TORAY INDUSTRIES, INC., Celanese Corporation, and Evonik Industries —cumulatively accounted for more than 65% share of the thermoplastic composite market share in 2019.
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