A new report by Research and Markets covers the current oil and gas composites market. According to the report, the market of composites in oil and gas industry is driven by the increase in the production of shale gas and improved hydraulic fracturing methods, thereby increasing the demand of composites pipes, risers, jumpers, flowline, and others. Composite components can offer a solution to the problem of highly corrosive fluids and harsh environment conditions at various temperature, pressure, adverse weather, and soil conditions.
North America is currently the largest and fastest-growing market in the industry, with the US dominating the market, accounting for more than half of the demand in the region. The increasing demand for non-corrosive and lightweight materials in the industry along with long life cycle and low maintenance cost of composites is driving the demand.
This story is reprinted from material from Research and Markets, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.
