Composites in Oil & Gas Industry Market: Global Forecasts to 2021 Sep 2016 | Page 2

Composites in Oil & Gas Industry Market: Global Forecasts to 2021 “Increasing demand for non-corrosive and lightweight materials in the oil & gas industry” The market size of composites in oil & gas industry is projected to reach USD 1.98 billion by 2021, registering a CAGR of 5.05% between 2016 and 2021. The increasing demand of noncorrosive and lightweight materials in the oil & gas industry along with long life cycle and low maintenance cost of composites are the major factors fueling the growth of the global market of composites in oil & gas industry. “Pipes: The fastest-growing application of the market of composites in oil & gas industry” The market of composites in oil & gas industry is driven by increase in the production of shale gas and improved hydraulic fracturing methods, thereby increasing the demand of composites pipes, risers, jumpers, flow line, and others. This is because these composite components offers complete solutions against highly corrosive fluids and harsh environment conditions at various temperature, pressure, adverse weather, and soil conditions. This growth is attributed to the growing exploration of untapped resources and growing demand for energy. © RnRMarketResearch.com ; [email protected]