DETROIT, August 29, 2018 /PRNewswire/ --
Stratview Research announces the launch of a new research report on Composite Frac Plugs and Frac Balls Market by Product Type (Frac Plugs and Frac Balls), by Resin Type (Epoxy Composites, Phenolic Composites, and Other Composites), by Manufacturing Process Type (Injection Molding, Filament Winding, and Others), by Sales Channel Type (Direct Sales and Distributors), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023.
This market report, from Stratview Research, studies the composite frac plugs and frag balls market over the trend period of 2012 to 2017 and forecast period of 2018 to 2023. The report provides detailed insights on the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Composite Frac Plugs and Frac Balls Market: Highlights
Composite frac plugs and frac balls are designed to provide zonal isolation of a wellbore between multistage stimulation treatments during a hydraulic fracturing. These composite balls and plugs are made from glass fiber and epoxy or phenolic resin and are easier to mill out than metal plugs and balls. They can withstand higher pressure and temperature than traditional plastic and dissolvable salt balls.
Frac plugs are generally in the range from 4.5 to 5.5 inches in diameter and 22 to 30 inches in length, whereas frac balls typically measure from 1.0 to 5.75 inches in diameter. A single wellbore requires 10 to 40 multi-part frac plugs to pressurize and perforate multiple oil and gas producing layers, also known as stages. The volatility in crude oil prices adversely impacted the demand for composite frac plugs and frac balls. Many oil & gas explorations have been shut down due to the decreased oil prices.
As per Stratview Research, the global composite frac plugs and frac balls market offers a healthy growth opportunity during the forecast period of 2018 to 2023. Recovery of oil & gas exploration activities, mammoth shale gas reserve in different parts of the world, especially in the USA, and superior performance of composite frac plugs and balls over their rivals are the major factors burgeoning the growth of the market. Both, composite frac plugs and frac balls, are expected to experience similar growth in the next five years, driven by increasing use of composite frac balls and plugs in the onshore oil & gas application.
Despite the short-term fluctuation in demand of composite frac plugs and frac balls in North America caused by dropping new shale oil & gas rig activities (because of the decreasing crude oil prices), the long-term business outlook seems promising with good growth potential in the foreseen future.
The supply chain of this market comprises raw material manufacturers, composite frac plug and frac ball manufacturers, drilling contractors, EPC contractors and operators (oil & gas companies). The key oil & gas service companies are Baker Hughes, Halliburton (Houston), Schlumberger (Houston) and Weatherford International (Zug, Switzerland). The key oil & gas companies are British Petroleum, Shell, Exxon Mobil, Chevron, and ConocoPhillips.
The key composite frac plug and ball manufacturers are Baker Hughes, Magnum Oil Tools, The Gund Co, Team Oil Tools, and Downhole Composites. New product development, collaboration with customers, and regional expansion are the key strategies adopted by the major players to gain a competitive edge in the market.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter's five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
This report studies the global composite frac plugs and frac balls market and has segmented the market in five ways, keeping in mind the interest of all the stakeholders across the value chain. The following are the five ways in which the market is segmented:
Composite Frac Plugs and Frac Balls Market by Product Type:
- Frac Plugs (Regional Analysis: North America, Europe, The Middle East, and RoW)
- Frac Balls (Regional Analysis: North America, Europe, The Middle East, and RoW)
Composite Frac Plugs and Frac Balls Market by Resin Type:
- Epoxy Resin (Regional Analysis: North America, Europe, The Middle East, and RoW)
- Phenolic Resin (Regional Analysis: North America, Europe, The Middle East, and RoW)
- Other Resins (Regional Analysis: North America, Europe, The Middle East, and RoW)
Composite Frac Plugs and Frac Balls Market by Manufacturing Process Type:
- Injection Molding (Regional Analysis: North America, Europe, The Middle East, and RoW)
- Filament Winding (Regional Analysis: North America, Europe, The Middle East, and RoW)
- Other Processes (Regional Analysis: North America, Europe, The Middle East, and RoW)
Composite Frac Plugs and Frac Balls Market by Sales Channel Type:
- Direct Sales (Regional Analysis: North America, Europe, The Middle East, and RoW)
- Distributors (Regional Analysis: North America, Europe, The Middle East, and RoW)
Composite Frac Plugs and Frac Balls Market by Region:
- North America
- The Middle East
- Rest of the World
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SOURCE Stratview Research