Market Overview:
The global composite plugs market is expected to grow at a CAGR of 5.5% from 2018 to 2030. The growth in the market can be attributed to the increasing demand for composite plugs from the oil and gas industry. Additionally, the growing demand for composite plugs from other industries such as water management, construction, and mining is also contributing to the growth of this market. The small caliber segment is expected to grow at a higher CAGR than the large caliber segment during the forecast period. This can be attributed to their low installation and removal costs as well as their ability to seal smaller holes quickly and effectively.
Product Definition:
A composite plug is a type of tool that is inserted into a pipe to stop the flow of fluid. It is typically made out of two or more materials, such as metal and rubber, which combine to create a strong and durable plug. Composite plugs are important for stopping the flow of fluids in pipes during repairs or maintenance operations.
Small Caliber:
Small caliber is defined as a bullet with an average length of 1.5 to 7 mm and a diameter of 0.18 to 0.6 mm, which is used in composite plugs for the protection of electrical devices from high temperatures and pressures up to 16000 A and 2000 Torr respectively.
Large Caliber:
Large caliber is a term used for the range of projectiles larger than .50BMG (12.7mm) and smaller than 20mm (0.79in). The large-caliber plug can be fired from a rifled or smoothbore musket, pistol, rifle or shotgun. They are commonly found in two basic forms: cast iron and steel with rifled or smoothbored barrels respectively.
Application Insights:
The composite plugs are used in vertical and horizontal wells. The application segment is bifurcated into vertical and horizontal wells based on the depth of the well. In 2017, the vertical well plugging application accounted for a larger market share owing to its ability to reach greater depths with less equipment cost as compared to its counterparts.
The global demand for drilling fluids has witnessed a paradigm shift due to technological advancements coupled with environmental concerns over oil spills during accidents or operations at subsea level. Drilling muds have traditionally been used as they were free of any toxicants that may leak into surrounding water bodies when spilled at high pressure levels during cementing operations or while drilling deep-water wells using high-pressure systems equipped with hydraulic motors.
Regional Analysis:
North America dominated the global market in 2017. The region is expected to witness a CAGR of XX% over the forecast period, owing to increasing drilling activities for shale plays and offshore projects in order to meet rising energy demand as well as reduce dependency on imports. Moreover, technological advancements such as advanced downhole technologies are anticipated to increase productivity and efficiency of existing wells thereby driving industry growth over the next eight years.
Asia Pacific is estimated to be the fastest-growing regional market from 2018 until 2030 owing high oil & gas reserves across countries such as China, India, Indonesia etc.
Growth Factors:
- Increasing demand for composites in the aerospace and defense sectors due to their lightweight and high-strength properties.
- Growing popularity of composite plugs in the automotive industry as a replacement for traditional metal plugs, due to their corrosion resistance and weight savings potential.
- Rising demand from the construction sector for use in lightweight roofing, cladding, and insulation applications.
- Increasing use of composite plugs in renewable energy applications such as wind turbines and solar panels owing to their superior strength-to-weight ratios compared to traditional materials used in these applications such as steel or aluminum alloys .
Scope Of The Report
Report Attributes
Report Details
Report Title
Composite Plugs Market Research Report
By Type
Small Caliber, Large Caliber
By Application
Vertical Wells, Horizontal Wells
By Companies
Schlumberger, Halliburton, BHGE, Downhole Technology, Innovex, Forum Energy Technologies, NOV, Magnum Oil Tools, Weatherford, Rubicon Oilfield International, Sinopec, Peak Completion, SPT Energy
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
129
Number of Tables & Figures
91
Customization Available
Yes, the report can be customized as per your need.
Global Composite Plugs Market Report Segments:
The global Composite Plugs market is segmented on the basis of:
Types
Small Caliber, Large Caliber
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Vertical Wells, Horizontal Wells
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Schlumberger
- Halliburton
- BHGE
- Downhole Technology
- Innovex
- Forum Energy Technologies
- NOV
- Magnum Oil Tools
- Weatherford
- Rubicon Oilfield International
- Sinopec
- Peak Completion
- SPT Energy
Highlights of The Composite Plugs Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Small Caliber
- Large Caliber
- By Application:
- Vertical Wells
- Horizontal Wells
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Composite Plugs Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Composite plugs are a type of electrical plug that is made up of two or more different types of connectors. This allows the plug to be inserted into a variety of sockets, making it easier to use in different locations.
Some of the key players operating in the composite plugs market are Schlumberger, Halliburton, BHGE, Downhole Technology, Innovex, Forum Energy Technologies, NOV, Magnum Oil Tools, Weatherford, Rubicon Oilfield International, Sinopec, Peak Completion, SPT Energy.
The composite plugs market is expected to grow at a compound annual growth rate of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Composite Plugs Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Composite Plugs Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Composite Plugs Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Composite Plugs Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Composite Plugs Market Size & Forecast, 2018-2028
4.5.1 Composite Plugs Market Size and Y-o-Y Growth
4.5.2 Composite Plugs Market Absolute $ Opportunity
Chapter 5 Global Composite Plugs Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Composite Plugs Market Size Forecast by Type
5.2.1 Small Caliber
5.2.2 Large Caliber
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Composite Plugs Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Composite Plugs Market Size Forecast by Applications
6.2.1 Vertical Wells
6.2.2 Horizontal Wells
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Composite Plugs Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Composite Plugs Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Composite Plugs Analysis and Forecast
9.1 Introduction
9.2 North America Composite Plugs Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Composite Plugs Market Size Forecast by Type
9.6.1 Small Caliber
9.6.2 Large Caliber
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Composite Plugs Market Size Forecast by Applications
9.10.1 Vertical Wells
9.10.2 Horizontal Wells
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Composite Plugs Analysis and Forecast
10.1 Introduction
10.2 Europe Composite Plugs Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Composite Plugs Market Size Forecast by Type
10.6.1 Small Caliber
10.6.2 Large Caliber
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Composite Plugs Market Size Forecast by Applications
10.10.1 Vertical Wells
10.10.2 Horizontal Wells
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Composite Plugs Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Composite Plugs Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Composite Plugs Market Size Forecast by Type
11.6.1 Small Caliber
11.6.2 Large Caliber
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Composite Plugs Market Size Forecast by Applications
11.10.1 Vertical Wells
11.10.2 Horizontal Wells
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Composite Plugs Analysis and Forecast
12.1 Introduction
12.2 Latin America Composite Plugs Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Composite Plugs Market Size Forecast by Type
12.6.1 Small Caliber
12.6.2 Large Caliber
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Composite Plugs Market Size Forecast by Applications
12.10.1 Vertical Wells
12.10.2 Horizontal Wells
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Composite Plugs Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Composite Plugs Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Composite Plugs Market Size Forecast by Type
13.6.1 Small Caliber
13.6.2 Large Caliber
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Composite Plugs Market Size Forecast by Applications
13.10.1 Vertical Wells
13.10.2 Horizontal Wells
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Composite Plugs Market: Competitive Dashboard
14.2 Global Composite Plugs Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Schlumberger
14.3.2 Halliburton
14.3.3 BHGE
14.3.4 Downhole Technology
14.3.5 Innovex
14.3.6 Forum Energy Technologies
14.3.7 NOV
14.3.8 Magnum Oil Tools
14.3.9 Weatherford
14.3.10 Rubicon Oilfield International
14.3.11 Sinopec
14.3.12 Peak Completion
14.3.13 SPT Energy
