複合材料壓裂塞、壓裂球市場 - 市場規模，佔有率，趨勢，預測，競爭分析:2020年∼2025年
Composite Frac Plugs and Balls Market by Product Type, by Resin Type, by Manufacturing Process Type, by Sales Channel Type, and by Region, Size, Share, Trend, Forecast, & Competitive Analysis: 2020-2025
|出版日期||內容資訊||英文 252 Pages
|複合材料壓裂塞、壓裂球市場 - 市場規模，佔有率，趨勢，預測，競爭分析:2020年∼2025年 Composite Frac Plugs and Balls Market by Product Type, by Resin Type, by Manufacturing Process Type, by Sales Channel Type, and by Region, Size, Share, Trend, Forecast, & Competitive Analysis: 2020-2025|
|出版日期: 2020年07月13日||內容資訊: 英文 252 Pages||
Composite Frac Plugs and 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 Compression Molding), by Sales Channel Type (Direct Sales and Distributor Sales), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Size, Share, Trend, Forecast, & Competitive Analysis: 2020-2025.
This strategic assessment report provides a comprehensive analysis that reflects today's composite frac plugs and balls market realities and future market possibilities for the forecast period of 2020 to 2025. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of low-hanging fruits available in the market as well as formulate growth strategies.
Plug-n-perf is the most common technique and accounts for 85%+ of the global hydraulic fracturing market. Composites hold more than 70% share of the overall frac plugs and balls market in the industry. The composite frac plugs and balls market is highly dependent on hydraulic fracturing, the latter is highly subjected to the volatility of crude oil prices. The cash cost of producing a barrel of oil from the hydraulic fracking from shale is about US$ 30 to US$ 50, whereas the cost of producing a barrel of oil from the conventional method in Saudi Arabia is about US$ 5 to US$ 10. Hydraulic fracturing becomes unviable for operators if the oil price is below US$ 40 per barrel.
Similar to hydraulic fracking, the composite frac plugs and balls market registered a severe downfall in 2015 and 2016, followed by huge recovery in 2018, giving a future hope to the composite frac plug and ball manufacturers. However, this hope did not last long and broke with a massive double-digit decline in 2019, owing to the weakened oil prices and increased capital discipline by major US operators, which slowed completion activity. In response to this, the oilfield service companies have cut the cost, retired equipment, and improved efficiencies.
The year 2020 is estimated to further exacerbate the demand for hydraulic fracking due to the two major setbacks (the price war between Russia and Saudi Arabia and COVID-19). The prices of crude oil declined from US$ 60 per barrel at the start of the year to US$ 20 per barrel in April in the wake of the steep fall in crude oil demand, followed by the collapse of the three-year-old pact between Russia and Saudi Arabia. As per EIA (June 2020), the average US crude oil production will be around 11.8 million b/d in 2020, down 0.5 million b/s from the year 2019. The organization expects a further decline of 0.7 million b/d to reach 11.1 million b/d in 2021.
The industry's teething issues were further triggered by the discount offered on oil prices by Saudi Arabia and the increase in crude oil production by Russia and Saudi Arabia. The outbreak of the COVID-19 worsened the market to an unprecedented level. As per IEA estimates, the oil demand fell by 6 percent (6 mb/d) in Q1 2020 and 23 percent (23 mb/d) in Q2 2020, owing to strong travel restrictions and lockdowns across various parts of the world.
At that moment, assessing the real impact of the pandemic on the composite frac plugs and balls market in the short-term as well as long-term is an extremely challenging task. The pandemic is still spreading, taking the major economies in its grip and deteriorating the market conditions with the oil & gas industry being the biggest victim of it. It is difficult to state that when the pandemic would start to fade away.
However, based on interviews conducted with the leading market stakeholders coupled with the past industry trends (The Great Recession and 2014 crude oil price crunch), it is estimated that the composite frac plugs and balls market may record a U-shape recovery (similar to ones recorded during 2014-2017) with recovery to commence from 2021 onwards, driving the overall long-term healthy growth with composite frac plug and ball sales reaching US$ 957.9 million in 2025.
Stratview Research has firstly segmented the composite frac plugs and balls market based on the product type as frac plugs and frac balls. Frac plug is expected to remain the larger segment of the market during the forecast period. Filament winding is the major process used to produce composite frac plugs owing to its tubular shape. The development of shorter plugs with reduced metal contents and improvement in pressure ratings, temperature resistance, and reduction in mill-out time are key trends of the market.
Based on the resin type, the composite frac plugs and balls market is segmented as epoxy composites, phenolic composites, and other composites. Epoxy composites are expected to remain the largest segment of the market over the next five years. Key advantages are excellent interlaminar strength and toughness, high-tensile strength, good fatigue property, and good compatibility with both glass and carbon fibers. Epoxy resins are majorly used in composite frac plugs, owing to excellent mechanical properties and resistance. Other major advantages are excellent adhesive properties and a low-shrinkage ratio.
Based on the manufacturing process type, the composite frac plugs and balls market is segmented as filament winding, compression molding, and Injection molding. Filament winding is expected to remain the dominant as well as the fastest-growing process type in the market till 2025. Frac plugs are predominantly manufactured through the filament winding process. The process type is best suited for medium- to large-diameter parts of longer lengths, for example, 1" through 24" diameter structures with lengths from 10' to 20'. Also, it is considered optimum for higher quantity production runs.
In terms of regions, North America is expected to remain the largest market over the next five years. Despite the huge decline, North America to maintain its lead till 2025. Key factors driving the market are the presence of a vast amount of technically recoverable shale oil reserves, the extensive infrastructure of shale gas, and the processing capacity in North America. Modern fracking has unlocked oil & gas reserves in more than 20 states in the USA. About half of the USA's crude oil comes from fracking in the country. Permian and Eagle Ford are the major basins in the country for composite frac plugs and balls.
The supply chain of this market comprises raw material suppliers, composite frac plug and ball manufacturers, distributors, and operators/ end-users. The key composite frac plug and ball manufacturers are Haliburton Company, Baker Hughes, Schlumberger Limited, Weatherford International, Downhole Technology LLC, Repeat precision LLC; NOV, Nine Energy Services (Magnum Oil Tools International, LTD); Forum Energy Technologies, General Plastics & Composites LP; Torquato Drilling Accessories; The Gund Co.; and Team Oil Tools.
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research's internal database and statistical tools. More than 1,500 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles, have been leveraged to gather the data. About 15 detailed primary interviews with the market players across the value chain in all major regions and industry experts have been executed to obtain both qualitative and quantitative insights.
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into 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: