Get In Touch

Composite Frac Plug

  • Composite frac plug is specially designed and manufactured using composite materials such as epoxy materials, thermoplastic, and resins
  • Composite frac plug provides zonal isolation of the wellbore during multistage simulation treatments and helps isolate the hydrocarbon zones. It also provides zonal isolation between two hydrocarbon zones in vertical, deviated, and horizontal drilled wells.
  • Composite frac plugs are rated to be used in the environment having high temperature and pressure such as up to 180oc and 12,000 psi pressure, respectively
  • The composite frac plug comprises components such as lower cone, lower slip, mule shoe, upper slip & cone, which are mounted on a wireline adapter kit

Key Drivers of Global Composite Frac Plug Market

  • The composite frac plug offers numerous benefits as compared to conventional frac plugs. In case of composite frac plug, the overall installation process is easy, and it is simple to operate. The composite frac plug reduces mill-out time and mitigates stimulation operational issues due to debris. It is also suitable for multi-stage, horizontal wells.
  • The composite frac plug is light and has shorter pump downtime as compared to conventional frac plugs. The factors mentioned above are anticipated to drive the composite frac plug market in the next few years.

COVID-19 Impact

  • The COVID-19 pandemic has significantly impacted the oil & gas sector. Oil prices have been declining due to failed agreements. Demand for refined products is also declining due to industrial slowdowns and travel restrictions. Large oil & gas companies are reducing capital and operational expenditures. Moreover, the supply chain of raw material is highly disrupted. This is expected to hamper the demand for composite frac plugs.

Key Development

  • Weatherford, a global oilfield service company, introduced TruFrac composite frac plug. The TruFrac composite frac plug enhances the efficiency of plug-and-perf completion operations by reducing time on location. The TruFrac composite plug is optimized to provide a significantly short, smooth plug, resulting in faster run in-times and reduced mill-out times due to its limited metal content and reduced cutting size, which allows a cleaner well.

North America to hold major share of global composite frac plug market

  • Based on region, the global composite frac plug market can be segmented into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • North America dominated the global composite frac plug market in 2019. The trend is projected to continue during the forecast period owing to the presence of ample unconventional reservoirs in the region. Furthermore, a large number of crude oil and natural gas oils are present in the region.
  • North America has abundant shale gas reserves that are attracting upstream companies from various regions, as shale gas is a green and clean fuel as compared to coal and oil
  • Middle East & Africa is anticipated to account for a major share of the global composite frac plug market during the forecast period. Countries in the region such as Egypt, Jordon, Saudi Arabian, Algeria, and Tunisia are planning to start shale gas extraction.
  • The market in Europe is estimated to expand at a healthy pace owing to a ban on conventional hydraulic fracking in Germany, France, Netherland, Scotland, and Bulgaria due to pollution norms and regulations in these countries
  • The market in Asia Pacific is estimated to expand at a moderate pace during the forecast period. In China, the demand for fracking is rising in order to reduce the dependency on foreign energy sources. The market in Latin America is estimated to expand at a sluggish pace during the forecast period, owing to low technological advancement in the oil & gas sector in the region.

Key Players Operating in the Market:

Major companies operating in the global composite frac plug market include

  • Reservoir Group
  • Weatherford
  • Welltec A/S
  • Forum Energy Technologies, Inc.
  • Schlumberger Limited.
  • TMK OMEGA Composite Frac Plug
  • Halliburton.
  • Rubber Industries, Inc.
  • General Plastics & Composites.
  • Frank’s International N.V.
  • Baker Hughes Company

Global Composite Frac Plug Market: Research Scope

Global Composite Frac Plug Market, by Application

  • Onshore
  • Offshore             

Global Composite Frac Plug Market, by Material

  • Thermoplastic
  • Epoxy
  • Resins
  • Others

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.


Composite Frac Plug Market

Pre Book