Role of High-Performance Plastics in the Oil & Gas Industry
17 Nov 2023
The increasing global population and rapid industrialization have led to a huge growth in the oil & gas exploration industry. Due to this development of the oil & gas sector, many other markets, including the high performance plastics industry, have also witnessed a rise. The critical role played by high-performance plastics and polymers in oil and gas exploration is the major reason behind this boost. Some of the most commonly used polymers include Polytetrafluoroethylene (PTFE), Polyether ether ketone (PEEK), and Polyphenylene sulfide (PPS).
Applicability of high performance plastics in the oil & gas exploration sector
The machinery and equipment used for drilling, extraction, and refining of oil and gas is prone to corrosion and abrasion due to continuous exposure to chemicals. In such a scenario, the use of such plastics and polymers becomes necessary. High-performance polymers are primarily used to manufacture packing rings which are essential in the extraction processes. These rings are used to cover the metal rods and pipes used in extraction processes to protect them from corrosive chemicals.
Moreover, gaskets and sealing rings which help in forming metal-to-metal joints are also regularly manufactured using these polymers. In fact, sealing materials is one of the most common applications of high-performance plastics. Sealing materials and tapes made using Polytetrafluoroethylene, i.e., Teflon can range anywhere between 0.2mm to 15mm thick. As a result, almost all types of gaps and leakages can be sealed using these materials. Furthermore, high-performance polymers have high temperature and pressure resistance and can thus ensure that the equipment works efficiently even in the harshest environments.
Latest trends in the industry
The high performance plastics market is set to experience considerable growth owing to the escalating demand from the consumer electronics industry. Moreover, the pharmaceutical and healthcare sector has also seen an increase in the use of high performance polymers. Thus, apart from the oil & gas exploration industry, these polymers are widely popular in other end-use industries. These growth drivers are expected to widen the scope of the industry and help it to march ahead with a CAGR of 9.5% during the 2023-2032 period.
The high-performance polymers market is segmented on the lines of type and end-use industry. Based on type, the polyimides segment is set to showcase a CAGR of 10.1% in the analysis period. By region, the market in the Asia-Pacific region is likely to become the fastest growing with a CAGR of 9.9% during the forecast timeframe.
Product launches by several leading companies have acted as a catalyst in the growth of the market. For instance, in October 2022, Arkema announced the launch of a new line of recyclable high-performance polymers and plastics. As per the statement put out by the company, this product line marks a shift towards sustainability and will help the company to address the demands of various industries in a comprehensive way.
In May 2023, Borealis AG, a leading chemical company, announced the launch of Stelora™, a high-performance polymer that can withstand high temperatures. The company said that the polymer was specifically designed for the consumer electronics industry and will help in pushing [KG1] [AP2] the semiconductor manufacturing sector ahead.
To summarize, the growth of the high-performance plastics market can be attributed to the wide applicability of these advanced polymers from the oil & gas exploration industry and consumer electronics sector. Innovative product launches by leading companies in the industry will further expand the scope of the market.
Authors Bio- Koyel Ghosh is a blogger with a strong passion and enjoys writing in miscellaneous domains, as she believes it lets her explore a wide variety of niches. She has an innate interest in creativity and enjoys experimenting with different writing styles. A writer who never stops imagining, she has been serving the corporate industry for the last five years.