Market Research Report
Global Oil and Gas Composites Market - 2021-2028
|Global Oil and Gas Composites Market - 2021-2028|
Published: July 28, 2021
Content info: 180 Pages
Delivery time: 2 business days
Oil and Gas Composites Market Overview
The global oil and gas composites market size was worth US$ XX million in 2020 and is estimated to reach US$ XX million by 2028, growing at a CAGR of XX % during the forecast period (2021-2028).
Composites are the materials developed and manufactured by combining two or more materials, result in the combination of better properties of the ingredients.
Oil and gas operations such as exploration and production present many challenges for the materials used in the various processes. Composites offer significant weight saving and corrosion resistance compared to traditional steelwork and compete favorably on a cost basis with more specialized corrosion-resistant alloys.
Oil and Gas Composites Market Dynamics
The high cost to replace steel piping in retrofit applications is driving the oil and gas composites market
The high cost to replace steel piping in retrofit applications drives the use of composites, which can withstand the severe conditions experienced in an offshore environment. In the offshore, composites offer several advantages with the cost of manufacturing and erecting oil rigs could be significantly reduced if heavy metal pipelines could be replaced with lighter ones made of composites. Nowadays, composite pipes are used for fire-water piping, seawater cooling, draining systems and sewerage.
For instance, Airborne Oil & Gas and Magma Global Ltd. have been leading the way for the development and qualification of thermoplastic composite pipe (TCP) for marine applications, with several successful pilot programs worldwide.
Moreover, in March 2020, AOG/Strohm announced that its TCP made with Evonik Vestape carbon fiber/PA12 tape was the first to be certified according to DNV GL ST-F119 TCP industry qualification standards after a years-long qualification process. According to Strohm, its TCP risers, jumpers and flowlines are low-cost, corrosion-resistant and deliver a 50% smaller carbon footprint than using steel for the same applications.
Increasing demand for non-corrosive and lightweight materials in the oil & gas industry is driving the composite market
The increasing usage of composites in oil & gas applications provides various advantages such as lightweight, high corrosion resistance, and that they are well-suited to the increasing operating pressures, which can reach 20,000 psi. Additionally, the low weight of composites results in lower installation costs and high corrosion resistance property in harsh environmental conditions, making composites components a maintenance-free solution in the oil & gas industry. These properties of composites have resulted in the replacement of corrosion-resistant materials to construct oil & gas components. As a result, the composites in the oil & gas industry are widely used in structures such as piping systems, risers, downline, gratings, jumpers, ladders, walkways, handrails, decking, flooring, frac balls, frac plugs, flexible tubes, composite riders, accumulator bottles, BOP, caissons, among other applications.
High production cost and availability of low-cost substitutes is expected to restraint the oil and gas composites market
High raw material costs and high fabrication and assembly costs, lacking strength in the out-of-plane direction where the matrix carries the primary load, susceptibility to impact damage, and more difficulty repairing them than metallic structures are some of the concerns restraining the composite market.
Oil and Gas Composites Market Segment Analysis
The largest market in the oil and gas industry is for glass fiber-based composites. They are used for piping, tanks, frac plugs and balls, and offshore drilling applications. Glass fiber-based composites provide moisture, heat and corrosion resistance, strength, flexibility, stability, and they are lightweight. Fiberglass-reinforced plastic (FRP) pipes have replaced conventional pipes as they provide excellent corrosion resistance, conductivity, high strength-to-weight ratio, improved fatigue endurance, and good dimensional stability.
Moreover, Pipes made with glass fiber-based composites are finding rapidly growing applications in the offshore drilling industry. The applications include pipes, risers, downlines and flow lines. Hence, there is a growing demand for glass fiber-based composites instead of metallic alloy-based equipment.
Oil and Gas Composites Market Geographical Analysis
North America is anticipated to remain the largest market due to growth in natural gas infrastructure projects and awareness of the advantages of composite materials for oil and gas over traditional materials. The market in the region is also expanding due to the rise in demand for high-performance, lightweight materials and new products developed using them.
Oil and Gas Composites Market Competitive Landscape
The oil and gas composites market are moderately competitive with presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Airborne Oil & Gas, GE Oil & Gas, Magma Global Limited, Magma Structures, National Oilwell Varco, Vello Nordic AS, Schlumberger Limited, Halliburton, Strongwell Corporation, Enduro Composites, Inc., ZCL Composite among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the oil and gas composites market globally.
Overview: Magma Structures is a UK-based composite manufacturing company. The company is headquartered in Portsmouth, UK. The company supplies its products and solutions to mainly marine, oil and gas, transport and defense sector.
Product Portfolio: Magma Structures manufactures composite buoyancy modules, air cans, helicopter decks, flare booms, control panels, seabed component protection systems and a range of lightweight carbon fiber equipment ancillaries for the oil industry. The company also manufactures m-pipe®, carbon fiber / PEEK composite pipe designed to meet oil and gas exploration, production and well intervention needs.
The global oil and gas composites market report would provide an access to an approx. 61 market data table, 51 figures and 240 pages.
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