Composites in the Oil and Gas Market: Trends, Opportunities and Competitive Analysis [2023-2028]

Composites in the Oil and Gas Industry Market Trends and Forecast

The future of the composites in the oil and gas market looks promising with opportunities pipes, tanks, pultruded products, frac plugs and frac balls end used. The composites in the oil and gas market is expected to reach an estimated $3.2 billion by 2028 with a CAGR of 7.9% 2022 to 2028. The major drivers of growth for this market are increasing oil and gas drilling and exploration activities in future.

Emerging Trends in Composites in the Oil and Gas Industry

Emerging trends, which have a direct impact on the dynamics of the industry, are the emergence of introduction of carbon fiber for composites application in the oil and gas industry, on-site construction of FRP pipes to any length and diameter, and increasing demand for high temperature and pressure RTPs.

A total of 98 figures / charts and 62 tables are provided in this 194-page report to help in your business decisions. A sample figure with insights is shown below.

Composites in the Oil and Gas Industry by Segment

The study includes a forecast for the composites in the oil and gas by end use, resin type, and region as follows:

Composites in the Oil and Gas Industry by End Use [Value ($M) and Volume (M lbs) shipment analysis for 2017 - 2028]:

• Pipes
• Tanks
• Pultruded Products
• Frac Plugs and Frac Balls
• Others

Composites in the Oil and Gas Industry by Resin Type [Value ($M) and Volume (M lbs) shipment analysis for 2017 - 2028]

• Epoxy Composites
• Polyester Composites
• Phenolic Composites
• Polyethylene Composites

Composites in the Oil and Gas Industry by Region [Value ($M) and Volume (M lbs) shipment analysis for 2017 - 2028]:

• North America
• Europe
• Asia Pacific
• Rest Of the World

List of Composites in the Oil and Gas Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies composites in the oil and gas companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the composites in the oil and gas companies profiled in this report include.

• Owens Corning
• Jushi Group Co. Ltd
• CPIC
• Nippon Electric Glass Co. Ltd
• Olin Corporation
• Hexion Inc
• Polynt Reichhold
• Ashland
• Sumitomo Bakelite
• Future Pipes Industries
• National Oilwell Varco ( NOV)
• Hengrun Group Co. Ltd
• Hobas Pipe
• Amiantit
• ZCL Composite Inc.

Composites in the Oil and Gas Industry Insight

• Lucintel forecasts pipe is expected to remain as the largest market by value and volume consumption and it is also expected to experience the highest growth in the forecast period due to increases in oil and gas production and exploration activity on both onshore and offshore production sites have increased the demand for pipes are the major driving forces that spur the growth for this segment over the forecast period.
• Epoxy composites will remain the largest segment over the forecast period supported by its high performance characteristics such as low shrinkage, excellent adhesion, effective electrical insulation, high chemical, and solvent resistance properties. Polyethylene composites is expected to witness highest growth over the forecast period.
• North America will remain the largest market over the forecast period due to growth in natural gas infrastructure projects, and awareness on the advantages of composite materials for oil and gas over traditional material. ROW is expected to witness highest growth over the forecast period.

Composites in the Oil and Gas Industry

• Market Size Estimates: Composites in the oil and gas industry market size estimation in terms of value ($M) and Volume (M lbs)
• Trend and Forecast Analysis: Market trends (2017-2022) and forecast (2023-2028) by various segments and regions.
• Segmentation Analysis: Market size by end use, resin type, and region.
• Regional Analysis: Composites in the oil and gas industry breakdown by North America, Europe, and Asia Pacific & the Rest of the World.
• Growth Opportunities: Analysis of growth opportunities in different end use, resin type, and regions for composites in the oil and gas industry.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape for the composites in the oil and gas industry.
• Analysis of competitive intensity of the industry based on Porter's Five Forces model.

FAQ

Q1. What is the composite in the oil and gas industry size?

Answer: The composites in the global oil and gas industry is expected to reach an estimated to $3.2 billion by 2028.

Q2. What is the growth forecast for composites in the oil and gas industry?

Answer: The composite in the global oil and gas industry is expected to grow at a CAGR of 7.9% from 2022 to 2028.

Q3. What are the major drivers influencing the growth of the composites in the oil and gas industry?

Answer: The major drivers of growth for this market are increasing oil and gas drilling and exploration activities in future.

Q4. What are the major applications or end use industries composites in the oil and gas?

Answer: Pipes and tanks are the major end uses for composites in the global oiland gas industry.

Q5. What are the emerging trends of composites in the oil and gas industry?

Answer: Emerging trends, which have a direct impact on the dynamics of the industry, are the emergence of introduction of carbon fiber for composites application in the oil and gas industry, on-site construction of FRP pipes to any length and diameter, and increasing demand for high temperature and pressure RTPs.

Q6. Who are the composites in the oil and gas companies?

Answer: Some of the key composites in the global oil and gas companies are as follows:

• Owens Corning
• Jushi Group
• CPIC
• Nippon Electrics Glass Co. Ltd.
• Olin Corporation
• Hexion Inc
• Polynt Reichhold
• Sumitomo Bakelite
• Future Pipes Industries
• National Oil well Varco (NOV)
• Hengrun Group Co. Ltd
• Hobas Pipe
• Amiantit
• ZCL Composite Inc

Q7.Which composite in oil and gas resin type segment will be the largest in future?

Answer: Lucintel forecasts that epoxy composite resin type composites in the global oil and gas will remain the largest segment.

Q8: In composite in oil and gas, which region is expected to be the largest in next 5 years?

Answer: North America is expected to remain the largest region and witness the highest growth over next 5 years.

Q9. Do we receive customization in this report?

Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.

This report answers following 11 key questions

• Q.1 What are some of the most promising potential, high growth opportunities for composites in the oil and gas industry by end use (pipes, tanks, pultruded products, frac plugs and frac balls, and others), resin type (epoxy composites, polyester composites, phenolic composites, and polyethylene composites), and region (North America, Europe, and Asia Pacific & Rest of the World)?
• Q. 2 Which segments will grow at a faster pace and why?
• Q.3 Which regions will grow at a faster pace and why?
• Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
• Q.5 What are the business risks and threats to the market?
• Q.6 What are the emerging trends in this market and the reasons behind them?
• Q.7 What are the changing demands of customers in the market?
• Q.8 What are the new developments in the market? Which companies are leading these developments?
• Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
• Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
• Q.11 What M & A activities have taken place in the last 5 years in this market?