Composites In Oil & Gas Industry Market Forecasts to 2028 - Global Analysis By Fiber Type, By Resin Type, By Application, By End User and By Geography

According to Stratistics MRC, the Global Composites In Oil & Gas Industry Market is accounted for $2.30 billion in 2022 and is expected to reach $3.67 billion by 2028 growing at a CAGR of 8.1% during the forecast period. Composites are made in the oil and gas industry by combining several components together in a matrix. Glass, carbon, or aramid fibres are used to make the most prevalent composites, which are subsequently enclosed in an epoxy, phenolic, or polymer (polyethylene, polyvinyl-diene fluoride, and polyamide) matrix. A particular set of technical, technological, and economic standards must be met by the oil and gas industry. Construction materials, which have to endure corrosion, wear, and weight, are where this is most apparent.

Market Dynamics:

Driver:

Growing demand for lightweight and durable materials

The rising demand for lightweight and robust materials in the oil and gas industry is one of the key factors driving the market for oil and gas composites. Composites provide a number of benefits over traditional materials like steel and aluminium, including a high strength-to-weight ratio, resistance to corrosion, and the capacity to handle extreme temperatures and pressures. Additionally, composites are simpler to install and require less maintenance, which can help oil and gas businesses reduce expenses.

Restraint:

High cost of composite materials compared to traditional materials

The high cost of composite materials is a major barrier to the market for oil and gas composites, especially when compared to more traditional materials like steel and aluminium. The overall cost of employing composites in oil and gas applications may increase because they are frequently more expensive to manufacture and may require specialised tools and knowledge to install. Additionally, the durability and long-term performance of composites in challenging oil and gas situations are still substantially comprehended, which may cause some businesses to be hesitant to employ them.

Opportunity:

Expanding natural gas market and growing use of composites in renewable energy sector

Composite materials provide significant benefits over traditional materials in the transportation and storage of natural gas, which is a business that is growing rapidly. Composites are a desirable alternative to steel for the transportation and storage of natural gas because they are lighter, stronger, and more corrosion-resistant. The demand for renewable energy sources is driving the growth of the oil and gas composites industry. The need for materials that can resist the particular requirements of offshore wind farms and other renewable energy installations is rising as the globe advances towards cleaner energy.

Threat:

Lack of uniform global standardization and regulations

Lack of industry regulation and standardization for composite materials is a problem in the oil and gas composites market. As there is no concurred global standard for composite materials, unlike traditional materials like steel and aluminium, it can be challenging for businesses to select and utilize them consistently and dependably. Additionally, the testing and performance evaluation of composites in oil and gas environments are not standardized, which can make it challenging to determine their durability and long-term performance.

COVID-19 Impact:

The coronavirus outbreak had a negative impact on the market for oil and gas composites as a result of the pandemic's direct effects on oil and gas supply and demand, including lockdowns, airline cancellations owing to travel restrictions, quarantines, production halts, restricted international trade, and more. The oil and gas industry had to enforce output cuts and delay or cancel new explorations due to the decreased demand for oil and gas globally. Due to cross-border trade restrictions, which affected both the exportation of finished goods and the importing of raw materials for manufacturing operations, the outbreak also interrupted the supply chain and market.

The epoxy resin composites segment is expected to be the largest during the forecast period

Among resin types, epoxy resin segment is anticipated to hold the largest share of the market throughout the anticipated period due to its demand for applications such as coatings for pipes and pipelines, storage tanks, and vessels. Riser, platform, and subsea equipment are instances of offshore structures that are built using epoxy resin composites. In addition to being used to make a variety of tools and equipment used in the oil and gas sector, such as drill bits, coiled tubing, and wireline cables, epoxy resin offers outstanding corrosion resistance and endurance in hostile marine settings.

The pipes segment is expected to have the highest CAGR during the forecast period

Due to the fact that pipes are formed of a variety of materials, including fibreglass, carbon fibre, and epoxy resins, the pipes segment is anticipated to have profitable expansion during the anticipated period. These components are selected depending on the expectations of the particular applications, and the resulting composite material can be modified to satisfy certain performance requirements. For offshore uses including deep-water drilling, production risers, and flowlines, pipes are largely employed in the oil and gas sector.

Region with largest share:

Asia-Pacific is expected to hold the largest market share over the extrapolated period as this region has the highest rate of population and economic growth, according to the World Bank. The area has grown significantly, currently making up over one-third of the global GDP. The region's industrial sector is anticipated to rise as a result of the high economic growth and expanding population, which will raise demand for recycled materials from various industries, such as recycled composites and recycled plastic polymers.

Region with highest CAGR:

Due to ageing oil and gas transportation infrastructure and an increasing interest in unconventional sources of energy, the North American market is predicted to grow profitably during the projection period. Furthermore, due to the widespread use of these materials in numerous applications, including tanks, North America is the region with the fastest-growing market for composites in the oil and gas industry when compared to all other regions.

Key players in the market:

Some of the key players in Composites In Oil & Gas Industry market include Airborne Oil And Gas BV , Enduro Composites, Inc, GE Oil And Gas, Halliburton Company, Magma Global Limited, National Composites Center, National Oilwell Varco, PIPEX LTD., Schlumberger Limited, Strongwell Corporation, Vello Nordic AS and ZCL Composites.

Key Developments:

In November 2022, Strohm, a leading producer of Thermoplastic Composite Pipes (TCP), has been awarded a contract from ECOnnect to provide more than 11 km of TCP for the TES Wilhelmshaven Green Gas Terminal in Germany.

In June 2022, NOV and Aker Solutions signed a new long-term technology cooperation agreement to optimize Subsea system solutions enabling sustainable oil and gas.

Fiber Types Covered:

• Carbon Fiber Composites
• Glass Fiber Composites
• Other Fiber Types

Resin Types Covered:

• Polyester Resin Composites
• Epoxy Resin Composites
• Phenolic Resin Composites
• Other Resin Types

Applications Covered:

• Pipes
• Tanks
• Top Side Applications
• Pumps & Compressors
• Other Applications

End Users Covered:

• Piping System
• Flexible Tubes
• Composite Risers
• Pull Tubes
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances