Composites in Oil & Gas Industry Market Outlook 2031
The global composites in oil & gas industry market size was valued at USD 2.4 Billion in 2022 and is likely to reach USD 4 Billion by 2031, expanding at a CAGR of 6.7% during 2023–2031. The market growth is attributed to the high demand for composites in the construction of pipelines.
Rising demand for composites to create high-pressure pipelines that are erosion and corrosion-resistant is expected to foster the composites in oil & gas industry market. Composites are used in the construction of offshore platforms, as they provide durability and resistance to environmental factors such as high winds, salt water, and harsh temperatures. It is used in several components of production and drilling equipment and in the construction of storage tanks used to store natural gas, crude oil, and other liquids. These factors are likely to increase the demand for composite materials in the market. For instance,
- In April 2023, Emirates Gas a subsidiary of ENOC group launched its next-generation LPG composite cylinders in Dubai. This innovation is a part of ENOC’s reliable efforts to provide customers with the latest technology and improvements in the LPG industry.
The research report finds that the COVID-19 pandemic hampered the composites in oil & gas industry market, due to the reduction of the oil & gas industry, lessened energy consumption, and strict lockdown imposed by governments. During the pandemic, strict regulations imposed by the governments for the supply chain have affected the imports and exports of raw materials for the manufacturing processes, which hampered the market.
Composites in Oil & Gas Industry Market Dynamics
Major Drivers
High demand for lightweight and durable materials is expected to boost the composites in oil & gas industry market during the forecast period. Composites are used in several different applications in the oil & gas industry such as pipelines, tanks, and offshore drilling. Thermoset composites are lighter weight than metal, which makes them perfect for reducing fuel use and emissions, and further improves costs.
Existing Restraints
Fluctuating prices of raw materials are expected to hamper the adoption of composites in oil & gas industry market in the coming years. Composite materials are expensive to manufacture and the installation requires specialized expertise and equipment, which is used in oil & gas applications. However, the availability of low-cost substitutes and the government regulations for composite materials is another factor hindering the composites in oil & gas industry market.
Emerging Opportunities
Rising demand for composites in the renewable energy sector is expected to create lucrative opportunities for the market players. Composites are more durable, lightweight, and corrosion-resistant, which makes them an attractive option for natural gas storage and transportation.
Several companies are shifting towards cleaner energy, due to the increasing need for composite materials with the high demand for offshore wind farms and other renewable energy installations. Thus, in turn, is expected to increase the demand for the market.
Scope of Composites in Oil & Gas Industry Market Report
The market report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Composites in Oil & Gas Industry Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2022
|
|
Historic Data
|
2016–2021
|
|
Forecast Period
|
2023–2031
|
|
Segmentation
|
Fiber Type (Glass and Carbon), Resin Type (Polyester, Composites, Epoxy, Phenolic, and Others), and Application (Tanks, Pipes, Pumps & Compressors, and Others)
|
|
Regional Scope
|
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
Weatherford; TechnipFMC plc; Strohm; SLB; SHAWCOR; Balmoral Group; Saudi Arabian Amiantit Co; NOV Inc.; Halliburton; Future Pipe Industries; and Baker Hughes Company
|
Composites in Oil & Gas Industry Market Segment Insights
Fiber Type Segment Analysis
Based on fiber type, the composites in oil & gas industry market are bifurcated into glass and carbon. The carbon segment is expected to expand at a significant pace during the projection period, as it is corrosion-resistant, lightweight, high-strength, and flexible. Carbon fiber reduces leaks from corrosion and environmental threats. Carbon fiber composite materials reduce installation times and costs, while the extended product lifecycle delivers improved product performance over long periods.
The glass segment is anticipated to hold a vital share of the market in the coming years, as it is lightweight, temperature tolerance, and flexible. Glass epoxy and other materials are perfect for structural components in the oil & gas industry, due to their high specific strength. Glass fiber support in the transportation industry helps meet regulatory requirements for efficient fuel consumption and low carbon emissions.
Resin Type Segment Analysis
In terms of resin type, the global market is segregated into polyester, composites, epoxy, phenolic, and others. The epoxy segment is projected to register a considerable CAGR during the forecast period, due to the high demand for pipes, storage tanks, and other applications. The high use of hydraulic fracturing to remove natural gas from shale gas deposits has led to the rising usage of epoxy composites in pipes, tanks, bridge plugs, and other applications. Epoxy resin is used to manufacture several tools and equipment that are used in the oil & gas industry.
Application Segment Analysis
On the basis of application, the composites in oil & gas industry market are segmented into tanks, pipes, pumps & compressors, and others. The pipes segment is expected to register a robust growth rate during the forecast period, due to the increasing production of shale gas and increasing hydraulic fracturing activities. Composite pipes also offer a cost-effective and less weight than steel pipes with low maintenance cost and easy handling. Pipes are used for offshore applications such as production risers, deep-water drilling, and flowlines in the oil & gas industry.
Regional Analysis
In terms of region, the global composites in oil & gas industry market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Aisa Pacific is expected to dominate the market during the projection period, owing to the increasing demand for composites in emerging countries such as India, China, and Japan. The regional market growth is further attributed to the increasing economic growth coupled with the growing population and the remarkable properties of composite materials such as tanks, pipes, pumps & compressors, and other applications.
The market in North America is anticipated to expand at a rapid pace in the coming years, due to the rising focus on the direction of unconventional sources of energy and the high usage of composite materials in several applications. The regional market growth is further attributed to the increasing need for lightweight materials has fastened the innovative products by using composites.
Segments
The global composites in oil & gas industry market have been segmented on the basis of
Fiber Type
Resin Type
- Polyester
- Composites
- Epoxy
- Phenolic
- Others
Application
- Tanks
- Pipes
- Pumps & Compressors
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Weatherford
- TechnipFMC plc
- Strohm
- SLB
- SHACOR
- Balmoral Group
- Saudi Arabian Amiantit Co
- NOV Inc.
- Halliburton
- Future Pipe Industries
- Baker Hughes Company
Competitive Landscape
Key players competing in the global composites in oil & gas industry market are Weatherford; TechnipFMC plc; Strohm; SLB; SHAWCOR; Balmoral Group; Saudi Arabian Amiantit Co; NOV Inc.; Halliburton; Future Pipe Industries; and Baker Hughes Company
These key players adopt various strategies including mergers, acquisitions, collaboration, partnerships, product launches, and production expansion to expand their consumer base globally.
- In May 2023, Balmoral, a global energy product solution, launched an innovative scour protection system. The company adopted and transitioned various of its proven buoyancy and protection solutions for use in the floating and fixed offshore wind industry.
Request For Customization
Enquiry Before Buying
Speak With Analyst
