Composites in Oil & Gas Industry Market Size, Trends [2031]
Composites in Oil & Gas Industry Market Size, Trends [2031]
Segments - Composites in Oil & Gas Industry Market by Fiber Type (Glass and Carbon), Resin Type (Polyester, Composites, Epoxy, Phenolic, and Others), Application (Tanks, Pipes, Pumps & Compressors, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :EP-5670
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Report Description
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.
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In April 2023, Encino Environmental Services launched the Environmech composite thief hatch. This innovation is introduced to reduce emissions from storage tanks into the environment. It is made from durable composites that resist corrosion which provides mechanical integrity performance.
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.
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In September 2022, the Department of Energy (DOE) introduced a new energy source to slash the cost of Geothermal Power a widespread renewable energy option in the US by cutting its cost by 90% to USD 45 per megawatt hour by 2035.
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.
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Attributes |
Details |
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Report Title |
Composites in Oil & Gas Industry Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Fiber Type (Glass and Carbon), Resin Type (Polyester, Composites, Epoxy, Phenolic, and Others), and Application (Tanks, Pipes, Pumps & Compressors, and Others) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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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
- Glass
- Carbon
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.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Composites in Oil & Gas Industry Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Composites in Oil & Gas Industry Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Composites in Oil & Gas Industry Market - Supply Chain
4.5. Global Composites in Oil & Gas Industry Market Forecast
4.5.1. Composites in Oil & Gas Industry Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Composites in Oil & Gas Industry Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Composites in Oil & Gas Industry Market Absolute $ Opportunity
5. Global Composites in Oil & Gas Industry Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Composites in Oil & Gas Industry Market Size and Volume Forecast by Applications
5.3.1. Tanks
5.3.2. Pipes
5.3.3. Pumps & Compressors
5.3.4. Others
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Composites in Oil & Gas Industry Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Composites in Oil & Gas Industry Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Composites in Oil & Gas Industry Demand Share Forecast, 2019-2026
7. North America Composites in Oil & Gas Industry Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Composites in Oil & Gas Industry Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Composites in Oil & Gas Industry Market Size and Volume Forecast by Applications
7.4.1. Tanks
7.4.2. Pipes
7.4.3. Pumps & Compressors
7.4.4. Others
7.5. Basis Point Share (BPS) Analysis by Applications
7.6. Y-o-Y Growth Projections by Applications
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Composites in Oil & Gas Industry Demand Share Forecast, 2019-2026
8. Latin America Composites in Oil & Gas Industry Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Composites in Oil & Gas Industry Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Composites in Oil & Gas Industry Market Size and Volume Forecast by Applications
8.4.1. Tanks
8.4.2. Pipes
8.4.3. Pumps & Compressors
8.4.4. Others
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Composites in Oil & Gas Industry Demand Share Forecast, 2019-2026
9. Europe Composites in Oil & Gas Industry Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Composites in Oil & Gas Industry Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Composites in Oil & Gas Industry Market Size and Volume Forecast by Applications
9.4.1. Tanks
9.4.2. Pipes
9.4.3. Pumps & Compressors
9.4.4. Others
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Composites in Oil & Gas Industry Demand Share Forecast, 2019-2026
10. Asia Pacific Composites in Oil & Gas Industry Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Composites in Oil & Gas Industry Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Composites in Oil & Gas Industry Market Size and Volume Forecast by Applications
10.4.1. Tanks
10.4.2. Pipes
10.4.3. Pumps & Compressors
10.4.4. Others
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Composites in Oil & Gas Industry Demand Share Forecast, 2019-2026
11. Middle East & Africa Composites in Oil & Gas Industry Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Composites in Oil & Gas Industry Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Composites in Oil & Gas Industry Market Size and Volume Forecast by Applications
11.4.1. Tanks
11.4.2. Pipes
11.4.3. Pumps & Compressors
11.4.4. Others
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Composites in Oil & Gas Industry Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Composites in Oil & Gas Industry Market: Market Share Analysis
12.2. Composites in Oil & Gas Industry Distributors and Customers
12.3. Composites in Oil & Gas Industry Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Weatherford
12.4.2. TechnipFMC plc
12.4.3. Strohm
12.4.4. SLB
12.4.5. SHACOR
12.4.6. Balmoral Group
12.4.7. Saudi Arabian Amiantit Co
12.4.8. NOV Inc.
12.4.9. Halliburton
12.4.10. Future Pipe Industries
12.4.11. Baker Hughes Company
Methodology
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