Composites in Oil & Gas Market by Matrix Materials (Aramid Fibers, Carbon Fibers, Epoxy), Product Type (Glass Reinforced Epoxy Resin, Glass Reinforced Plastic, Glass Reinforced Vinyl Ester), Application - Global Forecast 2024-2030

[184 Pages Report] The Composites in Oil & Gas Market size was estimated at USD 3.39 billion in 2023 and expected to reach USD 3.61 billion in 2024, at a CAGR 6.69% to reach USD 5.34 billion by 2030.

The composites market in the oil & gas industry refers to a diverse range of advanced materials adoption that offer innovative properties such as high strength-to-weight ratios, corrosion resistance, and durability. These composites are employed across various segments within the oil & gas sector, such as exploration, extraction, production, transportation, refining, and storage. The applications range from structural components such as pipes and tanks to lightweight equipment for offshore platforms and high-pressure vessels. The growth of the composites in oil & gas industry is increasing as the use of composites in the manufacturing process and steel piping is increasing, as it is considered for pre-tensioning, post-tensioning, and reinforcing concrete. Furthermore, the rising need for non-corrosive and lightweight materials in the oil & gas industry is propelling the composites market. However, declination in adopting composites due to widespread conservatism and limited performance in hostile offshore environments is penetrating the market growth. To capitalize on the growth opportunities within this market, manufacturers are focusing on adopting glass-fiber reinforced polymer (GFRP) composites and introducing downhole composites with advanced features.

Aramid fibers are a type of synthetic fiber known for their strength and heat resistance properties as they are lightweight, making them suitable for reinforcing composites. Compared to other reinforcement materials such as glass or steel, carbon fibers offer a unique combination of high-strength-to-weight ratio, stiffness, corrosion resistance, and thermal stability. Epoxy resins are widely utilized as matrix materials in composites due to their excellent adhesion, chemical resistance, and dimensional stability properties. Glass fibers are a cost-effective alternative to carbon and aramid fibers, offering good strength-to-weight ratio and corrosion resistance properties. Phenolic resins provide excellent fire resistance characteristics, which make them ideal matrix materials when fire safety is a critical concern, such as offshore platforms or processing facilities where flammable substances are processed or stored. Polymer-based matrix materials such as thermoplastics are employed in applications that require chemical resistance, ease of processing, and recyclability.

Glass Reinforced Epoxy Resin (GRE) is a composite material consisting of epoxy resin and glass fibers, offering high strength and corrosion resistance. Glass Reinforced Plastic (GRP), also known as fiberglass-reinforced plastic, is a composite material comprising glass fibers embedded in a plastic matrix. Glass Reinforced Vinyl Ester (GRVE) combines glass fibers with vinyl ester resin resulting in improved mechanical properties including tensile strength and corrosion resistance. Reinforced Thermoplastic (RTP) is a composite material of thermoplastic resin reinforced with glass, carbon, or aramid fibers. RTP offers high impact resistance, chemical resistance, and flexibility, making it ideal for demanding applications in the Oil & gas industry.

Caissons and pull tubes are used in oil & gas operations to transport drilling mud, cuttings, and other fluids from the seabed to the platform. Composite risers are essential in offshore drilling operations, providing a flexible connection between subsea equipment and surface platforms. Flexible tubes, such as umbilicals or coiled tubing in the oil & gas industry, require lightweight materials with excellent flexibility and chemical resistance. Composite grinds and gratings are widely used in the oil & gas sector owing to their superior corrosion resistance, non-conductive properties, and anti-slip surface texture. Composite ladders offer significant advantages over traditional metallic options in oil & gas applications as they are lightweight in construction, electrical insulation properties, and resistance to harsh chemicals. Piping systems in the oil & gas industry often face challenges related to corrosion, pressure handling capacity, and temperature fluctuations.

In the Americas, the United States, Canada, Brazil are experiencing increasing demand for composites in their oil and gas sectors due to their superior properties such as corrosion, chemical resistance, lightweight, high mechanical strength, and low maintenance cost. The U.S. government has funded several projects to develop novel composite materials for energy applications. In the European Union, countries such as Germany and France are at the forefront of composite material usage in their respective oil and gas industries. Additionally, EU-funded initiatives aim to increase composite adoption within marine structures through innovation grants. The Middle East and Africa region is hovered for exponential growth in adopting composites within its oil and gas sectors. Companies have invested heavily in research examining new ways to utilize non-metallic materials, such as fiber-reinforced polymers, to replace steel components in pipelines or offshore platforms. In the Asia Pacific, China represents significant opportunities for the composites market in the oil and gas sector. The government's initiative emphasizes the importance of advanced materials, including composites, for achieving its industrial goals. Countries, including India and Japan's burgeoning economy, drive demand for composites within its oil and gas industries. They also initiate projects focusing on advanced materials research and institutions contributing to global knowledge on composite manufacturing processes for energy applications.

The FPNV Positioning Matrix is pivotal in evaluating the Composites in Oil & Gas Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Composites in Oil & Gas Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

• Dutch company’s innovative composite pipe installed at ExxonMobil’s Liza Field

  Strohm B.V., a composite pipe company, has achieved a significant milestone in the oil and gas industry by completing the installation of its first deepwater and high-pressure thermoplastic composite pipe jumper in the Stabroek Block, located offshore Guyana. This successful installation signifies the adoption of Strohm's groundbreaking "Jumper on Demand" approach, which aims to enhance operational efficiency in the industry. With this innovative strategy, Strohm is committed to improving their clients' performance and reliability. [Published On: 2023-08-17]

• Shawcor Invests in Two New Composite Systems Facilities, Enhancing Production Capacity and Efficiency

  Shawcor Ltd. has announced the establishment of two new operating facilities in the United States with an estimated investment of USD 60 million between 2023 and 2024 to support Shawcor's Flexpipe business. The company aims to expand its presence in the eastern US market by being closer to the US customer base, specifically in the underground storage tanks sector. This expansion is expected to unlock additional revenue-generating capacity for Shawcor and improve segment margins over time. [Published On: 2023-04-26]

The report delves into recent significant developments in the Composites in Oil & Gas Market, highlighting leading vendors and their innovative profiles. These include Advanced Composite Products & Technology, Inc., Amalga Composites, Atlas Fibre, Banline Pipeline Engineering Technology Co.Ltd, BLG Fiberglass Manufacturing, Chemical Process Piping Pvt. Ltd., Columbia Industrial Products, EPSILON COMPOSITE SA, Exel Composites, Industrial Dielectrics, Inc., INOMETA GmbH, Norplex, Inc., NOV Inc., Polygon Company, Reliance Industries Limited, Schlumberger Limited, Sinopec Group, SoluForce B.V. by Wienerberger Group, Solvay S.A., Spaulding Composites Inc., Strohm B.V., The Gund Company, Inc., Thermoflex Pipes by Baker Hughes Company, Toray TCAC Holding B.V, and Trelleborg Group.

This research report categorizes the Composites in Oil & Gas Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Matrix Materials
  • Aramid Fibers
  • Carbon Fibers
  • Epoxy
  • Glass Fibers
  • Phenolic
  • Polymer
• Product Type
  • Glass Reinforced Epoxy Resin
  • Glass Reinforced Plastic
  • Glass Reinforced Vinyl Ester
  • Reinforced Thermoplastic
• Application
  • Caissons & Pull Tubes
  • Composite Risers
  • Flexible Tubes
  • Grinds or Gratings
  • Ladders
  • Piping Systems

• Region
  • Americas
    • Argentina
    • Brazil
    • Canada
    • Mexico
    • United States
      • California
      • Florida
      • Illinois
      • New York
      • Ohio
      • Pennsylvania
      • Texas
  • Asia-Pacific
    • Australia
    • China
    • India
    • Indonesia
    • Japan
    • Malaysia
    • Philippines
    • Singapore
    • South Korea
    • Taiwan
    • Thailand
    • Vietnam
  • Europe, Middle East & Africa
    • Denmark
    • Egypt
    • Finland
    • France
    • Germany
    • Israel
    • Italy
    • Netherlands
    • Nigeria
    • Norway
    • Poland
    • Qatar
    • Russia
    • Saudi Arabia
    • South Africa
    • Spain
    • Sweden
    • Switzerland
    • Turkey
    • United Arab Emirates
    • United Kingdom

1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

1. What is the market size and forecast of the Composites in Oil & Gas Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Composites in Oil & Gas Market?
3. What are the technology trends and regulatory frameworks in the Composites in Oil & Gas Market?
4. What is the market share of the leading vendors in the Composites in Oil & Gas Market?
5. Which modes and strategic moves are suitable for entering the Composites in Oil & Gas Market?