Global Composites in Oil and Gas Industry Market
Global Composites in Oil and Gas Industry Market Size Set to Touch USD 4.68 Billion by 2029
Published | 26 July 2023
Global composites in oil and gas industry market is flourishing because of the growing demand for lightweight and durable materials in oil and gas industry and long-life cycle and low maintenance costs of composites.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global composites in oil and gas industry market size at USD 2.59 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global composites in oil and gas industry market size to grow at a significant CAGR of 7.05% reaching a value of USD 4.68 billion by 2029. Major growth drivers for global composites in oil and gas industry market include an increasing demand for durable composite components capable of withstanding the harsh conditions prevalent in the sector. Compared to conventional materials like steel, composite materials offer a significant advantage in terms of their lighter weight and superior strength, making them an appealing choice for industry applications. Also, composite materials can be tailored to meet specific performance requirements, rendering them particularly well-suited for use in challenging environments, such as deep-sea drilling. The oil and gas sector is constantly striving to enhance efficiency and productivity, and as a result, there is a strong focus on ongoing research and innovation in the development of new composite materials. The availability of novel materials and technologies will continue to drive growth and progress in the industry, enabling further advancements. However, the high cost of composite materials compared to traditional materials and variations in prices of crude oil is anticipated to restrain the overall market growth.
Global Composites in Oil and Gas Industry Market – Overview
The global composites in the oil and gas industry market refers to the market segment that involves the production, distribution, and utilization of composite materials in various applications within the oil and gas sector. Composites in this context typically refer to materials composed of a combination of two or more distinct materials, such as polymers, metals, or ceramics, reinforced with fibers or other strengthening agents. These composites offer desirable properties, such as high strength, lightweight, corrosion resistance, and thermal stability, making them suitable for a wide range of applications in the oil and gas industry. The market encompasses the manufacturing and supply of composite materials, as well as their incorporation into equipment, structures, and infrastructure used in exploration, production, transportation, refining, and processing of oil and gas. The global composites in the oil and gas industry market includes various stakeholders such as composite material manufacturers, equipment manufacturers, oil and gas operators, engineering and construction companies, and research organizations.
Impact of COVID-19 on Global Composites in Oil and Gas Industry Market
COVID-19 pandemic adversely affected the global composites in the oil and gas industry market. The market witnessed a decline in demand due to the economic slowdown and reduced oil and gas activities caused by lockdowns, travel restrictions, and decreased energy consumption. Project delays, cancellations, and budget cuts also affected the adoption of composites. Supply chain disruptions, including material shortages and logistics challenges, further hampered the market. However, the global composites market has gradually recovered as economic activities resumed and the oil and gas industry rebounded, with a renewed focus on cost-efficiency, sustainability, and asset optimization driving the demand for composites.
Global Composites in Oil and Gas Industry Market – By Resin Type
By resin type, the global composites in oil and gas industry market is divided into Epoxy Resin, Polyester Resin, and Phenolic Resins segments. The epoxy resin segment holds the highest market share in the global composites in the oil and gas industry market. Epoxy resin composites are preferred for their exceptional mechanical properties, including high strength and stiffness, which are crucial for withstanding the demanding conditions of the oil and gas industry. They also offer excellent chemical resistance, corrosion resistance, and thermal stability. Epoxy resin composites are widely used in critical applications such as offshore structures, pipes, tanks, and equipment, where durability and reliability are paramount. Their ability to provide long-lasting performance and superior protection makes them the preferred choice, driving their dominance in the market. Meanwhile, the polyester resin segment held the second largest market share within the composites in the oil and gas industry. Polyester resin composites are favored for their versatility and cost-effectiveness. They are widely used due to their corrosion resistance, making them suitable for constructing tanks and pipes used in storing and transporting corrosive materials. These composites are utilized in the construction of offshore structures such as platforms, walkways, and stairs, withstanding harsh marine environments while offering the benefits of lightweight construction, reducing transportation and installation costs. Also, polyester resin composites serve as effective insulation materials in oil and gas pipelines and tanks, providing excellent thermal insulation and reducing energy losses. The superior characteristics of polyester resin composites have driven their demand across the oil and gas industry.
Major players operating in the global composites in oil and gas industry market include ZCL Composites, Strongwell Corporation, Airborne Oil & Gas BV, Halliburton Company, National Oilwell Varco, Enduro Composites Inc., Vello Nordic AS, GE Oil & Gas, Magma Global Limited, Schlumberger Limited, Baker Hughes, Saudi Arabian Amiantit Co., Shawcor, Future Pipe Industries, and TechnipFMC plc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Composites in Oil and Gas Industry Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Composites in Oil and Gas Industry Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Composites in Oil and Gas Industry Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029, Segmented By Resin Type (Epoxy Resin, Polyester Resin, Phenolic Resins); By Fiber Type (Glass, Carbon); By Application (Piping System, Grinds/Grating, Flexible Tubes, Composite Risers, Caissons & Pull Tubes, Top Side Applications, Pipes); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
Publish Date: July 2023
An increasing demand for lightweight and durable materials in oil & gas industry and long-life cycle and low maintenance costs of composites are projected to propel the expansion of the global composites in oil and gas industry market during the forecast period between 2023 and 2029.
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