Composites In Oil And Gas Industry Market
PUBLISHED: 2023 ID: SMRC22881
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Composites In Oil And Gas Industry Market

Composites In Oil & Gas Industry Market Forecasts to 2028 - Global Analysis By Fiber Type (Carbon Fiber Composites, Glass Fiber Composites and Other Fiber Types), By Resin Type (Polyester Resin Composites, Epoxy Resin Composites, Phenolic Resin Composites and Other Resin Types), By Application (Pipes, Tanks, Top Side Applications, Pumps & Compressors and Other Applications), By End User (Piping System, Flexible Tubes, Composite Risers, Pull Tubes and Other End Users) and By Geography

4.7 (67 reviews)
4.7 (67 reviews)
Published: 2023 ID: SMRC22881

This report covers the impact of COVID-19 on this global market
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Years Covered

2020-2028

Estimated Year Value (2022)

US $2.30 BN

Projected Year Value (2028)

US $3.67 BN

CAGR (2022 - 2028)

8.1%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

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

Largest Market

Asia Pacific

Highest Growing Market

North America


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
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o 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
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o 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

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Composites In Oil & Gas Industry Market, By Fiber Type
5.1 Introduction
5.2 Carbon Fiber Composites
5.2.1 Chopped Carbon Fiber
5.2.2 Continuous Carbon Fiber
5.3 Glass Fiber Composites
5.4 Other Fiber Types

6 Global Composites In Oil & Gas Industry Market, By Resin Type
6.1 Introduction
6.2 Polyester Resin Composites
6.3 Epoxy Resin Composites
6.4 Phenolic Resin Composites
6.5 Other Resin Types
6.5.1 Polyethylene Resins
6.5.2 Peek Resins
6.5.3 Polyamide Resins
6.5.4 Vinyl Ester Resins

7 Global Composites In Oil & Gas Industry Market, By Application
7.1 Introduction
7.2 Pipes
7.2.1 Jumpers
7.2.2 Risers
7.2.3 Downlines
7.3 Tanks
7.4 Top Side Applications
7.4.1 Ladders
7.4.2 Decking
7.4.3 Grids/Gratings
7.4.4 Handrails
7.5 Pumps & Compressors
7.6 Other Applications
7.6.1 Caissons
7.6.2 Accumulator Bottles
7.6.3 Composite Risers
7.6.4 Flexible Tubes
7.6.5 Frac Plugs and Frac Balls

8 Global Composites In Oil & Gas Industry Market, By End User
8.1 Introduction
8.2 Piping System
8.3 Flexible Tubes
8.4 Composite Risers
8.5 Pull Tubes
8.6 Other End Users

9 Global Composites In Oil & Gas Industry Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa

10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies

11 Company Profiling
11.1 Airborne Oil And Gas BV
11.2 Enduro Composites, Inc
11.3 GE Oil And Gas
11.4 Halliburton Company
11.5 Magma Global Limited
11.6 National Composites Center
11.7 National Oilwell Varco
11.8 PIPEX LTD.
11.9 Schlumberger Limited
11.10 Strongwell Corporation
11.11 Vello Nordic AS
11.12 ZCL Composites

List of Tables
1 Global Composites In Oil & Gas Industry Market Outlook, By Region (2020-2028) ($MN)
2 Global Composites In Oil & Gas Industry Market Outlook, By Fiber Type (2020-2028) ($MN)
3 Global Composites In Oil & Gas Industry Market Outlook, By Carbon Fiber Composites (2020-2028) ($MN)
4 Global Composites In Oil & Gas Industry Market Outlook, By Chopped Carbon Fiber (2020-2028) ($MN)
5 Global Composites In Oil & Gas Industry Market Outlook, By Continuous Carbon Fiber (2020-2028) ($MN)
6 Global Composites In Oil & Gas Industry Market Outlook, By Glass Fiber Composites (2020-2028) ($MN)
7 Global Composites In Oil & Gas Industry Market Outlook, By Other Fiber Types (2020-2028) ($MN)
8 Global Composites In Oil & Gas Industry Market Outlook, By Resin Type (2020-2028) ($MN)
9 Global Composites In Oil & Gas Industry Market Outlook, By Polyester Resin Composites (2020-2028) ($MN)
10 Global Composites In Oil & Gas Industry Market Outlook, By Epoxy Resin Composites (2020-2028) ($MN)
11 Global Composites In Oil & Gas Industry Market Outlook, By Phenolic Resin Composites (2020-2028) ($MN)
12 Global Composites In Oil & Gas Industry Market Outlook, By Other Resin Types (2020-2028) ($MN)
13 Global Composites In Oil & Gas Industry Market Outlook, By Polyethylene Resins (2020-2028) ($MN)
14 Global Composites In Oil & Gas Industry Market Outlook, By Peek Resins (2020-2028) ($MN)
15 Global Composites In Oil & Gas Industry Market Outlook, By Polyamide Resins (2020-2028) ($MN)
16 Global Composites In Oil & Gas Industry Market Outlook, By Vinyl Ester Resins (2020-2028) ($MN)
17 Global Composites In Oil & Gas Industry Market Outlook, By Application (2020-2028) ($MN)
18 Global Composites In Oil & Gas Industry Market Outlook, By Pipes (2020-2028) ($MN)
19 Global Composites In Oil & Gas Industry Market Outlook, By Jumpers (2020-2028) ($MN)
20 Global Composites In Oil & Gas Industry Market Outlook, By Risers (2020-2028) ($MN)
21 Global Composites In Oil & Gas Industry Market Outlook, By Downlines (2020-2028) ($MN)
22 Global Composites In Oil & Gas Industry Market Outlook, By Tanks (2020-2028) ($MN)
23 Global Composites In Oil & Gas Industry Market Outlook, By Top Side Applications (2020-2028) ($MN)
24 Global Composites In Oil & Gas Industry Market Outlook, By Ladders (2020-2028) ($MN)
25 Global Composites In Oil & Gas Industry Market Outlook, By Decking (2020-2028) ($MN)
26 Global Composites In Oil & Gas Industry Market Outlook, By Grids/Gratings (2020-2028) ($MN)
27 Global Composites In Oil & Gas Industry Market Outlook, By Handrails (2020-2028) ($MN)
28 Global Composites In Oil & Gas Industry Market Outlook, By Pumps & Compressors (2020-2028) ($MN)
29 Global Composites In Oil & Gas Industry Market Outlook, By Other Applications (2020-2028) ($MN)
30 Global Composites In Oil & Gas Industry Market Outlook, By Caissons (2020-2028) ($MN)
31 Global Composites In Oil & Gas Industry Market Outlook, By Accumulator Bottles (2020-2028) ($MN)
32 Global Composites In Oil & Gas Industry Market Outlook, By Composite Risers (2020-2028) ($MN)
33 Global Composites In Oil & Gas Industry Market Outlook, By Flexible Tubes (2020-2028) ($MN)
34 Global Composites In Oil & Gas Industry Market Outlook, By Frac Plugs and Frac Balls (2020-2028) ($MN)
35 Global Composites In Oil & Gas Industry Market Outlook, By End User (2020-2028) ($MN)
36 Global Composites In Oil & Gas Industry Market Outlook, By Piping System (2020-2028) ($MN)
37 Global Composites In Oil & Gas Industry Market Outlook, By Flexible Tubes (2020-2028) ($MN)
38 Global Composites In Oil & Gas Industry Market Outlook, By Composite Risers (2020-2028) ($MN)
39 Global Composites In Oil & Gas Industry Market Outlook, By Pull Tubes (2020-2028) ($MN)
40 Global Composites In Oil & Gas Industry Market Outlook, By Other End Users (2020-2028) ($MN)

Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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