Composites in Oil and Gas Industry - Global Strategic Business Report

The global market for Composites in Oil and Gas Industry was estimated at US$3.5 Billion in 2023 and is projected to reach US$5.5 Billion by 2030, growing at a CAGR of 6.7% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

Global Composites in Oil and Gas Industry Market - Key Trends & Drivers Summarized

What Role Do Composites Play in the Oil and Gas Industry, and Why Are They Essential?

Composites are advanced materials that combine two or more constituent materials with unique properties, such as high strength-to-weight ratio, corrosion resistance, and durability, making them ideal for the harsh environments of the oil and gas industry. These materials, including fiber-reinforced polymers (FRPs) and advanced thermoplastics, are increasingly used for pipelines, risers, tanks, pressure vessels, and structural components, where they can withstand exposure to corrosive substances, high pressures, and extreme temperatures. Unlike traditional materials like steel, composites resist corrosion without needing protective coatings or cathodic protection, reducing maintenance costs and extending service life. As offshore drilling moves to greater depths and more challenging environments, composites have become essential in supporting the durability and efficiency of oil and gas infrastructure.

The significance of composites in the oil and gas industry lies in their ability to improve operational efficiency and reduce the risk of equipment failure. Composite materials' lightweight properties help reduce the load on offshore platforms and support deepwater operations, allowing for efficient transportation and installation of critical infrastructure. This weight reduction is particularly valuable for subsea installations and complex structures, where reduced load can lower transportation and installation costs. The non-corrosive nature of composites further minimizes downtime and maintenance, crucial for operations in remote locations. As the industry focuses on improving reliability and reducing costs, composite materials play a vital role in meeting these objectives, enabling oil and gas companies to optimize performance in demanding environments.

How Are Technological Advancements Shaping the Use of Composites in the Oil and Gas Industry?

Technological advancements are driving the use of composites in the oil and gas industry, enhancing their durability, functionality, and application potential. One key innovation is the development of high-strength fiber-reinforced polymers, which are now being used in advanced composite piping systems that can handle higher pressures and temperatures, making them suitable for deepwater and high-pressure applications. Additionally, advancements in thermoplastic composites have introduced materials that offer flexibility, enabling easier handling and installation. Thermoplastic composite pipes (TCPs), for instance, are corrosion-free, flexible, and compatible with subsea and offshore applications, reducing installation costs and improving performance in challenging environments.

Another breakthrough is in smart composite materials, which incorporate sensors to monitor structural health, enabling real-time tracking of wear, pressure, and temperature changes. This data can be used to predict maintenance needs, reducing the risk of unexpected failures and allowing operators to perform preventive maintenance. Improved manufacturing techniques, such as automated fiber placement (AFP) and filament winding, have also expanded the scale and complexity of composite components, making it possible to create large, intricate structures that can be used in a variety of oil and gas applications. These technological advancements are making composites a more viable and attractive option for oil and gas companies seeking cost-effective, high-performance solutions in both onshore and offshore environments.

What Are the Key Applications of Composites in the Oil and Gas Industry?

Composites have a wide range of applications in the oil and gas industry, each benefiting from their unique properties. Composite pipes, for instance, are used in both onshore and offshore applications, including flowlines, risers, and production tubing, where their resistance to corrosion and lightweight properties reduce maintenance requirements and simplify installation. In offshore platforms, composites are used for structural components, walkways, and gratings, where they provide durability and reduce the overall load on the platform. Composite tanks and pressure vessels are also used to store and transport corrosive chemicals and gases, as they resist leaks and material degradation better than traditional metal containers.

In subsea applications, composites are used in buoyancy modules and flexible risers, providing essential support for pipelines and equipment operating at great depths. Composites are also applied in well intervention equipment and frac plugs, which require high durability under extreme pressures and temperatures. Additionally, composite coatings are used on metallic structures, pipelines, and underwater components to provide an additional layer of corrosion resistance. These applications underscore the value of composites in enabling reliable, low-maintenance solutions in the oil and gas industry, supporting efficient operations in both routine and extreme environments.

What Factors Are Driving Growth in the Composites in Oil and Gas Industry Market?

The growth in the composites market within the oil and gas industry is driven by several factors, including the need for corrosion-resistant materials, advancements in composite technology, and the push toward operational efficiency. As traditional materials like steel are susceptible to corrosion in harsh environments, the demand for non-corrosive, durable materials has increased, making composites an attractive alternative. The offshore oil and gas sector, in particular, benefits from lightweight, corrosion-resistant composites that reduce maintenance costs and downtime, allowing for more cost-effective and reliable operations. Technological advancements, such as thermoplastic composites and smart materials with embedded sensors, have expanded the use of composites, making them suitable for high-pressure and high-temperature applications.

In addition, the emphasis on safety and risk reduction has accelerated the adoption of composite materials, as they offer reliable, low-maintenance solutions that reduce the risk of leaks, spills, and equipment failures. The drive to reduce costs in the oil and gas industry, especially as projects move to more remote and challenging locations, further supports the demand for composite materials that are lighter, easier to install, and resistant to environmental stressors. Together, these factors indicate a promising future for composites in the oil and gas industry, with growth supported by technological advancements and the sector's focus on efficiency and durability.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Epoxy Resin segment, which is expected to reach US$1.9 Billion by 2030 with a CAGR of a 7.4%. The Polyester Resin segment is also set to grow at 6.6% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, which was estimated at $924.1 Million in 2023, and China, forecasted to grow at an impressive 10.1% CAGR to reach $1.3 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Composites in Oil and Gas Industry Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Composites in Oil and Gas Industry Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

• How is the Global Composites in Oil and Gas Industry Market expected to evolve by 2030?
• What are the main drivers and restraints affecting the market?
• Which market segments will grow the most over the forecast period?
• How will market shares for different regions and segments change by 2030?
• Who are the leading players in the market, and what are their prospects?

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of major players in the Composites in Oil and Gas Industry market such as Airborne Oil & Gas, CIP Composites, Creative Composites Ltd., Enduro Composites Inc., GE Oil & Gas and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Some of the 34 companies featured in this Composites in Oil and Gas Industry market report include:

• Airborne Oil & Gas
• CIP Composites
• Creative Composites Ltd.
• Enduro Composites Inc.
• GE Oil & Gas
• Halliburton
• Magma Global Limited
• National Composites Center
• National Oilwell Varco
• Pipex Ltd.
• Schlumberger Limited
• Strongwell Corporation
• Vello Nordic as
• ZCL Composites