Composites In Oil and Gas Industry Market

Composites In the Oil and Gas Market Size (2023-2028)

The Composites In the Oil and Gas Industry Market will grow from US$ 2.715 Billion billion in 2022 to $ 4.24 billion in 2028, recording a compound annual growth rate of above 7.5% over the forecast period from 2023-2028

Composites In Oil And Gas Industry Market Segmentation:

On the basis of Resin Type:

• Epoxy

• Polyester

• Phenolic

• Others

The epoxy segment of resin type had the largest market value and volume in 2018. The wide applicability of epoxy resin is the major reason for its quick-rising growth.

On the basis of Fiber Type:

• Glass fiber
• Carbon fiber

Of the mentioned types of fibers, carbon fiber is expected to lead the market by the end of the forecast period, due to its unique properties like high mechanical strength.

On the basis of Application:

• Pipes

• Tanks Top Side Application

Among the different applications mentioned the pipes segment is expected to have the highest CAGR in the aforementioned forecast period. This growth is attributed to the growing hydraulic fracturing activities and rises in the production of shale gas, which in turn raises the demand for composite flowlines, jumpers, risers, etc.

COMPOSITES IN THE OIL AND GAS INDUSTRY MARKET REPORT COVERAGE:

On the basis of Region:

• North America 

• Europe 

• Asia Pacific 

• Latin America 

• The Middle East and Africa 

The Asia Pacific region is anticipated to lead the global market with the highest growth rate in the forecast period, due to the increased scope of future opportunities, and demand for growing industries mainly in developing countries like Japan, India, and China. The market value of Europe was the highest in the year 2018 but may not continue to lead the global market due to the dominance of the Asia Pacific region.

North America considerably has moderate market value and growth in the forecast period. A well-established economy like North America has such moderate market growth due to the economic crisis which makes leading competitors in this market shift their area of operation to the Asia Pacific through mergers and agreements. Also, the slow growth rate in these regions is the result of regional advantages gained by companies in the Asia Pacific like cheap labor and ease of resource availability. These advantages make the market centered in the Asia Pacific hence forcing Europe and North America to have slow growth in the aforementioned forecast period.

The Middle East & Africa and Latin America regions, being in the low developing countries due to the contribution of low GDP countries, have fewer chances for industry growth. Hence, the Composites in the Oil and Gas Industry market in these regions are slow-growing in nature. However, the Middle East alone may witness steep growth due to the rise in industrial activities related to oil and gas in this region.

Recent Developments

Airborne Oil & Gas, a Netherlands gas & oil composites market leader, has announced the merger with Renato Bastos to form V.P Brazil to strengthen itself in the Brazilian market. However, Renato is responsible for dynamic applications in Deepwater Brazil and delivering the company with guidelines to qualify the thermoplastic composite pipeline (TCP).

Composites In Oil And Gas Industry Market key players:

Major companies plying their trade in the Composites In Oil And Gas Industry Market include Oil & Gas (Netherlands), Creative Composites Ltd. (India), GE Oil & Gas (UK), Strongwell Corporation (U.S.), National Composites Center (UK), Magma Global Limited (UK), Enduro Composites, Inc. (U.S.), Pipex Limited (UK), National Oilwell Varco (US), Solent Composite Systems Ltd. (UK), Vello Nordic AS (Norway), CIP Composites (Columbia), Schlumberger Limited (US), ZCL Composite (Canada), Magnum Oil Tools (US), Halliburton (US), and Forum Energy Technologies (US) are the leading shareholders of the Global Oil & Gas Composites market. Most of these companies are currently into the development of advanced products and are focused on expansion strategies to improve their market value and position.