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    Composites in Oil & Gas Industry Market Size, Share & Forecast

    Composites in Oil & Gas Industry Market Size, Share & Forecast
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    Composites in Oil & Gas Industry Market is likely to witness an impressive CAGR of 5.4% during the forecast period. The major factors driving the demand for composites in the oil & gas industry are their superior properties such as lightweight, corrosion and chemical resistance, high mechanical strength, and low maintenance cost.

    Composites in Oil & Gas Industry Market- Snapshot

    Growth

    5.4% for the next five years

    Major Fiber Type

    Glass Fiber Composites

    Major Resin Type

    Epoxy Resin

    Dominant Application Type

    Pipes

    Region with the highest demand

    Asia-Pacific

    Key Players

    Airborne Oil & Gas BV, GE Oil & Gas, Magma Global Limited, National Oilwell Varco, Vello nordic AS, Schlumberger Limited, Halliburton Company, Strongwell Corporation, Enduro Composites, Inc., and ZCL Composites.

                                                                                                                                                                                    

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    Composites in Oil & Gas Industry Market Share: By Fiber Type

    Based on the fiber type, the market has been segmented as glass fiber composites and carbon fiber composites. The glass fiber composites segment dominated the market and is expected to maintain its position during the forecast period, owing to its usage in a wide range of applications, such as frac plugs, frac balls, handrails, ladders, tanks, and others. Further, the low cost of glass fiber composites along with their exceptional properties such as high mechanical strength, durability, flexibility, and lightweight are acting as a catalyst towards their increasing demand in the oil and gas industry. 

    Composites in Oil & Gas Industry Market Share: By Resin Type

    Based on the resin type, the market is segmented as epoxy resin, polyester resin, phenolic resins, and others. The epoxy resin-based composite segment is expected to witness the highest growth during the forecast period. Increasing usage of hydraulic fracturing to extract natural gas from shale gas deposits has led to an increased usage of epoxy composites in applications, such as bridge plugs, frac plugs, frac balls, and pipes.

    Composites in Oil & Gas Industry Market Share: By Application Type

    Based on the application type, the market is segmented as pipes, tanks, top side applications, and others. The pipes segment is estimated to be the largest segment during the forecast period, owing to properties of composite pipes such as resistance to crude oil, paraffin build-up, and ability to withstand relatively high pressure in harsh operating environment.

    Composites in Oil & Gas Industry Market Share: By Region

    In terms of regions, Asia-Pacific is expected to witness the highest growth in the composites in oil & gas industry market during the forecast period, owing to the exceptional properties exhibited by composite materials in applications, such as pipes, tanks, top side applications, and others. North America and Europe are the other two major markets which are expected to witness substantial growth during the forecast period, owing to aging oil & gas transportation infrastructure and increasing focus towards unconventional sources of energy.

    Some of the leading players operating in the composites in oil & gas industry are Airborne Oil & Gas BV, GE Oil & Gas, Magma Global Limited, National Oilwell Varco, Vello nordic AS, Schlumberger Limited, Halliburton Company, Strongwell Corporation, Enduro Composites, Inc., and ZCL Composites.

     

    Market Scope & Segmentation

    Composites are employed for demanding applications in the oil & gas industry owing to their unique properties, which make them suitable. They offer the properties of being low in weight, which drives away the need for large and overpriced buoyancy tanks. Being economical, composites are preferred to install and they are extremely corrosion-resistant, and suit to various increased operating pressures.

    Composites are the best fit as the oil & gas industry has to meet certain technical, technological, and economic conditions. This is more so pragmatic in the employment of materials in construction, which is expected to tolerate corrosion, fatigue, and weight. These factors immensely predispose to increased risk and cost of offshore projects. In tandem with this objective, composites find a suitable place in the oil & gas industry.

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

    Composites in Oil & Gas Industry Market Research Report - Features

    Market Segmentation

    4

    Regions Covered

    4

    Countries/Sub-Regions Covered

    17

    No. of Figures & Tables

    >150

    Company Profiles

    10

     

    The composites in oil & gas industry market is segmented into the following categories. 

    Composites in Oil & Gas Industry Market Size, Share, & Forecast, by Fiber Type:

    • Glass Fiber Composites (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Carbon Fiber Composites
      • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
      • (Fiber Type Analysis: Chopped Carbon Fiber Composites and Continuous Carbon Fiber Composites)

    Composites in Oil & Gas Industry Market Size, Share, & Forecast, by Resin Type:

    • Epoxy Resin (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Polyester Resin (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Phenolic Resins (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Other Resins 
      • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
      • (Resin Type Analysis: Polyethylene Resins, Polyamide Resins, Peek Resins, and Vinyl Ester Resins)

    Composites in Oil & Gas Industry Market Size, Share, & Forecast, by Application Type:

    • Pipes 
      • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
      • (Application Type Analysis: Risers, Jumpers, and Downline)
    • Tanks (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Top Side Applications 
      • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
      • (Application Type Analysis: Grids/Gratings, Ladders, Handrail, and Decking)
    • Others 
      • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
      • (Application Type Analysis: Frac Plugs and Frac Balls, Flexible Tubes, Composite Riders, Accumulator Bottles, and Caissons)

    Composites in Oil & Gas Industry Market Size, Share, & Forecast, by Region:

    • North America (Country Analysis: the USA, Canada, and Mexico) 
    • Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

     

    Research Methodology

    This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

     

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
    • Market trend and forecast analysis
    • Market segment trend and forecast
    • Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
    • Attractive market segments and associated growth opportunities
    • Emerging trends
    • Strategic growth opportunities for the existing and new players
    • Key success factors

     

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Market Segmentation

    • Current market segmentation of any one of the fiber types by application type.  

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected]


    General Frequently Asked Questions (FAQs)

    What is Composites in Oil & Gas Industry?

    Composites in oil & gas industry are employed for demanding applications owing to their unique properties, which make them suitable. They offer the properties of being low in weight, which drives away the need for large and overpriced buoyancy tanks. Being economical, composites are preferred to install and they are extremely corrosion-resistant, and suit to various increased operating pressures. Composites in oil & gas industry are the best fit as the oil & gas industry has to meet certain technical, technological, and economic conditions. This is more so pragmatic in the employment of materials in construction, which is expected to tolerate corrosion, fatigue, and weight. These factors immensely predispose to increased risk and cost of offshore projects. In tandem with this objective, composites find a suitable place in the oil & gas industry.

    What will be the CAGR of the Composites in Oil & Gas Industry Market?

    Composites in Oil & Gas Industry Market is likely to witness an impressive CAGR of 5.4% during the forecast period. The major factors driving the demand for composites in the oil & gas industry are their superior properties such as lightweight, corrosion and chemical resistance, high mechanical strength, and low maintenance cost.

    Which country/region is expected to remain the largest Composites in Oil & Gas Industry Market?

    In terms of regions, Asia-Pacific is projected to remain the largest Composite Bearings market during the forecast period, in terms of both value and volume.

    Who are the key players in the Composites in Oil & Gas Industry Market?

    Some of the leading players operating in the composites in oil & gas industry are Airborne Oil & Gas BV, GE Oil & Gas, Magma Global Limited, National Oilwell Varco, Vello nordic AS, Schlumberger Limited, Halliburton Company, Strongwell Corporation, Enduro Composites, Inc., and ZCL Composites.

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