Composites in Oil & Gas Market by Matrix Materials (Aramid Fibers, Carbon Fibers, Epoxy), Product Type (Glass Reinforced Epoxy Resin, Glass Reinforced Plastic, Glass Reinforced Vinyl Ester), Application - Global Forecast 2024-2030

Composites in Oil & Gas Market by Matrix Materials (Aramid Fibers, Carbon Fibers, Epoxy), Product Type (Glass Reinforced Epoxy Resin, Glass Reinforced Plastic, Glass Reinforced Vinyl Ester), Application - Global Forecast 2024-2030

The Composites in Oil & Gas Market size was estimated at USD 3.39 billion in 2023 and expected to reach USD 3.61 billion in 2024, at a CAGR 6.69% to reach USD 5.34 billion by 2030.

The composites market in the oil & gas industry refers to a diverse range of advanced materials adoption that offer innovative properties such as high strength-to-weight ratios, corrosion resistance, and durability. These composites are employed across various segments within the oil & gas sector, such as exploration, extraction, production, transportation, refining, and storage. The applications range from structural components such as pipes and tanks to lightweight equipment for offshore platforms and high-pressure vessels. The growth of the composites in oil & gas industry is increasing as the use of composites in the manufacturing process and steel piping is increasing, as it is considered for pre-tensioning, post-tensioning, and reinforcing concrete. Furthermore, the rising need for non-corrosive and lightweight materials in the oil & gas industry is propelling the composites market. However, declination in adopting composites due to widespread conservatism and limited performance in hostile offshore environments is penetrating the market growth. To capitalize on the growth opportunities within this market, manufacturers are focusing on adopting glass-fiber reinforced polymer (GFRP) composites and introducing downhole composites with advanced features.

Regional Insights

In the Americas, the United States, Canada, Brazil are experiencing increasing demand for composites in their oil and gas sectors due to their superior properties such as corrosion, chemical resistance, lightweight, high mechanical strength, and low maintenance cost. The U.S. government has funded several projects to develop novel composite materials for energy applications. In the European Union, countries such as Germany and France are at the forefront of composite material usage in their respective oil and gas industries. Additionally, EU-funded initiatives aim to increase composite adoption within marine structures through innovation grants. The Middle East and Africa region is hovered for exponential growth in adopting composites within its oil and gas sectors. Companies have invested heavily in research examining new ways to utilize non-metallic materials, such as fiber-reinforced polymers, to replace steel components in pipelines or offshore platforms. In the Asia Pacific, China represents significant opportunities for the composites market in the oil and gas sector. The government's initiative emphasizes the importance of advanced materials, including composites, for achieving its industrial goals. Countries, including India and Japan's burgeoning economy, drive demand for composites within its oil and gas industries. They also initiate projects focusing on advanced materials research and institutions contributing to global knowledge on composite manufacturing processes for energy applications.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Composites in Oil & Gas Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Increasing use of composites in manufacturing process and steel piping
Rising need for non-corrosive & lightweight materials in the oil & gas industry
Government initiatives to increase oil & gas exploration activities

Market Restraints

Reluctance in adoption of composites due to widespread conservatism

Market Opportunities

Emerging adoption of glass-fiber reinforced polymer (GFRP) composites
Introduction of downhole composites with advanced features

Market Challenges

Limited performance in hostile offshore environments

Market Segmentation Analysis

Matrix Materials: Rising use of aramid fibers for its high tensile strength and dynamic structures
Product Type: Consumer preference for superior strength and corrosion resistance resins
Application: Rising use of composites in caissons & pull tubes and piping systems

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Composites in Oil & Gas Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Composites in Oil & Gas Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Dutch company’s innovative composite pipe installed at ExxonMobil’s Liza Field

Strohm B.V., a composite pipe company, has achieved a significant milestone in the oil and gas industry by completing the installation of its first deepwater and high-pressure thermoplastic composite pipe jumper in the Stabroek Block, located offshore Guyana. This successful installation signifies the adoption of Strohm's groundbreaking Jumper on Demand approach, which aims to enhance operational efficiency in the industry. With this innovative strategy, Strohm is committed to improving their clients' performance and reliability.

Shawcor Invests in Two New Composite Systems Facilities, Enhancing Production Capacity and Efficiency

Shawcor Ltd. has announced the establishment of two new operating facilities in the United States with an estimated investment of USD 60 million between 2023 and 2024 to support Shawcor's Flexpipe business. The company aims to expand its presence in the eastern US market by being closer to the US customer base, specifically in the underground storage tanks sector. This expansion is expected to unlock additional revenue-generating capacity for Shawcor and improve segment margins over time.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Composites in Oil & Gas Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Composites in Oil & Gas Market, highlighting leading vendors and their innovative profiles. These include Advanced Composite Products & Technology, Inc., Amalga Composites, Atlas Fibre, Banline Pipeline Engineering Technology Co.Ltd, BLG Fiberglass Manufacturing, Chemical Process Piping Pvt. Ltd., Columbia Industrial Products, EPSILON COMPOSITE SA, Exel Composites, Industrial Dielectrics, Inc., INOMETA GmbH, Norplex, Inc., NOV Inc., Polygon Company, Reliance Industries Limited, Schlumberger Limited, Sinopec Group, SoluForce B.V. by Wienerberger Group, Solvay S.A., Spaulding Composites Inc., Strohm B.V., The Gund Company, Inc., Thermoflex Pipes by Baker Hughes Company, Toray TCAC Holding B.V, and Trelleborg Group.

Market Segmentation & Coverage

This research report categorizes the Composites in Oil & Gas Market to forecast the revenues and analyze trends in each of the following sub-markets:

Matrix Materials
Aramid Fibers
Carbon Fibers
Epoxy
Glass Fibers
Phenolic
Polymer
Product Type
Glass Reinforced Epoxy Resin
Glass Reinforced Plastic
Glass Reinforced Vinyl Ester
Reinforced Thermoplastic
Application
Caissons & Pull Tubes
Composite Risers
Flexible Tubes
Grinds or Gratings
Ladders
Piping Systems
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year