Composites in Oil & Gas Industry Market By Type (Glass Fiber, Carbon fiber, Others) , By Resin Type (Epoxy Resin, Polyester Resin, Phenolic Resins, Others) By Application (Topside, Tanks, Pressure Vessels, Pipes, Offshore Drilling, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Composites in Oil & Gas Industry Market
The composites in oil & gas industry market was valued at $2.3 billion in 2023 and is projected to reach $4.1 billion by 2033, growing at a CAGR of 5.9% from 2024 to 2033.
Composites in the oil & gas industry are materials with distinctive properties that are formed by the combination of two or different constituents. The key properties of composites include resistance to corrosion, thermal resistance, high strength-to-weight ratio, and lightweight nature. Two key components that determine the performance of composites are matrix and reinforcement. Composites find applications in offshore drilling rigs, subsea pipelines & risers, floating production storage & offloading vessels, pipeline systems, and well casings.
Resistance toward corrosion is an absolute requirement for materials utilized in the oil & gas industry. This is a major driver of the composites in oil & gas industry market. Furthermore, surge in demand for lightweight materials with high durability augments the development of the market. In recent times, explorations regarding the competency of biopolymers as composites in oil & gas industry is trending in the market. Biopolymers such as natural banana fibers are gaining notable traction due to their eco-friendliness and cost efficiency. Currently at an early stage of development, manufacturers are significantly focusing on the R&D of biopolymer composites to ensure their compatibility, standardization, and long-term durability.
However, composite production is capital-intensive, hindering the widespread expansion of the market. Moreover, resistance among stakeholders to shift from conventional materials to composites owing to concerns pertaining to performance uncertainty hampers the development of the composites in oil & gas industry market. On the contrary, development of biodegradable composites is poised to open new avenues for the market by facilitating reduction of carbon emissions associated with the oil & gas industry. According to the International Energy Agency, the industry contributed approximately 15% of global energy-related emissions in 2023, which is near to 5.1 billion Tons of greenhouse gas emissions. This encourages stakeholders to reduce their carbon footprint by adopting bio-composites, presenting lucrative growth opportunities for the market.
Segment ReviewThe composites in oil & gas industry market is segmented into type, resin type, application, and region. On the basis of type, the market is divided into glass fiber, carbon fiber, and others. As per resin type, it is classified into epoxy resin, polyester resin, phenolic resins, and others. Depending on application, it is categorized into topside, tanks, pressure vessels, pipes, offshore drilling, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of type, the glass fiber segment dominated the market in 2023.
As per resin type, the epoxy resin segment held a high share of the market in 2023.
Depending on application, the pipes segment acquired a high stake in the market in 2023.
Region wise, North America was the highest revenue generator in 2023.
Competition AnalysisThe major players of the global composites in oil & gas industry market include NOV Inc, Baker Hughes Company, Syensqo, Trelleborg Group, Hexagon Composites ASA, Prysmian Group, Enduro, BASF SE, Teijin Carbon Europe GmbH, and Toray Advanced Composites. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
Key Market SegmentsBy TypeGlass Fiber
Carbon fiber
Others
By Resin TypeEpoxy Resin
Polyester Resin
Phenolic Resins
Others
By ApplicationTopside
Tanks
Pressure Vessels
Pipes
Offshore Drilling
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
Rest of LAMEA
Key Market PlayersNOV Inc
Baker Hughes Company
Syensqo
Trelleborg Group.
Hexagon Composites ASA
Prysmian Group
Enduro
BASF SE
Teijin Carbon Europe GmbH.
Toray Advanced Composites