Dublin, April 12, 2023 (GLOBE NEWSWIRE) -- The "Composites In Oil & Gas Industry Market by Resin Type (Epoxy, Composites, Polyester, Phenolic), Fiber Type (Carbon, Glass,), Application (Pipes, Tanks, Top Side Applications, Pumps & Compressors), and Region - Global Forecasts to 2028" report has been added to ResearchAndMarkets.com's offering.
The composites in the oil & gas industry market are projected to grow from USD 2.3 Billion in 2022 to USD 3.4 Billion by 2028, at a CAGR of 6.1% during the forecast period.
The market is anticipated to grow due to the increased need for durable composite components to withstand the harsh conditions of the oil & gas industry. Composite materials are significantly lighter and stronger than traditional materials such as steel, which makes them an attractive option for the oil and gas industry.
These materials can also be customized to meet specific performance requirements, making them ideal for challenging environments such as deep-sea drilling. The oil and gas industry is constantly seeking new ways to improve efficiency and productivity, and the development of new composite materials is an area of active research and innovation. As new materials and technologies become available, they will continue to drive growth and development in the industry.
In terms of value, the carbon fiber type segment accounted for the second largest share of the overall composites in the oil & gas industry market
Based on fiber type carbon fiber segment accounted for the second largest share of the overall composites in the oil & gas industry market. Carbon fiber composites are much lighter than traditional materials such as steel, while also being incredibly strong. This makes them ideal for offshore structures, such as risers, where weight reduction is critical. Carbon fiber composites can be easily molded into complex shapes, which allows for greater design flexibility and customization. The unique properties of carbon fiber composites can improve the performance of oil and gas equipment, such as drill pipes, by reducing weight and increasing strength and stiffness. These factors drive the growth of carbon fiber in composites in the oil & gas industry market.
In terms of value, the polyester resin type segment accounted for the second largest share of the overall composites in the oil & gas industry market
Based on resin type polyester resin segment accounted for the second largest share of the overall composites in the oil & gas industry market. Polyester resin composites are commonly used in the oil and gas industry due to their versatility and cost-effectiveness. Polyester resin composites are highly resistant to corrosion, making them ideal for constructing tanks and pipes used to store and transport corrosive materials in the oil and gas industry. These resin composites can construct offshore structures such as platforms, walkways, and stairs. These structures can withstand harsh marine environments and are lightweight, reducing transportation and installation costs. Polyester resin composites can be used as insulation material in oil and gas pipelines and tanks, providing excellent thermal insulation and reducing energy losses. Superior characteristics of polyester resin composite boost its demand across the oil & gas industry.
During the forecast period, the composites in the oil & gas industry market in Europe region is projected to register the second highest share
The composites in the oil & gas industry market have been studied in North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. North America has accounted for the largest market share in 2022. Europe accounted for the second-largest market share in 2022. The Europe market will experience considerable growth in the next years because there has been an increasing demand for energy worldwide and Europe region, which has driven the need for more efficient and cost-effective methods of extracting and processing oil and gas. Composites can help achieve these goals by reducing weight, improving corrosion resistance, and enhancing performance. Also In terms of exploration, there have been some significant discoveries in the region, particularly in the North Sea. In 2019, Equinor and its partners announced the discovery of oil and gas in the Norwegian sector of the North Sea, which was estimated to contain between 38 and 100 million barrels of oil equivalent. These factors contribute to the global expansion of the market.
Research Coverage
This research report categorizes the composites in the oil & gas industry market by resin type (epoxy, polyester, phenolic, and others), by fiber type (carbon, glass, and others), and by application (pipes, tanks, top side applications, pumps & compressors, and others) & region (North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the composites in the oil & gas industry market.
A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, services; key strategies; Contracts, partnerships, and agreements. new product & service launches, mergers and acquisitions, and recent developments associated with the composites in the oil & gas industry market. Competitive analysis of upcoming startups in the composites in the oil & gas industry market ecosystem is covered in this report.
Market Dynamics
Drivers
- Increasing Demand for Non-Corrosive and Lightweight Materials in Oil & Gas Industry
- Long Life Cycle and Low Maintenance Costs of Composites
Restraints
- Variations in Prices of Crude Oil
- High Processing and Manufacturing Costs
- Lack of Standardization in Manufacturing Technologies
- Increasing Focus on Use of Renewable Energy
Opportunities
- Boom in Hydraulic Fracturing Offers New Opportunities for Composites
- Rising Demand from Growing Economies
- New Discoveries in Middle East & Africa
- Reduction in Cost of Carbon Fiber Composites
Challenges
- High Production Cost and Availability of Low-Cost Substitutes
- Issues Related to Recycling
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 250 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $2.3 Billion |
| Forecasted Market Value (USD) by 2028 | $3.4 Billion |
| Compound Annual Growth Rate | 6.7% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Composites in Oil & Gas Industry Market, by Application
7 Composites in Oil & Gas Industry Market, by Fiber Type
8 Composites in Oil & Gas Industry Market, by Resin Type
9 Composites in Oil & Gas Industry Market, by Region
10 Competitive Landscape
11 Company Profile
12 Appendix
Companies Mentioned
- Baker Hughes
- Containment Solutions, Inc.
- Enduro Composites Inc.
- Fiberglass Grating Systems
- Flowserve Corporation
- Future Pipe Industries
- Halliburton
- Hengrun Group Co. Ltd.
- L.F. Manufacturing, Inc.
- Lianyungang Zhongfu Lianzhong Composites Group., Ltd.
- Nov Inc.
- Palmer Manufacturing & Tank Inc.
- Saudi Arabian Amiantit Co.
- Sealmax
- Shawcor
- Slb
- Strohm
- Sundyne
- Technipfmc plc
- The Gund Company, Inc.
- Timken Company
- Valvtechnologies
- Vello Nordic As
- Weatherford International plc
- Wolf Kunststoff-Gleitlager GmbH
For more information about this report visit https://www.researchandmarkets.com/r/ubel5u
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