[193 Pages Report] 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.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Composites in Oil & Gas Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis 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: 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 examination of the current state of vendors in the Composites in Oil & Gas Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. 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 this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
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
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Composites in Oil & Gas Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Composites in Oil & Gas Market?
- What are the technology trends and regulatory frameworks in the Composites in Oil & Gas Market?
- What is the market share of the leading vendors in the Composites in Oil & Gas Market?
- Which modes and strategic moves are suitable for entering the Composites in Oil & Gas Market?
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