Composites in Oil & Gas Industry Market Research, 2030
Composites in oil & gas industry are made by blend of diverse materials in a matrix. The most commonly used composites are made by mixture of epoxy, phenolic, or polymer (polyethylene, poly-vinyl-dienefluoride, and polyamide) matrix with glass fibers, carbon fibers, or aramid fibers. The oil & gas industry is required to fulfill certain technical, technological, and economic standards. This is mainly witnessed in materials engaged in construction, which are estimated to endure corrosion, fatigue, and weight. These aspects add to bigger risk and cost of offshore projects. Composites are employed in oil & gas industry due to their unique properties, such as light weight, corrosion resistance, inexpensive installation, which make them suitable for demanding applications in the oil & gas industry. They have the advantage of low weight, which reduces the requirement for bulky and exorbitant buoyancy tanks.
Market Scope and Structure Analysis
Composites in oil and gas industry market has been employed for numerous applications, such as structures such as piping systems, jumpers, risers, gratings, ladders, walkways, handrails, decking, flooring, flexible tubes, composite riders, accumulator bottles, BOP, caissons, and others. The various advantages such as light weight, corrosion and chemical resistance, high mechanical strength, and low maintenance cost are driving the market growth.
Market Size Available for Years
Base Year Considered
Resin Type, Fiber Type, Application and Region
North America, Europe, Asia-Pacific, LAMEA
Airborne Oil & Gas BV, Enduro Composites, Inc., GE Oil & Gas, Halliburton Company, Magma Global Limited, National Oilwell Varco, Schlumberger Limited, Strongwell Corporation, Vello Nordic AS, and ZCL Composites.
COVID-19 Impact analysis
The impact of COVID 19 pandemic on composites in oil & gas industry has been adverse. The market was affected by the pandemic in the following three ways:
- By directly affecting production and demand of oil and gas due to lockdowns, flight cancellations due to travel bans, and quarantines, halts in the production, restricted trade among nations; over forty countries state of emergency declared etc. This decreased demand of oil & gas across the globe also traveled back to the composites in oil & gas industry as the production cuts were implemented as well as new explorations were halted or cancelled.
- By creating supply chain and market disruption due to cross border trade restrictions, which hampered the imports of the raw materials for the manufacturing processes as well as exports of the finished products.
- By financial impact on firms and financial markets by the means of stock market volatility due to uncertainties in the market. This also affected the financial health of many organizations which also led to hindrances in the new exploration & production ventures.
Top Impacting Factors
- The glass-fiber reinforced polymer (GFRP) composites are used in piping systems for applications such as oil exploration, desalination, chemical plants, fire mains, dredging, and portable water. They empower the pipeline systems to endure extremely corrosive fluids at elevated temperatures, pressures, and in hostile weather as well as soil conditions. Composite grinds/gratings accomplish better operational capabilities compared to traditional, metallic grinds/gratings, owing to their better properties in adverse settings in the chemical process industry. They are desired due to their capability to reduce the overall weight of the system, superior corrosion resistance, improved durability, and reduced lifecycle costs.
- Ladders made of composites are stronger than those made of wood or aluminum and they are resistant to rotting, corrosion, or absorption of water or any other fluids. For the period of the construction of a riser, thermoplastic polymer matrix reinforced with glass or carbon fibers is used. This matrix is wound around its steel reinforcement, which considerably lessens its weight. In some cases, epoxy matrix reinforced with carbon fibers may be used.
- In the construction of pipeline systems for transportation of fluids and storage tanks, fiberglass composites are used. They are made by combining polymer matrix (usually, epoxy matrix and vinyl ester matrix) with glass fibers. Tubing is typically made from GRE pipes or GRE pipes reinforced with carbon steel, which offer resistance to adverse pressure conditions in down-hole applications.
- There have been developments in the field of composite pipelines and fluid management. Cost-cutting due to composites substituting steel piping in retrofit applications is a main driver for the market. Cost advantage can also be observed during the manufacturing of risers, tubing, and storage and transport systems in offshore platforms when composites are used in place of expensive corrosion-resistant metals. An additional driver for the market is augmented durability of novel, dependable, safe, and cost-effective construction, which can resist harsh environments predicted in an offshore setting.
- North America and Europe are the two major markets which are anticipated to witness considerable growth during the forecast period, owing to aging oil & gas transportation infrastructure and growing focus in the direction of unconventional sources of energy. Asia-Pacific is projected to witness the premier growth in the composites in oil & gas industry market during the forecast period, due to the remarkable properties demonstrated by composite materials in applications, such as pipes, tanks, top side applications, and others.
- The epoxy resin-based composite segment is anticipated to witness the highest growth during the forecast period. Growing usage of hydraulic fracturing to extract natural gas from shale gas deposits has led to an improved usage of epoxy composites in applications, such as bridge plugs, frac plugs, frac balls, and pipes. The pipes segment is projected to be the largest segment during the forecast period, due to properties of composite pipes such as resistance to crude oil, paraffin build-up, and capability to endure reasonably high pressure in severe operating atmosphere.
Key Segments Covered
- Epoxy Resin
- Polyester Resin
- Phenolic Resins
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Benefits of the Report
- This study presents the analytical depiction of the composites in oil and gas industry market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the composites in oil and gas industry market share.
- The current market is quantitatively analyzed from 2020 to 2030 to highlight the composites in oil and gas industry market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed composites in oil and gas industry market analysis based on competitive intensity and how the competition will take shape in coming years
Questions answered in the Composites in Oil and Gas Industry Report
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