Composites used in the oil and gas industry involve combining different elements in a matrix, commonly glass fibers, carbon fibers, or aramid fibers with epoxy, phenolic, or polymer matrices. Meeting specific technical, technological, and economic criteria is crucial in this sector. Particularly in construction materials, durability against corrosion, fatigue, and weight is essential. Offshore projects face increased risks and costs due to these considerations.
According to Data Bridge Market Research the Oil and Gas Composites Market accounted for USD 1,986.00 million in 2021 and is expected to reach USD 2956.66 million by 2029. The market is expected to grow with a CAGR of 5.10% in the forecast period of 2022 to 2029.
“Increased demand for oil and gas composites, drives the market”
The oil and gas industry is witnessing a rising demand for non-corrosive and lightweight materials. This demand is driving the growth of the market as these materials offer numerous benefits, such as enhanced durability, improved efficiency, and reduced maintenance costs. Through utilizing such materials, the industry can achieve higher performance and operational safety while minimizing environmental impact. This trend is expected to pave the way for significant growth opportunities in the market.
What restraints the growth of the oil and gas composites market?
“Price volatility and high costs hampers the market”
The oil and gas composites market faces challenges due to high production costs and the volatile nature of oil and gas prices. The manufacturing processes involved in composites can be expensive, impacting the overall cost of production. Additionally, fluctuations in oil and gas prices make it difficult for companies to plan and allocate resources effectively. These factors pose hindrances to the growth of the market, requiring strategic cost management and risk mitigation strategies for sustained development.
Segmentation: Oil and Gas Composites Market
The oil and gas composites market is segmented on the basis of resin type, fiber type, product type and application.
- On the basis resin type, the oil and gas composites market has been segmented into epoxy, polyester, phenolic resin, and others.
- On the basis of fiber type, the oil and gas composites market has been segmented into glass fiber, and carbon fiber.
- On the basis of product type, the oil and gas composites market has been segmented into glass reinforced plastics, glass reinforced epoxy resin, glass reinforced vinyl ester, reinforced thermoplastic.
- On the basis of application, the oil and gas composites market has been segmented into piping system, grinds/grating, flexible tubes, composite risers, caissons and pull tubes, top side applications, pipes, and others.
Regional Insights: North America Dominates the Oil and Gas Composites Market
North America dominates the oil and gas composites market as the region is facing issues with its outdated transportation infrastructure, which requires upgrades to meet modern demands. Additionally, there is a growing focus on utilizing unconventional energy sources as a response to environmental concerns and the need for sustainable energy solutions.
Asia-Pacific is estimated to show lucrative growth during the forecast period of 2022 to 2029 due to the rising awareness of the product's superior properties and the increasing number of partnerships and acquisitions within the region.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-oil-and-gas-composites-market
The Prominent Key Players Operating in the Oil and Gas Composites Market Include:
- DOW (U.S.)
- Halocarbon, LLC (U.S.)
- Freudenberg SE (Germany)
- The Chemours Company (U.S.)
- Metalubgroup (Israel)
- Huntsman International LLC (U.S.)
- Bostik (France)
- H.B. Fuller Company (U.S.)
- Sika AG (Switzerland)
- Cardolite Corporation (U.S.)
- DAIKIN (Japan)
- Kukdo Chemical Co., Ltd., (South Korea)
- BASF SE (Germany)
- Covestro AG (Germany)
- LANXESS (Germany)
- Dupont (U.S.)
- SOLVAY (Belgium)
- Wanhua (China)
- Arkema (France)
- Hexion (U.S.)
- Woodbridge (Canada)
Above are the key players covered in the report, to know about more and exhaustive list of oil and gas composites market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Oil and Gas Composites Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
