Global Oil and Gas Composites Market, By Resin Type (Epoxy, Polyester, Phenolic resin, Others), Fiber Type (Glass Fiber, Carbon Fiber), Product Type (Glass Reinforced Plastics, Glass Reinforced Epoxy Resin, Glass Reinforced Vinyl Ester, Reinforced Thermoplastic), Application (Piping System, Grinds/Grating, Flexible Tubes, Composite Risers, Caissons and Pull Tubes, Top Side Applications, Pipes, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
Over the last few years, there has been immense growth in the chemical industry. Additionally, the composites market have largely flourished. Composites are primarily employed within the oil and gas industry because of their unique qualities, such as lightweight, corrosion resistance, and ease of installation, making them ideal for demanding applications. The increased usage of composites in oil and gas industry will largely aid the market growth even within the forecasted period.
The oil and gas composites market was valued at USD 1,986.00 million in 2021 and is expected to reach USD 2956.66 million by 2029, registering a CAGR of 5.10% during the forecast period of 2022-2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Market Definition
In the oil and gas business, composites are created by combining various elements in a matrix. The most common composites are constructed with glass fibers, carbon fibers, or aramid fibers in an epoxy, phenolic, or polymer (polyethylene, polyvinyl-dienefluoride, and polyamide) matrix. The oil and gas business must meet certain technical, technological, and economic requirements. This is most noticeable in construction materials, which are expected to withstand corrosion, fatigue, and weight. Offshore projects are more risky and expensive as a result of these factors.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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By Resin Type (Epoxy, Polyester, Phenolic, Others), Fiber Type (Glass Fiber, Carbon Fiber), Product Type (Glass Reinforced Plastics, Glass Reinforced Epoxy Resin, Glass Reinforced Vinyl Ester, Reinforced Thermoplastic), Application (Piping System, Grinds/Grating, Flexible Tubes, Composite Risers, Caissons and Pull Tubes, Top Side Applications, Pipes, Others)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
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Market Players Covered
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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.) and Woodbridge (Canada)
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Market Opportunities
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Oil and Gas Composites Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Increased Demand for Oil and Gas Composites
The growing demand of the non- corrosive, as well as the light weight material from oil and gas industry, is estimated to carve a way for the growth of the market. Moreover, growing demand for glass- fiber reinforced polymer composite in piping systems will also drive market value growth over the forecasted period.
The rising applications from emerging economies and the adoption of natural composites will further propel the growth rate of the oil and gas composites market. The low maintenance cost of composites is projected to bolster the market's growth.
Opportunities
- Surging Awareness, Development and Hydraulic Fracturing
Furthermore, rising awareness about the advantages of corrosion such as high corrosion resistance, lightweight, and developments in the field of composite pipelines and fluid management are estimated to extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the booming hydraulic fracturing will further expand the future growth of the oil and gas composites market.
Restraints/Challenges
- Price Volatility and High Costs
The high production cost coupled with the volatility in the cost of oil and gas will create hindrances for the growth of the oil and gas composites market.
- Availability Of Alternatives
Also, the availability of alternatives in the market will prove to be a demerit for the oil and gas composites market. Therefore, this will challenge the oil and gas composites market growth rate.
This oil and gas composites market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the oil and gas composites market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Oil and Gas Composites Market
The recent outbreak of coronavirus had a negative impact on the oil and gas composites market, as the pandemic directly hampered oil and gas output and demand due to lockdowns, aircraft cancellations due to travel bans, quarantines, production halts, restricted trade among nations, and more. As a result of the lower demand for oil and gas around the world, production cuts were enforced, and new explorations were delayed or cancelled in the oil and gas business. The epidemic also disrupted the supply chain and market due to cross-border trade restrictions, which impacted the importation of raw materials for manufacturing operations as well as the exportation of produced goods. However, due to market uncertainty, the market experienced a financial impact on enterprises and financial markets in the form of stock market volatility. This had a negative impact on many firms' financial health, which hampered new exploration and production ventures.
Oil and Gas Composites Market Scope
The oil and gas composites market is segmented on the basis of resin type, fiber type, product type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Resin Type
- Epoxy
- Polyester
- Phenolic
- Others
Fiber Type
- Glass Fiber
- Carbon Fiber
Product Type
- Glass Reinforced Plastics
- Glass Reinforced Epoxy Resin
- Glass Reinforced Vinyl Ester
- Reinforced Thermoplastic
Application
- Piping System
- Grinds/Grating
- Flexible Tubes
- Composite Risers
- Caissons and Pull Tubes
- Top Side Applications
- Pipes
- Others
Oil and Gas Composites Market Regional Analysis/Insights
The oil and gas composites market is analysed and market size insights and trends are provided by country, resin type, fiber type, product type and application as referenced above.
The countries covered in the oil and gas composites market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the oil and gas composites market because of the aging oil and gas transportation infrastructure and growing focus in the direction of unconventional sources of energy within the region.
On the other hand, Asia-Pacific is estimated to show lucrative growth during the forecast period of 2022 to 2029 due to the increasing awareness about the superior properties by the product and increasing partnerships and acquisitions within the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Oil and Gas Composites Market Share Analysis
The oil and gas composites market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to oil and gas composites market.
Some of the major players operating in the oil and gas composites market are
- 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)
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