Composites in Oil and Gas Industry size and growth: Composites in Oil and Gas Industry market size was around USD 1.715 billion by revenue, at the end of 2018. It is anticipated to grow at CAGR of 5.5 % to reach USD 2.24 billion by 2023.
Composites in Oil and Gas Industry Market Overview:
The Composites in Oil and Gas Industry market is dependent on the growth of oil and gas industries. This market is calculated to reach a total of USD 2.24 billion by the end forecast period at a 5.5 % CAGR. The growth is mainly due to the demand from high-quality pipes and tanks which are major applications of composites in the oil and gas industry.
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Composites in Oil and Gas Industry Market Drivers and Restraints:
The increased demand for composites in the oil & gas applications gives rise to various advantages such as high corrosion resistance, lightweight, and are perfectly-suited for increasing operating pressures up to 20,000 psi. Also, the light weight of composites gives rise to high corrosion resistance property, and cheap installation costs in rough environments at various adverse weather, pressure, temperature, and soil conditions making them maintenance free solutions in the oil & gas industry. However, the fluctuations in raw material prices and the accessibility of low-cost substitutes, such as copper-nickel alloys, titanium, and super duplex stainless steel remains a major concern to the global oil and gas composites market. And the sky-rocketing prices of glass and carbon fibers make the industries to stick to the traditionally used substitutes restraining the technological growth of the market.
Report segmented as
By Resin Type:
• Epoxy
• Polyester
• Phenolic
By Fiber Type:
• Glass Fiber
• Carbon Fiber
By Application:
• Pipes
• Tanks
• Top Side Applications
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Geographical Analysis:
By geography, the Global Composites in Oil and Gas Industry market is segmented as Latin America, Europe, Asia Pacific, Middle-East & Africa, and North America. The Asia Pacific region is anticipated to lead the global market with the highest growth rate in the forecast period, due to the increased scope of future opportunities, and demand for growing industries mainly in developing countries like Japan, India, and China. The market value of Europe was the highest in the highest in the year 2018 but may not continue to lead the global market due to the dominance of the Asia Pacific region.
Important Market Players:
As of 2018 Airborne Oil & Gas (Netherlands), Creative Composites Ltd. (India), GE Oil & Gas (UK), Strongwell Corporation (U.S.), National Composites Center (UK), Magma Global Limited (UK), Enduro Composites, Inc. (U.S.), Pipex Limited (UK), National Oilwell Varco (US), Solent Composite Systems Ltd. (UK), Vello Nordic AS (Norway), CIP Composites (Columbia), Schlumberger Limited (US), ZCL Composite (Canada), Magnum Oil Tools (US), Halliburton (US), and Forum Energy Technologies (US) are the leading shareholders of the Global Oil & Gas Composites market. Most of these companies are currently into the development of advanced products and are focused on expansion strategies to improve their market value and position. Airborne Oil & Gas, a Netherlands gas & oil composites market leader, has announced the merger with Renato Bastos to form V.P Brazil to strengthen itself in the Brazilian market. However, Renato is responsible for dynamic application in Deepwater Brazil, and delivering the company with guidelines to qualify the thermoplastic composite pipeline (TCP).
The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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