According to the recent study the composites in the oil and gas market is projected to reach an estimated $3.2 billion by 2028 from $2.0 billion in 2022, at a CAGR of 7.6% from 2022 to 2028. Growth in this market is primarily driven by increasing oil and gas drilling and exploration activities in future.
Browse 98 figures / charts and 62 tables in this 194 -page report to understand trends, opportunities and forecast in composites in the oil and gas market by end use (pipes, tanks, pultruded products, frac plugs and frac balls, and others), resin type (epoxy composites, polyester composites, phenolic composites, and polyethylene composites), and region (North America, Europe, and Asia Pacific & ROW).
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“Pipes market is expected to remain the largest segment during the forecast period.”
Based on end use, the composites in the oil and gas market is segmented into pipes, tanks, pultruded products, frac plugs and frac balls, and others. Lucintel forecasts that the pipes market is expected to remain the largest segment due to increases in oil and gas production and exploration activity on both onshore and offshore production sites have increased the demand for pipes are the major driving forces that spur the growth for this segment over the forecast period.
“Within the composites in the oil and gas market, the epoxy composites segment is expected to remain the largest resin type”
Based on resin type the epoxy composites segment is expected to witness the highest growth over the forecast period due to its high performance characteristics such as low shrinkage, excellent adhesion, effective electrical insulation, high chemical, and solvent resistance properties.
“North America will dominate the composites in the oil and gas market in near future”
North America will remain the largest market over the forecast period due to growth in natural gas infrastructure projects, and awareness on the advantages of composite materials for oil and gas over traditional material. ROW is expected to witness highest growth over the forecast period.
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Major players of composites in the oil and gas market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Owens Corning, Jushi Group Co. Ltd, CPIC, Nippon Electric Glass Co. Ltd, Olin Corporation, Hexion Inc, Polynt Reichhold, Ashland, Sumitomo Bakelite, Future Pipes Industries, National Oilwell Varco (NOV), Hengrun Group Co. Ltd, Hobas Pipe, Amiantit, ZCL Composite Inc. are among the major composites in the oil and gas providers.
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