Global Composites In Oil & Gas Industry Market Size To Worth USD 3.89 Billion By 2032 | CAGR of 5.8%
Category: Chemicals & MaterialsGlobal Composites In Oil & Gas Industry Market Size To Worth USD 3.89 Billion By 2032
According to a research report published by Spherical Insights & Consulting, the Global Composites In Oil & Gas Industry Market Size is to grow from USD 2.21 billion in 2022 to USD 3.89 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.8% during the projected period. The superior properties of composites, such as lightweight, corrosion and chemical resistance, excellent mechanical strength, and low maintenance cost, have increased demand in the oil and gas industry.
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Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the "Global Composites In Oil & Gas Industry Market Size, Share, and COVID-19 Impact Analysis, By Resin Type (Epoxy, Composites, Polyester, Phenolic), By Fiber Type (Carbon, Glass, and Others), By Application (Pipes, Tanks, Top Side Applications, Pumps & Compressors), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/composites-in-oil-gas-industry-market
In the oil and gas industry, composites are created by combining various components in a matrix. Glass fibers, carbon fibers, or aramid fibers are commonly used in composites with an epoxy, phenolic, or polymer matrix. The oil and gas industry must meet certain technical, technological, and economic requirements. Composites are employed in the oil and gas industry due to their distinctive characteristics, such as lightweight, resistance to corrosion, and inexpensive cost of installation, which allow them to be used in demanding applications. They have the advantage of being lightweight, removing the need for bulky and costly buoyancy tanks. In the oil and gas industry, composites have been used in a variety of structures, including piping structures, risers, jumpers, gratings, walkways, ladders, handrails, flooring, decking, flexible tubes, composite riders, caissons, accumulator bottles, BOP, and others. However, the long-term effectiveness and stability of composites in tough oil and gas settings remain uncertain, making some companies unwilling to use them.
The epoxy segment is expected to hold the largest share of the global composites in oil & gas industry market during the forecast period.
The global composites in oil and gas industry market is divided into epoxy, composites, polyester, and phenolic resin types. Among these, the epoxy segment is projected to account for the majority of the global composites in the oil and gas industry market throughout the forecast period. They offer superior corrosion resistance and durability in harsh marine environments. They are stiff and long-lasting, with a high strength-to-weight ratio. These elements will help the market grow.
The glass segment is expected to hold the largest share of the global composites in oil & gas industry market during the forecast period.
The global composites in oil & gas industry market is classified into carbon, glass, and others based on fiber type. Among these, the glass segment will likely account for the majority of global composites in the oil and gas industry market throughout the forecast period. Its use in a variety of applications, such as frac plugs, frac balls, handrails, ladders, tanks, and others, has contributed to segmental growth.
The pipes segment is expected to grow at the fastest pace in the global composites in oil & gas industry market during the forecast period.
The global composites in oil & gas industry market is classified into pipes, tanks, top side applications, and pumps & compressors. The pipes segment is projected to expand at the highest pace in the global composites in oil and gas industry market throughout the forecast period. Composite pipe properties such as resistance to crude oil, paraffin build-up, and the ability to support relatively high pressure in harsh operating environments have contributed to segmental growth.
North America is anticipated to hold the largest share of the global composites in oil & gas industry market over the predicted timeframe.
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In the oil and gas industry, North America has been a pioneer in the use of composites. The United States, in particular, leads the region with its well-established exploration and production operations. Demand for composites is being driven by the need to replace aging infrastructure and pipelines that are prone to corrosion and leaks.
During the forecast period, Asia Pacific is projected to expand at the highest rate in the global composites in the oil and gas industry market. Because of rapid industrialization, urbanization, and rising energy demand, the Asia-Pacific region has seen a surge in composites adoption in the oil and gas industry.
Major vendors in the Global Composites In Oil & Gas Industry Market include Baker Hughes, Strohm, NOV Inc., SLB (Schlumberger N.V.), DOW, Halocarbon, LLC, Halliburton, Shawcor, TechnipFMC plc, Freudenberg SE, The Chemours Company, Metalubgroup, Weatherford, Future Pipe Industries, Saudi Arabian Amiantit Co., and Others.
Recent Developments
- In June 2022, NOV and Aker Solutions have signed an innovative long-term technology cooperation agreement to optimize Subsea system solutions for long-term oil and gas production.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Composites In Oil & Gas Industry Market based on the below-mentioned segments:
Global Composites In Oil & Gas Industry Market, By Resin Type
- Epoxy
- Composites
- Polyester
- Phenolic
Global Composites In Oil & Gas Industry Market, By Fiber Type
- Carbon
- Glass
- Others
Global Composites In Oil & Gas Industry Market, By Application
- Pipes
- Tanks
- Top Side Applications
- Pumps & Compressors
Global Composites In Oil & Gas Industry Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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