CHICAGO, March 28,
2023 /PRNewswire/ -- The report "Composites
In Oil & Gas Industry Market" by Resin Type
(Epoxy, Composites, Polyester, Phenolic), Fiber Type (Carbon,
Glass,), Application (Pipes, Tanks, Top Side Applications, Pumps
& Compressors), and Region - Global Forecasts to 2028", is
estimated at USD 2.3 billion in 2022
and is projected to reach USD 3.4
billion by 2028, at a CAGR of 6.1% from 2023 to 2028.
Factors such as the superior properties of composites like
corrosion resistance, lightweight and high strength, durability,
and improved performance are positively driving the growth of the
Composites In Oil & Gas Industry Market. Furthermore, the
rising applications from emerging economies and the adoption of
composites will further propel the growth rate of the oil and gas
composites market. The low maintenance cost of composites is
projected to strengthen the market's growth.
Browse in-depth TOC on "Composites In Oil & Gas
Industry Market"
191 – Tables
57 – Figures
258 – Pages
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Glass fiber segment is expected to account for largest share
in 2022.
Glass fiber composites are widely used in the oil and gas
industry due to their excellent mechanical properties and
resistance to corrosion. They are used in various applications such
as pipelines, tanks, pressure vessels, and offshore structures. The
market for glass fiber composites in the oil and gas industry is
expected to grow significantly in the coming years, driven by the
increasing demand for lightweight and durable materials in various
applications. The market is also influenced by the increasing need
for efficient and safe operations in the oil and gas industry.
Pipes application segment held the largest market share in
the composites in oil & gas industry market.
There has been major advances in the fields of composite pipe
work and fluid handling. Cost-cutting due to composites replacing
steel piping in retrofit applications is a major driver for the
market. Cost advantage can also be witnessed during the
manufacturing process of risers, tubings, and storage and transport
systems in offshore platforms when composites are used in place of
expensive corrosion-resistant metals. Another important propellant
for the market is amplified longevity of new, reliable, safe, and
cost-effective construction, which can withstand severe conditions
anticipated in an offshore environment.
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North America is expected to
account for the largest share in 2022.
The composites in oil & gas industry market has been studied
in North America, Europe, Asia
Pacific, Middle East &
Africa and Latin America. The Asia-Pacific composites in oil & gas
industry market is being driven by growing need of energy which
propelling the need for oil & gas resources. North America is likely to remain the key
region owing to the rising number of natural gas infrastructure
projects and growing awareness about advantages of composite
materials in the region. The market in the region is expanding also
due to the rise in demand for high-performance lightweight
materials and new products developed using them.
Market Players
Major players operating in the composites in oil & gas
industry market Baker Hughes (US), NOV Inc. (US), SLB (Schlumberger
N.V.) (US), Halliburton (US), Shawcor (Canada), are some of the market players.
Browse Adjacent Market: Fibers and Composites Market Research
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