Global Composites in Oil and Gas Industry Market Growth, Share, Size, Trends and Forecast (2025 - 2031)

• Strohm, a prominent manufacturer of Thermoplastic Composite Pipes (TCP), secured a contract in November 2022 from ECOnnect to supply over 11 km of TCP for the TES Wilhelmshaven Green Gas Terminal in Germany.

• In June 2022, NOV and Aker Solutions signed a new long-term technology partnership aimed at optimizing subsea system solutions to promote sustainable practices in the oil and gas industry.

• March 2022 saw an agreement facilitating the adoption of Strohm's advanced DNV-certified technology (standard ST-FII 9), enabling operators to substitute metallic pipes with TCP. This move promises significant cost reductions across all phases of oil and gas projects.

• TechnipFMC expanded its portfolio in September 2021 through the acquisition of Magma Global Ltd, a UK-based firm specializing in carbon fiber and composite pipes for offshore and onshore oil and gas, and renewable energy sectors.

• In July 2021, NOV Inc. completed the acquisition of CDS Engineering, a key provider of downhole completion tools in the oil and gas sector. This acquisition is set to bolster NOV's completions offerings and strengthen its presence in the Permian Basin.

In this report, the Composites in Oil and Gas Industry Market has been segmented by Fiber Type, Resin Type, Application and Geography.

Composites in Oil and Gas Industry Market, Segmentation by Fiber Type

The Composites in Oil and Gas Industry Market has been segmented by Fiber Type into Glass Fiber Composites and Carbon Fiber Composites.

Glass Fiber Composites

Glass fiber composites are widely used in the oil and gas industry due to their affordability, durability, and excellent resistance to corrosion. They are commonly implemented in pipelines, storage tanks, and pressure vessels. Glass fiber usage grew by 1.7% in 2019, with overall demand expected to increase by approximately 15% by 2025.

Carbon Fiber Composites

Carbon fiber composites are increasingly favored in oil and gas applications that require lightweight materials with high strength and corrosion resistance, such as offshore platforms and high-pressure pipelines. These materials are seeing rising adoption across the sector, contributing to an estimated market growth of over 5% annually.

Composites in Oil and Gas Industry Market, Segmentation by Resin Type

The Composites in Oil and Gas Industry Market has been segmented by Resin Type into Epoxy Resin, Polyester Resin, Phenolic Resins and Others.

Epoxy Resin

Epoxy resin composites are extensively utilized in the oil and gas industry due to their exceptional mechanical strength, chemical resistance, and durability. They are particularly favored in applications requiring high-performance materials that can withstand harsh environments. Epoxy resins contribute to approximately 50% of the resin usage in composite applications within this sector.

Polyester Resin

Polyester resin composites are known for their cost-effectiveness and versatility, making them a popular choice in the oil and gas industry. They offer good corrosion resistance and are commonly used in the fabrication of pipes, tanks, and other structural components. Polyester resins account for around 30% of the resin market share in oil and gas composite applications.

Phenolic Resins

Phenolic resin composites are valued for their fire resistance, low smoke emission, and thermal stability, making them suitable for applications where fire safety is paramount. In the oil and gas industry, they are often used in offshore platforms and refineries. Phenolic resins constitute approximately 15% of the resin usage in this sector.

Others

This category includes various other resins such as vinyl ester and polyurethane, which are used in specialized applications requiring specific properties like enhanced chemical resistance or flexibility. Collectively, these resins make up about 5% of the resin market share in oil and gas composite applications.

Composites in Oil and Gas Industry Market, Segmentation by Application

The Composites in Oil and Gas Industry Market has been segmented by Application into Pipes, Tanks, Top Side Applications and Others.

Pipes

Composite pipes are extensively utilized in the oil and gas industry due to their lightweight, corrosion resistance, and durability. They are commonly used in piping systems, jumpers, risers, and downlines. The pipes segment holds the largest share in the composites market, accounting for approximately 60% of the total application.

Tanks

Composite tanks are widely adopted for the storage of fluids transported through pipeline systems in the oil and gas sector. Their corrosion resistance and ability to prevent underground leakage make them a preferred choice over traditional materials. Tanks constitute about 25% of the composite applications in this industry.

Top Side Applications

Top side applications encompass components like gratings, ladders, walkways, handrails, decking, and flooring. The inherent corrosion resistance of composite materials in these applications reduces life cycle costs and enhances operational efficiency. Top side applications represent approximately 10% of the composite usage in the oil and gas industry.

Others

This category includes various specialized applications such as pumps, compressors, frac balls, frac plugs, and flexible tubes. These applications leverage the unique properties of composites to meet specific operational requirements. Collectively, these 'Other' applications account for around 5% of the composite market in the oil and gas sector.

Composites in Oil and Gas Industry Market, Segmentation by Geography

In this report, the Composites in Oil and Gas Industry Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

Composites in Oil and Gas Industry Market Share (%), by Geographical Region

North America

North America maintains a significant position in the composites in oil and gas industry, driven by its advanced infrastructure and technological innovations. The region's focus on enhancing operational efficiency and reducing maintenance costs has led to increased adoption of composite materials. North America contributes approximately 35% to the global market share.

Europe

Europe's commitment to sustainable practices and stringent environmental regulations has propelled the use of composites in the oil and gas sector. The region emphasizes the deployment of lightweight and corrosion-resistant materials to improve performance and reduce environmental impact. Europe accounts for about 25% of the global market share.

Asia Pacific

The Asia Pacific region is experiencing rapid growth in the composites market due to expanding industrial activities and increasing energy demands. Countries in this region are investing in infrastructure development and adopting advanced materials to enhance efficiency. Asia Pacific holds approximately 20% of the global market share.

Middle East and Africa

The Middle East and Africa region is leveraging composites to address challenges associated with harsh environmental conditions and to improve the durability of oil and gas infrastructure. The adoption of corrosion-resistant materials is crucial for extending the lifespan of assets. This region contributes around 15% to the global market share.

Latin America

Latin America is gradually embracing composites in the oil and gas industry to enhance operational efficiency and reduce maintenance requirements. The region's focus on modernizing infrastructure and adopting cost-effective solutions is driving market growth. Latin America accounts for approximately 5% of the global market share.

This report provides an in depth analysis of various factors that impact the dynamics of Global Composites in Oil and Gas Industry Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.

Drivers

• Lightweighting for Fuel Efficiency
• Corrosion Resistance and Durability
• Increasing Exploration and Production Activities

• Regulatory Push for Safety Standards: In the realm of the Global Composites in Oil and Gas Industry Market, regulatory frameworks are increasingly emphasizing stringent safety standards. The oil and gas sector, known for its hazardous environments and high-risk operations, faces mounting pressure to enhance safety measures across all facets of its operations. Composites offer a compelling solution due to their lightweight nature, corrosion resistance, and durability, which are crucial in mitigating risks associated with traditional materials like steel.

  Regulatory bodies worldwide are advocating for stricter safety standards to minimize accidents and environmental risks in the oil and gas industry. These standards often mandate the use of materials that can withstand harsh conditions while reducing the overall weight of structures and equipment. Composites not only meet these requirements but also offer advantages in terms of ease of installation and maintenance, contributing to operational efficiency.

  The push for safety standards is driving innovation in composite materials tailored specifically for oil and gas applications. Advanced composites are being developed to withstand extreme temperatures, corrosive chemicals, and high pressures encountered in drilling, production, and transportation processes. Regulatory compliance is thus fostering a robust market for composites in the oil and gas sector, encouraging ongoing research and development to meet evolving safety and performance criteria. As the industry moves towards sustainability and risk reduction, composites are poised to play a pivotal role in shaping its future landscape.

Restraints

• High Initial Costs
• Limited Awareness and Adoption
• Challenges in Manufacturing Complexity

• Stringent Industry Standards and Regulations: The global composites in the oil and gas industry market is heavily influenced by stringent industry standards and regulations that aim to enhance safety, durability, and operational efficiency across upstream, midstream, and downstream sectors. These standards are crucial in governing the use of composite materials in critical applications such as pipelines, offshore platforms, tanks, and other infrastructure. Regulatory bodies like the American Petroleum Institute (API), International Organization for Standardization (ISO), and various national regulatory authorities set guidelines that companies must adhere to, ensuring the integrity and reliability of composite materials in harsh operating environments.

  In response to these regulations, manufacturers and service providers in the oil and gas sector are increasingly investing in research and development to innovate composite materials that meet or exceed these stringent standards. This includes developing composites with enhanced mechanical properties, resistance to corrosion and fatigue, and improved fire retardancy. Compliance with these standards not only ensures operational safety but also mitigates risks associated with asset integrity and environmental impact, crucial factors in the highly regulated oil and gas industry.

  The enforcement of stringent standards and regulations promotes the adoption of composites as a viable alternative to traditional materials like steel and concrete. Composites offer advantages such as lightweight construction, ease of installation, and reduced maintenance costs over the asset's lifecycle. As industry regulations continue to evolve to address emerging challenges such as sustainability and emissions reduction, the demand for innovative composite solutions in the oil and gas sector is expected to grow, driving further advancements in material science and engineering practices.

Opportunities

• Advancements in Composite Materials Technology
• Growing Demand for Renewable Energy
• Expansion of Offshore Drilling Activities

• Emerging Markets in Asia-Pacific: The global composites in the oil and gas industry market is witnessing significant growth, with emerging markets in the Asia-Pacific region playing a crucial role. Asia-Pacific is increasingly becoming a hub for oil and gas exploration and production activities, driven by rising energy demands and investments in offshore and onshore projects. Composites offer several advantages in this sector, including corrosion resistance, lightweight properties, and high strength-to-weight ratios, which are crucial for enhancing operational efficiency and reducing maintenance costs.

  Countries like China, India, and Southeast Asian nations are ramping up their efforts in oil and gas infrastructure development, which includes pipelines, offshore platforms, and storage tanks—all of which benefit from composite materials due to their durability and resistance to harsh environmental conditions. Moreover, the shift towards sustainable energy solutions is driving the adoption of composites in renewable energy projects such as offshore wind farms and solar energy installations, further boosting the demand for these materials in the region.

  In addition to infrastructure projects, the Asia-Pacific region is also witnessing increased investment in research and development of advanced composite materials tailored for specific oil and gas applications. This includes innovations in resin systems, fiber reinforcements, and manufacturing processes aimed at improving performance and reliability in extreme operational environments. As the region continues to expand its footprint in the global energy landscape, the demand for composites in the oil and gas industry is expected to grow, presenting lucrative opportunities for market players focusing on technological advancements and strategic partnerships.

Key players in Global Composites in Oil and Gas Industry Market include:

• Halliburton
• Schlumberger
• Baker Hughes
• Weatherford International
• National Oilwell Varco
• Aegion Corporation
• Shawcor Ltd
• Magma Global Ltd
• Airborne Oil & Gas
• Advanced Composites Group

In this report, the profile of each market player provides following information:

• Company Overview and Product Portfolio
• Key Developments
• Financial Overview
• Strategies
• Company SWOT Analysis