According to the recent study the composites in the oil and gas market is projected to reach an estimated $4.0 billion by 2030from $1.7 billion in 2023, at a CAGR of 13% from 2024 to 2030. 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).
Lucintel forecasts pipe is expected to remain as the largest market by value and volume consumption and it is also expected to experience the highest growth in the forecast period 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.
Epoxy composites will remain the largest segment over the forecast period supported by its high performance characteristics such as low shrinkage, excellent adhesion, effective electrical insulation, high chemical, and solvent resistance properties. Polyethylene composite is expected to witness highest growth over the forecast period.
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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.
MattrInfratech, Future Pipe Industries, National Oilwell Varco (NOV), Hengrun Group, Strongwell, Amiantit, Baker Hughesare the major suppliers in the composites in the oil and gasmarket.
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Lucintel
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Email: [email protected]
Tel. +1 972.636.5056
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