Composites In Oil & Gas Industry Market worth $3.4 billion by 2028 | Key players Baker Hughes (US), NOV Inc. (US), SLB (Schlumberger N.V.) (US), Halliburton (US), Shawcor (Canada).

According to recent market research the "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.

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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.

There have 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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The composites in oil & gas industry market have 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.

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.

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Strohm is a Netherlands-based technology company that specializes in the design and manufacture of thermoplastic composite pipes for use in the oil & gas industry. Airborne International was founded by 2 aerospace engineers in 1995 in The Netherlands. In October 2020, Airborne Oil & Gas rebranded to Strohm. The company majorly operates in two business segments, namely, renewable energy and oil & gas. The company develops, manufactures, and distributes fully bonded thermoplastic composite pipes composed of glass or carbon fiber reinforcements to the offshore oil & gas industry. It provides a wide range of oil & gas thermoplastic composite pipes such as flowline, jumper, and riser. The company manufactures flowlines, and risers for production applications, and jumpers for intervention applications. These thermoplastic composite pipes provide unique properties such as corrosion, fatigue, and chemical resistance; lightweight; flexibility, which makes it superior to be used in the offshore oil & gas industry. Strohm has its production facilities in IJmuiden, Netherlands, and Seaport IJmuiden/Amsterdam. The company has qualified design methods and production process for Thermoplastic Composite Pipes (TCP) in accordance with the new DNV standard, DNVGL RP F119. The company mainly operates in Asia Pacific, Europe, North America, Middle East & Africa, and Latin America. In January 2023, Strohm secured a second contract from ExxonMobil to supply more than 24 jumpers for the development of the Uaru field situated offshore Guyana, in the Americas.

NOV Inc. is a leading global provider of equipment and technology to the oil & gas industry. The company was founded in 1841 and is headquartered in Houston, Texas, US. NOV's operations are divided into three business segments: Wellbore Technologies, Completion & Production Solutions, and rig Technologies. It offers its composite pipe products through the Completion & Production Solutions business segment. The company is present in the Asia Pacific, Americas, Europe, and other regions. NOV operates in more than 60 countries and has a diverse customer base that includes oil & gas companies, drilling contractors, and other service providers. The company has a strong reputation for innovation and has a history of developing and commercializing new technologies that have helped improve efficiency and safety in the oil & gas industry. In June 2022, NOV and Aker Solutions signed a new long-term technology cooperation agreement to optimize Subsea system solutions, enabling sustainable oil & gas operations.

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