Composites in Oil & Gas Industry Market Drivers: Spotlight on Major Players and Their Strategies
The composites in oil & gas industry market is projected to grow from USD 2.3 billion in 2022 to USD 3.4 billion by 2028, at a CAGR of 6.1% during the forecast period. Crucial information accessible in this market research report includes composites in oil gas industry market growth drivers, restraints, current trends, economic and financial structures, and other pertinent market details. There is an increased requriemnet of durable and cost efficie composites component solutions for oil & gas industry. Composites offer several benefits over traditional materials such as steel, including greater durability, corrosion resistance, and weight reduction. These advantages help to reduce maintenance costs, increase equipment lifespan, and improve operational efficiency. This factors projected to fuel market development in the upcoming years.
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Composites in Oil & Gas Industry Market Dynamics
☑️ Driver: Growing demand for lightweight, durable materials
The demand for lightweight, durable materials in the oil and gas industry is driving the market for composites, which offer advantages like high strength-to-weight ratio, corrosion resistance, and ease of installation over traditional materials such as steel and aluminum.
☑️ Restraint: High costs compared to traditional materials
The high cost of composite materials, along with specialized installation needs, makes them more expensive than steel or aluminum. Additionally, their long-term performance in harsh oil and gas environments remains uncertain, limiting adoption.
☑️ Opportunity: Expansion of natural gas and renewable energy sectors
With the natural gas market and renewable energy sectors growing, composites are increasingly valued for their light weight, durability, and corrosion resistance, making them ideal for applications in gas transportation and offshore wind farms.
☑️ Challenge: Lack of global standardization and regulations
The absence of universal standards for composite materials in oil and gas leads to inconsistent usage and difficulty in evaluating long-term performance, posing a challenge for widespread adoption.
Composites In Oil & Gas Industry Companies
Major manufacturers in this market are based in North America and Europe. Baker Hughes (US), Strohm (Netherlands), NOV Inc. (US), SLB (Schlumberger N.V.) (US), Halliburton (US), Shawcor (Canada), TechnipFMC plc (UK), Weatherford (US), Future Pipe Industries (UAE), and Saudi Arabian Amiantit Co. (Saudi Arabia) are among a few leading players operating in the composites in oil & gas industry market. Major focus was given to the development of new manufacturing process for composites and recent deals due to the changing requirements of across the world. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities further to expand their presence in the composites in oil & gas industry market.
Strohm
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 segment, 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.
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NOV Inc. (US)
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.
Baker Hughes (US)
Baker Hughes is a multinational energy technology company that provides products and services for the oil and gas industry. The company was founded in 1907 and is headquartered in Houston, Texas. The company has two business segments namely, Oilfield Services & Equipment, Industrial & Energy Technology. Baker Hughes' Oilfield Services & Equipment segment provides a comprehensive range of products and services that support the exploration, development, and production of oil and gas reserves. These include drilling services, well completion services, wireline services, artificial lift systems, and integrated project management. The company provides its composite products for oil and gas industry application through its Oilfield Services & Equipment segment. Baker Hughes has a global presence, with operations in over 120 countries. The company is committed to sustainability and reducing its environmental impact. In March 2022, Baker Hughes has announced the acquisition of Altus Intervention, a leading international provider of well intervention services and down-hole oil & gas technology with 40 years industry experience. The acquisition complements Baker Hughes’ existing portfolio of oilfield technologies and integrated solutions by enhancing the company's well capabilities as operators look to improve efficiencies of mature fields.
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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 haunted 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.
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.
