Lucintel’s latest market report analyzed that composites in the oil and gas provides attractive opportunities in pipes, tanks, pultruded products, frac plugs and frac balls end used. The composites in the oil and gas market is expected to reach $3.2 billion by 2028 with a CAGR of 7.6%. In this market, pipe is the largest segment by end use, whereas epoxy composite is largest by resin type. The emergence of introduction of carbon fiber for composites application in the oil and gas industry, on-site construction of FRP pipes to any length and diameter, and increasing demand for high temperature and pressure RTPs provides strategic growth path in this market.
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Based on end use, the composites in the oil and gas market is segmented into pipes, tanks, pultruded products, frac plugs and frac balls, and others. The pipes segment accounted for the largest share of the market in 2022 and is expected to register the highest CAGR during 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.
Browse in-depth TOC on “Composites in the Oil and Gas Market”
62 – Tables
98 – Figures
194 – Pages
The Composites in the Oil and Gas Market is marked by the presence of several big and small players. Some of the prominent players offering composites in the oil and gas include Owens Corning, Jushi Group Co. Ltd, CPIC, Nippon Electric Glass Co. Ltd, Olin Corporation, Hexion Inc, Polynt Reichhold, Ashland, Sumitomo Bakelite, Future Pipes Industries, National Oilwell Varco (NOV), Hengrun Group Co. Ltd, Hobas Pipe, Amiantit, ZCL Composite Inc.
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