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.

The global composites in the oil and gas industry market is witnessing significant growth driven by several key factors. Composites, which include materials like carbon fiber, fiberglass, and aramid, are increasingly used in this sector due to their lightweight, corrosion-resistant, and high-strength properties. These materials are crucial for addressing challenges such as corrosion, fatigue, and harsh environmental conditions encountered in oil and gas operations.

One major segment where composites are applied is in offshore drilling platforms. These platforms require materials that can withstand corrosive saltwater environments and the weight constraints associated with deepwater drilling. Composites offer a compelling alternative to traditional materials like steel, providing enhanced durability and reduced maintenance costs over the platform's operational lifespan.

Another significant application area is pipelines. Composites are increasingly used in pipeline construction and rehabilitation due to their resistance to corrosion and ability to mitigate issues like pipeline leakage. Composite materials also contribute to improving pipeline integrity management, extending the lifespan of existing infrastructure, and reducing overall maintenance expenses.

Composites play a vital role in structural components used in oil and gas facilities such as tanks, vessels, and subsea equipment. These components benefit from the lightweight nature of composites, which helps in reducing structural weight while maintaining robustness and reliability in demanding operational conditions.

The market for composites in the oil and gas industry is poised for further expansion driven by ongoing technological advancements in material science, increasing investments in offshore exploration and production activities, and the growing emphasis on sustainability and operational efficiency within the sector. As the industry continues to evolve, composites are expected to play an increasingly integral role in enhancing safety, reliability, and performance across various facets of oil and gas operations.

Global Composites in Oil and Gas Industry Segment Analysis

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

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

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

Glass Fiber Composites are widely used in the oil and gas industry due to their excellent corrosion resistance and affordability. Glass fibers are commonly reinforced with resins such as epoxy or polyester to form durable composite materials. These composites are utilized in pipes, tanks, pressure vessels, and offshore structures where they offer good mechanical properties and resistance to harsh environmental conditions. They are particularly favored in applications where cost-effectiveness and adequate performance are crucial factors.

Carbon Fiber Composites, on the other hand, offer superior mechanical properties such as high strength-to-weight ratio, stiffness, and fatigue resistance compared to glass fibers. These attributes make carbon fiber composites ideal for demanding applications in the oil and gas industry, including subsea equipment, deepwater pipelines, and offshore platforms. Despite being more expensive than glass fiber composites, their performance benefits justify their use in critical components where lightweight and high-performance materials are required to enhance operational efficiency and longevity.

The choice between glass fiber and carbon fiber composites often depends on specific application requirements, budget constraints, and environmental considerations. While glass fiber composites excel in cost-effectiveness and general corrosion resistance, carbon fiber composites are preferred for applications demanding superior mechanical properties and performance in extreme environments.

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

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

Epoxy resin holds a prominent share in the market due to its superior mechanical properties, excellent adhesion to various substrates, and resistance to chemicals and moisture. These qualities make epoxy resin composites ideal for offshore drilling platforms, subsea pipelines, and storage tanks where durability and corrosion resistance are critical. The versatility of epoxy resin also allows for custom formulations to meet specific performance requirements, further enhancing its adoption in the oil and gas industry.

Polyester resin is another widely used type in composites for the oil and gas sector. It offers good mechanical properties, ease of handling, and cost-effectiveness compared to epoxy resin. Polyester resin composites are often chosen for applications such as pipes and fittings in oil refineries, where chemical resistance and moderate strength are sufficient. The ease of processing and lower material costs contribute to polyester resin's popularity in certain oil and gas applications, especially where the operating conditions are less severe.

Phenolic resins, though less common than epoxy and polyester, find niche applications in the oil and gas industry where fire resistance and low smoke emissions are crucial requirements. Phenolic resin composites are valued for their excellent fire retardant properties, making them suitable for use in offshore platforms, refineries, and petrochemical facilities where fire safety is a primary concern. The thermal stability and resistance to high temperatures also make phenolic resin composites suitable for applications exposed to elevated heat conditions.

The category of Others in resin types includes various specialty resins such as vinyl ester resin, polyurethane resin, and hybrid resins that cater to specific performance needs in the oil and gas industry. These resins may offer unique combinations of properties such as enhanced UV resistance, improved fatigue performance, or increased toughness, depending on the application requirements. The continuous innovation in resin formulations and composite manufacturing processes drives the expansion of composite materials in diverse oil and gas applications, contributing to the overall growth of the global market.

Global Composites in Oil and Gas Industry Market, Segmentation by Application

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

Pipes are a significant application of composites in the oil and gas industry. Composite pipes, often made from materials such as fiberglass-reinforced plastic (FRP) and carbon fiber-reinforced plastic (CFRP), offer several advantages over traditional metal pipes. They are highly resistant to corrosion, which is a common issue in oil and gas operations due to the harsh environments and chemicals involved. Additionally, composite pipes are lighter, which reduces transportation and installation costs. Their flexibility and ability to withstand high pressures and temperatures make them ideal for both onshore and offshore applications, including oil and gas exploration and production, as well as transportation of hydrocarbons.

Tanks are another critical application area for composites in the oil and gas sector. Composite tanks are used for storing a variety of fluids, including chemicals, water, and hydrocarbons. The use of composites in tank construction offers significant benefits such as enhanced corrosion resistance, reduced maintenance costs, and extended service life. Composite tanks are particularly advantageous in offshore applications where the environment is highly corrosive, and weight savings are crucial. The ability of composite materials to be molded into complex shapes also allows for the design of custom tanks that meet specific operational requirements.

Top Side Applications refer to the use of composites in various components located above the deck of an offshore platform. This includes structures such as gratings, handrails, ladders, and walkways. The adoption of composites for these applications provides substantial weight savings, which is a critical factor in offshore operations where weight reduction translates to lower overall costs and enhanced safety. Moreover, composites' resistance to the harsh marine environment ensures long-term durability and reduced maintenance needs. The use of composites in topside applications also enhances safety by providing non-conductive and non-sparking materials, which are essential in explosive atmospheres.

Others encompass a range of additional applications of composites in the oil and gas industry. This includes components such as risers, subsea structures, and insulation systems. Composite risers, for example, are used to transport production fluids from the seabed to the surface facilities. They offer high strength and flexibility, allowing them to withstand dynamic ocean conditions. Subsea structures made from composites benefit from the material's resistance to biofouling and corrosion, ensuring long-term reliability. Insulation systems utilizing composites provide thermal protection to subsea pipelines and equipment, maintaining the integrity of transported fluids. The versatility and performance benefits of composites make them suitable for a wide array of applications within the oil and gas sector, driving their increased adoption.

Global Composites in Oil and Gas Industry Market, Segmentation by Geography

In this report, the Global 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.

Global Composites in Oil and Gas Industry Market Share (%), by Geographical Region, 2024

North America holds a prominent position in the global market due to its well-established oil and gas infrastructure and ongoing advancements in composite materials. Countries like the United States and Canada are at the forefront of adopting composites in pipelines, offshore platforms, and storage tanks to enhance operational efficiency and reduce maintenance costs. The region benefits from substantial investments in research and development, driving innovation in composite technologies tailored for the oil and gas sector.

Europe follows closely, characterized by stringent regulations promoting sustainable practices and reducing carbon footprints in energy production. Countries like the UK, Norway, and Germany are leveraging composites to refurbish aging infrastructure and develop new projects in offshore wind energy and deep-sea exploration. The region's focus on enhancing operational safety and environmental performance further boosts the demand for advanced composite solutions.

Asia Pacific emerges as a rapidly growing market driven by expanding energy demands and infrastructure development in emerging economies such as China, India, and Southeast Asian countries. The region witnesses increasing investments in offshore drilling activities and pipeline networks, where composites play a crucial role in extending asset lifespans and ensuring operational reliability in challenging marine environments.

Middle East and Africa showcase significant potential fueled by the region's vast oil and gas reserves and ongoing efforts to diversify economies through investments in renewable energy and downstream petrochemical industries. Countries like Saudi Arabia, UAE, and Nigeria are investing in composites for infrastructure projects, including pipelines, storage facilities, and refinery expansions, to improve efficiency and minimize maintenance downtime.

Latin America is also on a growth trajectory, supported by advancements in composite manufacturing capabilities and rising investments in oil and gas exploration and production. Countries like Brazil and Mexico are adopting composites in offshore platforms and subsea infrastructure to address corrosion challenges and enhance operational safety amidst harsh marine conditions.

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