Composites In Oil & Gas Industry Market worth $3.4 billion by 2028 - Exclusive Report by MarketsandMarketstm

CHICAGO, March 28, 2023 /PRNewswire/ -- The report "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.

Browse in-depth TOC on "Composites In Oil & Gas Industry Market"

191 ? Tables
57 ? Figures
258 ? Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=75947166

Glass fiber segment is expected to account for largest share in 2022.

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.

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 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.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=75947166

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.

Market Players

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.

Browse Adjacent Market: Fibers and Composites Market Research Reports & Consulting

Related Reports:

Composite Market - Global Forecasts To 2027

Transportation Composite Market ? Global Forecast To 2025

About MarketsandMarketstm 

MarketsandMarketstm is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStoretm (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarketstm.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarketstm INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/composites-in-oil-gas-industry-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/composites-in-oil-gas-industry.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg