Global Composites in Oil and Gas Industry Market to Reach US$5.5 Billion by 2030

The global market for Composites in Oil and Gas Industry estimated at US$3.7 Billion in the year 2024, is expected to reach US$5.5 Billion by 2030, growing at a CAGR of 6.8% over the analysis period 2024-2030. Epoxy, one of the segments analyzed in the report, is expected to record a 7.5% CAGR and reach US$1.9 Billion by the end of the analysis period. Growth in the Polyester segment is estimated at 6.6% CAGR over the analysis period.

The U.S. Market is Estimated at US$967.7 Million While China is Forecast to Grow at 10.2% CAGR

The Composites in Oil and Gas Industry market in the U.S. is estimated at US$967.7 Million in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.3 Billion by the year 2030 trailing a CAGR of 10.2% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.5% and 6.0% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.0% CAGR.

Global Composites in Oil and Gas Industry Market - Key Trends & Drivers Summarized

What Role Do Composites Play in the Oil and Gas Industry, and Why Are They Essential?

Composites are advanced materials that combine two or more constituent materials with unique properties, such as high strength-to-weight ratio, corrosion resistance, and durability, making them ideal for the harsh environments of the oil and gas industry. These materials, including fiber-reinforced polymers (FRPs) and advanced thermoplastics, are increasingly used for pipelines, risers, tanks, pressure vessels, and structural components, where they can withstand exposure to corrosive substances, high pressures, and extreme temperatures. Unlike traditional materials like steel, composites resist corrosion without needing protective coatings or cathodic protection, reducing maintenance costs and extending service life. As offshore drilling moves to greater depths and more challenging environments, composites have become essential in supporting the durability and efficiency of oil and gas infrastructure. The significance of composites in the oil and gas industry lies in their ability to improve operational efficiency and reduce the risk of equipment failure. Composite materials’ lightweight properties help reduce the load on offshore platforms and support deepwater operations, allowing for efficient transportation and installation of critical infrastructure. This weight reduction is particularly valuable for subsea installations and complex structures, where reduced load can lower transportation and installation costs. The non-corrosive nature of composites further minimizes downtime and maintenance, crucial for operations in remote locations. As the industry focuses on improving reliability and reducing costs, composite materials play a vital role in meeting these objectives, enabling oil and gas companies to optimize performance in demanding environments.

How Are Technological Advancements Shaping the Use of Composites in the Oil and Gas Industry?

Technological advancements are driving the use of composites in the oil and gas industry, enhancing their durability, functionality, and application potential. One key innovation is the development of high-strength fiber-reinforced polymers, which are now being used in advanced composite piping systems that can handle higher pressures and temperatures, making them suitable for deepwater and high-pressure applications. Additionally, advancements in thermoplastic composites have introduced materials that offer flexibility, enabling easier handling and installation. Thermoplastic composite pipes (TCPs), for instance, are corrosion-free, flexible, and compatible with subsea and offshore applications, reducing installation costs and improving performance in challenging environments.

Another breakthrough is in smart composite materials, which incorporate sensors to monitor structural health, enabling real-time tracking of wear, pressure, and temperature changes. This data can be used to predict maintenance needs, reducing the risk of unexpected failures and allowing operators to perform preventive maintenance. Improved manufacturing techniques, such as automated fiber placement (AFP) and filament winding, have also expanded the scale and complexity of composite components, making it possible to create large, intricate structures that can be used in a variety of oil and gas applications. These technological advancements are making composites a more viable and attractive option for oil and gas companies seeking cost-effective, high-performance solutions in both onshore and offshore environments.

What Are the Key Applications of Composites in the Oil and Gas Industry?

Composites have a wide range of applications in the oil and gas industry, each benefiting from their unique properties. Composite pipes, for instance, are used in both onshore and offshore applications, including flowlines, risers, and production tubing, where their resistance to corrosion and lightweight properties reduce maintenance requirements and simplify installation. In offshore platforms, composites are used for structural components, walkways, and gratings, where they provide durability and reduce the overall load on the platform. Composite tanks and pressure vessels are also used to store and transport corrosive chemicals and gases, as they resist leaks and material degradation better than traditional metal containers. In subsea applications, composites are used in buoyancy modules and flexible risers, providing essential support for pipelines and equipment operating at great depths. Composites are also applied in well intervention equipment and frac plugs, which require high durability under extreme pressures and temperatures. Additionally, composite coatings are used on metallic structures, pipelines, and underwater components to provide an additional layer of corrosion resistance. These applications underscore the value of composites in enabling reliable, low-maintenance solutions in the oil and gas industry, supporting efficient operations in both routine and extreme environments.

What Factors Are Driving Growth in the Composites in Oil and Gas Industry Market?

The growth in the composites market within the oil and gas industry is driven by several factors, including the need for corrosion-resistant materials, advancements in composite technology, and the push toward operational efficiency. As traditional materials like steel are susceptible to corrosion in harsh environments, the demand for non-corrosive, durable materials has increased, making composites an attractive alternative. The offshore oil and gas sector, in particular, benefits from lightweight, corrosion-resistant composites that reduce maintenance costs and downtime, allowing for more cost-effective and reliable operations. Technological advancements, such as thermoplastic composites and smart materials with embedded sensors, have expanded the use of composites, making them suitable for high-pressure and high-temperature applications. In addition, the emphasis on safety and risk reduction has accelerated the adoption of composite materials, as they offer reliable, low-maintenance solutions that reduce the risk of leaks, spills, and equipment failures. The drive to reduce costs in the oil and gas industry, especially as projects move to more remote and challenging locations, further supports the demand for composite materials that are lighter, easier to install, and resistant to environmental stressors. Together, these factors indicate a promising future for composites in the oil and gas industry, with growth supported by technological advancements and the sector’s focus on efficiency and durability.