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, and others. The composites in the oil and gas market are expected to reach $1.4 billion by 2026 with a CAGR of 6.5%. In this market, epoxy composites are the largest segment by end use industry, whereas pipe is largest by end use application. The emergence of introduction of carbon fiber for oil and gas applications and on-site construction of FRP pipes to any length and diameter which exclude transportation and installation cost provides strategic growth path in this market.
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Based on resin type, the composites in the oil and gas market are segmented into epoxy composites, polyester composites, phenolic composites, and polyethylene composites. The epoxy composites segment accounted for the largest share of the market in 2020 and is expected to register the highest CAGR during the forecast period supported by its high performance characteristics such as low shrinkage, excellent adhesion, effective electrical insulation, high chemical, and solvent resistance properties.
Browse in-depth TOC on “Composites in the Oil and Gas Market”
62 – Tables
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The composites in the oil and gas market are 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, CPIC, Nippon Electric Glass Co. Ltd., Huntsman, Hexion, and Olin Corporation.
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