Composites In Oil & Gas Industry Market Projected to Achieve $3.4 billion by 2028
The composites in oil & gas industry market is projected to grow from USD 2.3 billion in 2022 to USD 3.4 billion by 2028, at a CAGR of 6.1% during the forecast period. There is an increased requirement of durable and cost-effective composite component solutions for oil & gas industry. Composites offer several benefits over traditional materials such as steel, including greater durability, corrosion resistance, and weight reduction. These advantages help to reduce maintenance costs, increase equipment lifespan, and improve operational efficiency. These factors projected to fuel market development in the upcoming years.
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Major manufacturers in this market are based in North America and Europe. Baker Hughes (US), Strohm (Netherlands), NOV Inc. (US), SLB (Schlumberger N.V.) (US), Halliburton (US), Shawcor (Canada), TechnipFMC plc (UK), Weatherford (US), Future Pipe Industries (UAE), and Saudi Arabian Amiantit Co. (Saudi Arabia) are among a few leading players operating in the composites in oil & gas industry market. Major focus was given to the development of new manufacturing process for composites and recent deals due to the changing requirements of across the world. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities further to expand their presence in the composites in oil & gas industry market.
Strohm
Strohm is a Netherlands-based technology company that specializes in the design and manufacture of thermoplastic composite pipes for use in the oil & gas industry. Airborne International was founded by 2 aerospace engineers in 1995 in The Netherlands. In October 2020, Airborne Oil & Gas rebranded to Strohm. The company majorly operates in two business segment, namely, renewable energy and oil & gas. The company develops, manufactures, and distributes fully bonded thermoplastic composite pipes composed of glass or carbon fiber reinforcements to the offshore oil & gas industry. It provides a wide range of oil & gas thermoplastic composite pipes such as flowline, jumper, and riser. The company manufactures flowlines, and risers for production applications, and jumpers for intervention applications. These thermoplastic composite pipes provide unique properties such as corrosion, fatigue, and chemical resistance; lightweight; flexibility, which makes it superior to be used in the offshore oil & gas industry. Strohm has its production facilities in IJmuiden, Netherlands and Seaport IJmuiden/Amsterdam. The company has qualified design methods and production process for Thermoplastic Composite Pipes (TCP) in accordance with the new DNV standard, DNVGL RP F119. The company mainly operates in Asia Pacific, Europe, North America, Middle East & Africa and Latin America. In January 2023, Strohm secured a second contract from ExxonMobil to supply more than 24 jumpers for the development of the Uaru field situated offshore Guyana, in the Americas.
NOV Inc. (US)
NOV Inc. is a leading global provider of equipment and technology to the oil & gas industry. The company was founded in 1841 and is headquartered in Houston, Texas, US. NOV’s operations are divided into three business segments: Wellbore Technologies, Completion & Production Solutions, and rig Technologies. It offers its composite pipe products through the Completion & Production Solutions business segment. The company is present in the Asia Pacific, Americas, Europe, and other regions. NOV operates in more than 60 countries and has a diverse customer base that includes oil & gas companies, drilling contractors, and other service providers. The company has a strong reputation for innovation and has a history of developing and commercializing new technologies that have helped improve efficiency and safety in the oil & gas industry. In June 2022, NOV and Aker Solutions signed a new long-term technology cooperation agreement to optimize Subsea system solutions, enabling sustainable oil & gas operations.
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Baker Hughes (US)
Baker Hughes is a multinational energy technology company that provides products and services for the oil and gas industry. The company was founded in 1907 and is headquartered in Houston, Texas. The company has two business segments namely, Oilfield Services & Equipment, Industrial & Energy Technology. Baker Hughes’ Oilfield Services & Equipment segment provides a comprehensive range of products and services that support the exploration, development, and production of oil and gas reserves. These include drilling services, well completion services, wireline services, artificial lift systems, and integrated project management. The company provides its composite products for oil and gas industry application through its Oilfield Services & Equipment segment. Baker Hughes has a global presence, with operations in over 120 countries. The company is committed to sustainability and reducing its environmental impact. In March 2022, Baker Hughes has announced the acquisition of Altus Intervention, a leading international provider of well intervention services and down-hole oil & gas technology with 40 years industry experience. The acquisition complements Baker Hughes’ existing portfolio of oilfield technologies and integrated solutions by enhancing the company’s well capabilities as operators look to improve efficiencies of mature fields.
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