Composites in Oil and Gas Market Research Report and Forecast Composites in Oil and Gas Market Trends, and Forec | Page 2

carbon fibers is used. This matrix is wound around its steel reinforcement, which
drastically reduces its weight. In some cases, epoxy matrix reinforced with carbon
fibers may be used.
In the construction of pipe systems for fluid transport and storage tanks, fiberglass
composites are used. They are formed by combining polymer matrix (generally,
epoxy matrix and vinyl ester matrix) with glass fibers.
Tubings are usually produced from GRE pipes or GRE pipes reinforced with carbon
steel, which provide resistance to high pressure in down-hole applications.
Composites in Oil and Gas Market: Trends
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.
Composites in Oil and Gas Market: Segmentation
In terms of matrix materials, the composites in oil and gas market can be
segmented into six segments: epoxy, phenolic, polymers, glass fibers, carbon fibers,
and aramid fibers.
Based on product type, the market has been divided into: glass reinforced plastic
(GRP), glass reinforced epoxy resin (GRER), glass reinforced vinyl ester (GRVE), and
reinforced thermoplastic (RTP).
In terms of application, the market has been segmented into: piping systems,
grinds/gratings, ladders, flexible tubes, composite risers, and caissons & pull tubes
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Composites in Oil and Gas Market: Region-wise Outlook
In terms of volume, the U.S. and China are prominent consumers of composites.
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.