Composites in Oil and Gas Market is Expected to Expand at an Impressive Rate by 2024

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Composites in Oil and Gas Market

• Global Industry Analysis, Size, Share, Growth,
  Trends and Forecast, 2024

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Composites in Oil and Gas Market
Overview

• The oil gas industry needs to meet certain
  technical, technological, and economic
  requirements.
• This is especially observed in materials employed
  in construction, which are expected to withstand
  corrosion, fatigue, and weight. These factors
  contribute to increased risk and cost of offshore
  projects.
• Composites are used due to their unique
  properties, which make them suitable for
  demanding applications in the oil gas industry.
  
• They have the advantage of being low in weight,
  which eliminates the need for large and
  exorbitant buoyancy tanks. Composites are
  inexpensive to install, extremely
  corrosion-resistant, and well-suited to increased
  operating pressures.

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Composites in Oil and Gas Market Applications

• Glass-fiber reinforced polymer (GFRP) composites
  are used in piping systems for applications such
  as oil exploration, desalination, chemical
  plants, fire mains, dredging, and portable water.
  
• They enable the piping systems to withstand
  highly corrosive fluids at various temperatures,
  pressures, and in adverse weather and soil
• conditions.
• Composite grinds/gratings perform better than
  traditional, metallic grinds/gratings, due to
  their superior properties under harsh
  environments in the chemical process industry.
• They are preferred due to their ability to
  overcome limitations with respect to weight,
  corrosion resistance, durability, and lifecycle
  costs.

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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.

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Composites in Oil and Gas Market Key Players

• Creative Composites Ltd.
• National Composites Center
• Pipex Limited
• Solent Composite Systems Ltd.
• CIP Composites
• Magnum Oil Tools
• Forum Energy Technologies

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