According to a recent report”Composites materials in the oil and gas market:Resin type (epoxy, polyester and phenolic resin), fiber type (glass fiber and carbon fiber), application areas (pipes, tanks and advanced applications) and areas ——Global Forecast to 2021 “,The market size of composites materials in the oil and gas industry is expected to reach $ 1.98 billion in 2021,From 2016 to 2021 , the compound annual growth rate up to 5.05%.The rising demand for corrosion and light materials in the oil and gas industry and the low maintenance costs of composite materials are key drivers of global composite materials in the oil and gas industry market.

Due to the larger demand for pipes, tanks, fracturing balls, fracturing and other applications, fiberglass-based composites account for the major share of the oil and gas industry composite market.The low cost of glass fiber and its superior performance, such as strength, flexibility, durability, stability, light, heat resistance, temperature, moisture resistance and other factors to promote the growth of glass-based oil and gas composite materials.

Epoxy resin based oil and gas composite materials have the largest market share, is expected to be the fastest growing resin type of composite materials in the oil and gas industry market,This is because epoxy-based composites provide a variety of thermal and mechanical properties, such as corrosion-resistant liquids, excellent electrical insulation, good high temperature performance, compared with polyester resin, lower styrene emissions, As well as good bonding strength with different types of reinforcing materials.
Pipes, standpipes, downstream pipelines and oil pipelines dominate the composite materials in the oil and gas industry market.This is due to the growing demand for high-strength, high-performance, cost-effective, non-corrosive lightweight materials for deepwater offshore oil and gas exploration and production activities. In addition, the use of composite pipes reduces overall maintenance costs, thereby reducing maintenance costs for the entire plant.