Global FRP pipe market witness market size of USD 2.31 Billion in 2019 and projected to reach USD 3.05 billion by 2026
Published | 06 April 2020
The Global FRP Pipe Market witness market
size of USD 2.31 Billion in 2019 and projected to reach USD 3.05 billion by
2026 at a CAGR of 4.7% during forecast period of 2020-2026. Fiber rereinforced
plastic (FRP) pipes are tubular composite pipes made up of a polymer matrix
reinforced with fibers, such as glass, carbon, basalt, or aramid.
Also, other fibers such as paper, wood, or
asbestos are also used but are usually not preferred due to relatively higher
prices and lower strength. The polymer used in the production of FRP pipes is
generally epoxy, vinyl-ester, or polyester thermosetting plastic. Fiber
reinforced plastic pipes are used in several applications such as water and
wastewater treatment, and construction and marine and others.
For several different applications,
fiber-glass-reinforced plastics (FRP) are used; from vessels and bathtubs to
missiles. Industrial and chemical equipment produced from fiberglass-reinforced
plastics includes tanks and containers, tubing, ducting, hoods, fans,
scrubbers, piles, grating, and specialized manufacturing. One of the fastest
growing fields is the use of FRP for the equipment for pollution control.
The key application driving market is rising water
supply for construction and sewage treatment systems, increasing need for
rehabilitation of the major water and wastewater infrastructure, and growing
oil and gas exploration activities.
However, high initial costs and fluctuation
in the price of raw material are some key factors anticipated to hamper the
market growth soon. Furthermore, high investments in R&D activities to
produce innovative and cost-effective FRP pipes are expected to provide
opportunities for growth in the future.
Demand in Oil and gas industry will drive the global FRP pipes market
during the forecast period
Growing oil and gas activities, particularly
shale gas exploration, are expected to further drive growth of the FRP pipe
market over the forecast timetable. FRP is a modern day pipe with many new
emerging applications, taking advantage of its corrosion resistance,
strength-to-weight ratio, low maintenance and higher life cycle. FRP pipe due
to its emerging technological advances are booming in oil storage and handling
facilities.
Demand for corrosion free pipes will drive demand of
Epoxy FRP Pipe segment in the global FRP Pipes market
Several industries
require non-corrosive pipe for long term use. The key factor for using fiber
reinforced plastics (FRP) is due to their critical properties of corrosion
resistance. Due to these factors FRP pipe is replacing the conventional steel
pipe. Epoxy has the largest share of the FRP pipe industry and is expected to
drive the market in the coming years due to environment friendly nature.
Oil & Gas segment expected to dominate in FRP pipe industry at a significant rate during the forecast period
Recovery of oil & gas supply operations,
growing oil & gas exploration activities are likely to push the need for
GRP pipes in the coming years. Oil and gas exploration and production are on
the rise. Technological advancement and innovations in oil and gas, such as
improved hydraulic fracturing methods, have created a new demand for durable,
corrosion-resistant composite goods. Hydraulic fracturing is one of the key
ways of extracting unconventional oil and gas resources.
Asia-Pacific regional
segment expected to witness lucrative growth in global FRP Pipe market
Asia-Pacific is expected to grow as rapid urbanization
is fueling the growth of the FRP Pipes market in the region. FRP demand is
supported by rising industrialization and government awareness towards the
water and wastewater treatment. The superior mechanical and anti-corrosion
properties, low conductivity, and longer lifecycles make FRP pipes a natural
choice for many purposes. The growth is due to rising investments from various
manufacturers for the development of FRP pipes in the region. Increasing construction
projects is the major factor that is expected to positively impact FRP pipe
market growth in the region.
FRP Pipe: Competitive Landscape
Global FRP Pipe market is fragmented
owing to the presence of number of large-sized companies, mid-sized &
small-sized companies The companies that hold the majority share of the FRP
Pipe market are Saudi Arabian Amiantit Co, ZCL Composites, Future Pipe
Industries, The Hobas Group, Graphite India Limited, Lianyungang Zhongfu
Lianzhong Composites, Abu Dhabi Pipe Factory, Hengrun Group Co., Ltd, Enduro
Composites Inc, National Oilwell Varco (Nov), HOBAS , SARPLAST SA, SEKISUI
CHEMICAL, Farassan, Amaintit, Kinflare Group, Amiblu Holding, ERSHIGS and Other Prominent Players.
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Publish Date: April 2020
The global FRP pipe market witness market size of USD 2.31
Billion in 2019 and projected to reach USD 3.05 billion by 2026 at a CAGR of
4.7% during forecast period of 2020-2026.
Growing demand for durable, high strength, and lightweight pipelines for
water, wastewater, and industrial chemical supply estimated to drive the
industry growth over the forecast period.
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