The Demand for Lightweight, Strong Pipes Is Surging the Global Frp Pipe Market to Evolve Around 4.48% of CAGR by 2027
“According to the new market research report published by Inkwood Research, the global FRP pipe market is developing at a CAGR of 4.48% all the way through the forecasting years of 2019-2027.”
“Browse 31 market Data Tables and 41 Figures spread over 140 Pages, along with an in-depth TOC on global FRP pipe market forecast 2019-2027.”
The global fibreglass reinforced plastic (FRP) pipe market is gradually picking up the pace. FRP material is made up of resins and fibreglass. The applications of FRP pipes include wheels, engine, front gear and in other automotive uses. The FRP material is substituting metals in various applications. The increase in demand for strong and lightweight pipes has been driving the market. The FRP pipes are cost-effective and are highly demanded by the oil and gas industry, chemical industry and the sewage industry.
Oil and gas industry is raising the demand for FRP pipes in the global market
Oil and gas industry is the major user of FRP pipes. The industry comes with strict performance measures. High strength, temperature resistance, fuel efficiency make FRP pipes an ideal choice for oil and gas industry for product transportation. FRP piping helps the industry solve corrosion problems and weight issues. High-end R&D activities are carried out for methods of improvement and enhance the application of FRP pipes in the oil & gas industry. All these factors are responsible for surging the demand for FRP pipes in the oil & gas industry.
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GRP pipe is a highly adopted product in the global FRP pipe market
GRP (Glassfibre reinforced plastic) pipes have a higher life span and minimal maintenance cost. These properties are desirable for the end products by the customers. GRP pipes are used in various industrial applications for their durability and corrosion resistance property. Irrigation and sewage industry are the major users of GRP pipes. Fibreglass pipe reinforced with polyester is preferred for use in industrial tanks and pipes as well. Several regions like the Asia Pacific, Latin America and Middle East Africa are adopting the usage of GRP pipes widely.
The primary contributor to the global FRP pipe market: Asia Pacific
The Asia Pacific region was the highest contributor to the global FRP pipe market in 2018. The region is adopting the FRP pipe market due to the growing emphasis on natural gas usage and increasing efficiency and reducing costs. The replacement of coal by natural gas has been steadily growing in the Asia Pacific region. Transporting and importing natural gas via pipeline is preferred than through containment vessels. Many other end-use applications are observed for the FRP pipes especially in emerging countries like India and China. To tap into the huge potential FRP pipe market in the Asia Pacific region, investors have raised their stakes in end-use industries.
The FRP pipe market is growing at a healthy pace. The top players operating in the global FRP pipe market are ZCL Composites Inc., National Oilwell Varco Inc., Future Pipe Industries, Saudi Arabian Amiantit Company, Fibrex FRP Piping System, ERSHIGS Inc., Graphite India Ltd, Sarplast SA, Chemical Process Piping Pvt Ltd, Fibretech Composite Pvt Ltd, Amiblu, Enduro Composite Inc., Seksui Chemical Co Ltd, China National Building Material Company Limited, Apex Western Fibreglass Inc. These players are focusing on various strategies for development such as mergers, acquisitions, partnerships, collaborations, product launch, joint ventures and business expansions. However, the market is still at its evolving stage, which is making room for new entrants to undergo business expansions.
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