Global Reinforced Thermoplastic Pipes Market to Add 1.6x Value by 2031: Fact.MR Study
Published : 26 Jul 2021 Industry: Chemical & Materials
As per the latest intelligence report published by Fact.MR, the global reinforced thermoplastics pipes market is expected to have a positive outlook, expanding at a CAGR of above 5% across the 2021-2031 forecast period.
The market value for reinforced thermoplastics pipes was recorded to be US$ 2.8 Bn which grew at a CAGR of 4% during 2016-2020. Recessionary downswings in the oil & gas industry amid the COVID-19 pandemic stalled growth prospects in 2020, amid cessation of exploration and drilling activities. Fortunately, as restrictions ease, demand is expected to rebound by Q4 2021.
Emerging well activities and rising investments in water and wastewater systems are likely to bolster the global sales of the reinforced thermoplastics pipes market in the forthcoming decade. Furthermore, end use industries are looking to leverage lightweight, durable and corrosion resistant piping material, which will significantly broaden expansion prospects in the forthcoming decade.
Key Takeaways from Market Study
- HDPE captures dominant share creating around US$ 321 Mn opportunity over the long-term forecast period.
- Glass fiber reinforced thermoplastic pipes demand to expand at approximately 5% CAGR by 2031
- Oil & gas is the fastest-growing segment in the market, owing to the rapid growth of production across Canada and the United States.
- The Middle East and Africa is set to dominate market revenue in 2021, expected to gain 55 BPS by 2031.
- Water distribution end-use is anticipated to lose around 25 BPS over the forecast period of 2021-2031
- The U.K., Canada, and the United States are key countries dominating demand for reinforced thermoplastic pipes.
“Amplifying demand for robust piping material across the oil & gas industry, as well as water injection applications are collectively anticipated to fuel expansion prospects for reinforced thermoplastic pipes,” remarks the Fact.MR analyst.
Prominent manufacturers of RTP are taking bold steps to expand their businesses globally. For instance, technological advancements, mergers and acquisitions, rising investments in R&D activities.
- Prominent manufacturer Parker Hannifin Corporation has developed elastomers, polyurethane and metals solutions for oil and gas sealing.
These materials are capable to withhold Extreme high and low temperatures of 525°F to -65°F,
- On Sept 28, 2020, EnPro announced an agreement to acquire Alluxa. EnPro Industries, Inc. (NYSE: NPO), a leading technology company using materials science to push the boundaries of the semiconductor, life sciences, and other technology-enabled sectors, announced that it has closed the acquisition of Alluxa, Inc., a privately held, California-based company.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the reinforced thermoplastics market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study divulges essential insights on the market based on classification (HDPE, PA, PVDF), reinforced material (aramid, glass fibres, steel), pipe size (Up to 4 Inches, 6 Inches, Above 6 Inches) and end use (oil & gas, on shore, off shore, chemical, water and others) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
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For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Consultant – Chemicals and Materials