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Reinforced Thermoplastic Pipes Market

Reinforced Thermoplastic Pipes Market

Reinforced Thermoplastic Pipes Market By Classification (HDPE, PA, PVDF), By Reinforced Material (Aramid, Glass Fiber, Steel), By Pipe Size (Up to 4 Inches, 6 Inches), By End Use (Oil and Gas, Chemical)- Global Market Insights 2021 to 2031

Reinforced Thermoplastic Pipes Market
FACT2237MR

Market Snapshot:

Fact.MR- a market research and competitive intelligence provider- expects demand for reinforced thermoplastic pipes to surge at a CAGR of nearly 5% over the forecast period. Increasing demand for flexible, lightweight and corrosion-resistant pipes in the chemical and water industry has heightened global sales.

Despite the drop in crude oil demand in 2020 amid the pandemic crisis, that impacted investments in the production of reinforced thermoplastic pipes, demand is expected to skyrocket after Q3 2021.

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Key Points Covered in Reinforced Thermoplastics Pipes Survey:

  • Market Estimates and Forecasts 2016-2031
  • Key drivers and restraints shaping market growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Market Share Analysis
  • Key Product Innovations and Regulatory Climate
  • COVID-19 Impact on reinforced thermoplastic pipes and how to navigate
  • Recommendation on key winning strategies.

Reinforced Thermoplastic Pipes Consumption Analysis from 2016-2020 Vs Future Outlook for 2021 to 2031

The global market for reinforced thermoplastic pipes (RTP) was valued at US$2.8 Bn in 2020 with an expansion rate of ~4% during 2016-2020. Expanding oil production and an emerging chemical sector are likely to boost global sales in coming years.

According to Fact.MR’s report, the market is projected to surpass US$ 3.6 Bn with a compound annual growth rate of ~5% throughout the forecast period 2021-2031.

North America is expected to retain its domination in the global market with a market capture of over 30%.

An Adaptive Approach to Modern-day Research Needs

How is the Oil and Gas Industry Influencing Demand for Reinforced Thermoplastic Pipes?

Major end-use industries such as oil and gas were among the first ones to venture into reinforced thermoplastic pipe applications in large-scale manufacturing processes.

Over the past half-a-decade, extensive investments in oil & gas projects have been undertaken across regions. Irreplaceable and extensively used refined products have spiked demand for oil & gas across regions, cascading the effect to the global demand for reinforced thermoplastic pipes.

According to IEA, planned investments in upstream oil and gas have been slashed under pressure from the collapse in oil prices and demand. However, it long term market conditions appear largely optimistic.

The potential to withstand extreme conditions increases the lifetime of oil pipelines, and the ability to control the operating costs, lead time, compliance, ease of installation, maintenance costs, total costs of ownership, has made it a popular choice in the oil and gas industry over the years.

Challenges to Reinforced Thermoplastics Market Growth

High per unit cost based on weight or force carrying capacity compared to conventional steel bars or pre-stressing tendons is hampering adoption of reinforced thermoplastics to a significant extent.

From a structural engineering viewpoint, the most serious problems with RTP is its low shear strength in the traverse direction. Such characteristics may lead to premature tendon rupture.

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Which are Some Lucrative Growth Opportunities for Reinforced Thermoplastic Technology?

Reinforced thermoplastics technology opens new doors for the emerging electric vehicles industry. Consistent demand for lightweight material with greater tensile strength has been fulfilled with the glass fibers composite material.

Alongside, the composite material has been widely used as load-bearing structures in engineering industries, such as aircraft, marines, automotive, building construction which has created huge traction for reinforced thermoplastics across the globe.

What are the Key Trends in the Market?

Over the last few years, reinforced thermoplastic pipes have been acknowledged as a standard alternative solution to steel for oilfield flowline applications to reduce pipeline corrosion costs in industries. This has increased the traction for RTP in the global market.

Applications abound across gas distribution systems and water channels in the oil and gas industry, as RTPs help reduce operational costs. In addition, RTPs offer ultra-low permeability and enhanced material strength. They are also corrosion-resistant, which enhances their lifespan.

Country-wise Analysis:

Why Reinforced Thermoplastic pipes market is flourishing in the U.S?

Demand for reinforced thermoplastic pipes accounts for 30% of the U.S market. Increasing replacement of old pipelines, an emerging oil and gas industry and emphasis on increasing production by increasing well-depths and exploration of new reserves are attributed as key expansion drivers.

Furthermore, tremendous opportunities abound across the water and wastewater and mining industry strong-arms. In forthcoming years, the market is expected to grow at around 3% CAGR between 2021 and 2031.

Due to the shale gas effect and colossal ongoing expansions in the United States, North America reigned supreme in the RTP market in 2019 with a valuation of US$ 81 Mn.

How is Asia Generating Lucrative Growth Opportunities for RTPs?

According to the reinforced thermoplastic pipes industry analysis by Fact.MR, the Asian region is expected to dominate the market for reinforced thermoplastic pipes.

The global fiberglass industry is currently is approaching US$10 Bn. Furthermore, the electronics industry is expected to witness major growth in the region, as China is one of the biggest global manufacturers, followed by South Korea and Japan. The combined expansion of both industries are poised to generate substantial expansion opportunities for reinforced thermoplastic pipes across Asia.

The presence of key players such as Sanderson Theme Constructions and Hengshui Jiubo Composites Co., LTD., is bolstering the demand for reinforced thermoplastic pipes in the region.

Furthermore, the oil and gas industry is likely to experience significant growth in the region. Oil & gas automation has a huge growth opportunity in emerging economies where exploration has just begun.

Based on the analysis, it is estimated that the  offshore reinforced thermoplastic pipes market in the Asian region is expected to grow from US$ 2.18 Bn in 2020 to US$ 2.7 Bn by 2031.

Category-wise insights:

Why are Glass Fiber based Reinforced Thermoplastic Pipes Becoming Popular?

According to Fact.MR, glass fibres are set to witness a steady growth rate among other reinforcement materials, forecast to grow at a CAGR of approximately 5%. High tensile and flexural strength is increasing its demand in extreme corrosive applications such as sour fluids and gases.

Due to their enhanced mechanical properties, glass fiber based reinforced thermoplastic pipes are commonly used in the aerospace, automotive, marine, and construction industries.

Competitive Landscape 

Prominent manufacturers are reliant on approaches such as new product launches and mergers and acquisitions to expand their businesses.

In Jan 2021,  Baker Hughes announced the launch of its next-generation onshore composite flexible pipe to address the corrosion and cost of ownership challenges with a conventional steel pipe for the energy, oil and gas and industrial sectors.

This product is flexible and lightweight which offers an economic and environmentally superior alternative to resource-intensive onshore steel pipes.

In May 2021, Cosmoplast signed a production and sales agreement with Technip-Coflexip in the Gulf and Middle Eastern countries for the manufacture of Coflexlite, a specialised RTP (reinforced thermoplastic) pipe for use in the oil and gas exploration and production industries.

The new product is likely to eventually replace all existing oil pipelines throughout the region.

Scope of the report:

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value & ‘000 Units for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • MEA

Key Countries Covered

  • U.S.
  • Canada
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Brazil
  • Mexico
  • Argentina
  • GCC
  • South Africa

Key Market Segments Covered

  • Classification
  • Reinforced Material
  • Pipe Size
  • End Use
  • Region

Key Companies Profiled

  • Baker and Hughes
  • Cosmoplast
  •  H.A.T-Flex
  •  National Oilwell Varco
  •  OPR Offshore Pipelines & Risers Inc.
  •  PES.TEC
  •  Saudi Arabian Amiantit Co.
  •  Saudi Aramco
  •  Shawcor
  • Wienerberger AG
Pricing

Available upon Request

Segmentation

  • Classification

    • HDPE (High-density polyethylene) Reinforced Thermoplastic Pipes
    • PA (Polyamide) Reinforced Thermoplastic Pipes
    • PVDF (Polyvinylidene fluoride) Reinforced Thermoplastic Pipes
    • Other Reinforced Thermoplastic Pipes
  • Reinforced Material

    • Aramid Reinforced Thermoplastic Pipes
    • Glass Fiber Reinforced Thermoplastic Pipes
    • Steel Reinforced Thermoplastic Pipes
  • Pipe Size

    • Reinforced Thermoplastic Pipes Measuring Up to 4 Inches
    • Reinforced Thermoplastic Pipes Measuring 6 Inches
    • Reinforced Thermoplastic Pipes Measuring Above 6 Inches
  • End Use

    • Reinforced Thermoplastic Pipes for Oil & Gas
    • Reinforced Thermoplastic Pipes for On Shore Operations
    • Reinforced Thermoplastic Pipes for Off Shore Operations
    • Reinforced Thermoplastic Pipes for Chemical Industry
    • Reinforced Thermoplastic Pipes for Water Industry
    • Reinforced Thermoplastic Pipes for Other End Uses

- FAQs -

As of 2020, sales of reinforced thermoplastic pipes reached US$ 2.8 Bn

From 2016 to 2020, sales of reinforced thermoplastic pipes expanded at approximately 4% CAGR

From 2021 to 2031, demand for reinforced thermoplastic pipes is expected to surge at approximately 5% CAGR

As per Fact.MR, applications of reinforced thermoplastics are extensive in the oil & gas and water treatment industries

Rapid penetration of reinforced thermoplastics technology is likely to open new doors for reinforced thermoplastic pipes across key industries

Demand for reinforced thermoplastic pipes in the U.S is expected to account for 30% revenue until 2031

Surging electronics, fiberglass and oil exploration industries are collectively garnering demand for reinforced thermoplastic pipes in Asia

Baker and Hughes, Cosmoplast, H.A.T. Flex and National Oilwell Varco are some prominent reinforced thermoplastic pipe manufacturers included in the report

Glass fiber reinforced thermoplastic pipes are likely to expand at nearly 5% CAGR by 2031

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

Who are the respondents for primary research?

Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

Is a sample of this report available for evaluation?

Yes, you can request a sample, and it will be sent to you through an email.