Reinforced thermoplastic pipe manufacturers are boosting investments in exploration of niche activities in the hydrogen, domestic gas, CO2 and mining applications, for the post-pandemic period.
ROCKVILLE, MD / ACCESSWIRE / August 12, 2020 / The global reinforced thermoplastic pipes market is set to display a healthy 5% CAGR throughout the period of projection between 2020 and 2030. The reinforced thermoplastic pipes market is expected to be hurt in the short term by the coronavirus pandemic. Extensive lockdown restrictions on oil & gas industry in addition to the fluctuation in prices of raw materials in the sector will hamper growth in months to come.
"Growing investments towards the use of reinforced thermoplastic pipes in previously unexplored sectors including municipal, chemical, dredging, and mining in ultra-deep- and deep-water settings are key factors that are propelling the growth of the market during the forecast period," says the FACT.MR report.
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Reinforced Thermoplastic Pipes Market- Key Takeaways
- Polyvinylidene difluoride based reinforced thermoplastic pipes are rapidly gaining attention, aided by investments in dredging and mining applications.
- Reinforced thermoplastic pipes are largely finding application in the offshore oil & gas drilling activities, as the sector seeks to replace, corrosion prone metal pipe infrastructure.
- Asia Pacific and Latin America are displaying healthy growth in the reinforced thermoplastic pipes market supported by oil exploration activities in Brazil, China, and India.
Reinforced Thermoplastic Pipes Market- Driving Factors
- Strict government regulations against the use of metal pipes in multiple industrial settings are generating lucrative growth opportunities.
- New applications in the domestic gas and municipal sectors boost revenue in the reinforced thermoplastic pipes industry.
Reinforced Thermoplastic Pipes Market- Major Restraints
- High costs of purchase and installation for reinforced thermoplastic pipes are likely to hinder market growth.
- Safety concerns in terms of long-term use in the oil & gas industry hurt market prospects.
COVID-19 Impact on Reinforced Thermoplastic Pipes Market
The coronavirus outbreak which started in China has had a severe impact on the oil & gas market. Sharp drops in prices has hurt oil and gas producers. The coronavirus pandemic is also impacting mining, domestic gas, and dredging activities. All of these factors will significantly reduce the demand for reinforced thermoplastic pipes in the near future. However, recovery of the market is likely to be strong following the conclusion of the outbreak, as oil & gas exploration activities resume.
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Competitive Landscape
PES.TEC, Baker & Hughes, Cosmoplast, Shawcor, Wienerberger AG, and National Oilwell Varco are some of the leading players in the reinforced thermoplastic pipes market.
Reinforced thermoplastic pipes market players are have been pushing for strategic collaborations within the industry for product development and improvements to industry standards, generating new growth opportunities in years to come.
For example, SoluForce and Non-metallic Innovation center have joined hands in an R&D initiative to boost operational capabilities of reinforced thermoplastic pipes. Further, Saudi Aramco has entered a joint venture with Baker Hughes towards the development and production of composite material products such as reinforced thermoplastic pipes for oil and non-oil applications. TWI has partnered with DNV GL to develop corrosion free alternative solutions in the oil and gas industry, which also includes reinforced thermoplastic pipes.
About the Report
This study offers readers a comprehensive market forecast of the reinforced thermoplastic pipes market. Global, regional and country-level analysis of the top industry trends impacting the reinforced thermoplastic pipes market is covered in this FACT.MR study. The report offers insights on the reinforced thermoplastic pipes market on the basis of classification (high density polyethylene, polyamide, polyvinylidene fluoride, and others), reinforced material (aramid, glass fiber, and steel) pipe size (up to 4 inches, 6 inches, and above 6 inches) and end use (oil & gas, chemical, water, and others) across six regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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SOURCE: FactMR