GRP Pipes Market to grow at a 5.16% CAGR by 2027 | Market

2022-05-19 09:39:09 By : Ms. Alice Sun

June 07, 2021 08:49 ET | Source: Market Research Future Market Research Future

Pune, June 07, 2021 (GLOBE NEWSWIRE) -- GRP Pipe Market Analysis / GRP Pipe Market Outlook

The global GRP pipes market size is predicted to touch USD 9.65 billion at a 5.16% CAGR in the forecast period (2020- 2027), states the current Market Research Future (MRFR) report. Glass fiber reinforced plastics or GRP, simply put, are a composite material that is made of a polymer matrix which is reinforced with fibers. Based on resin, it is of different types such as vinyl ester, polyester, and epoxy. Owing to its alluring features and manifold benefits, it has wide applications in irrigation, wastewater treatment, chemicals, and oil and gas. 

Enhancing Features that Spur Market Growth 

According to the MRFR report, there are numerous factors that are propelling the global GRP pipes market share. Some of these entail the growth in the petroleum industry, awareness about the alluring features of these pipes such as lightweight, inherent strength, durable, high strength and impervious to adverse weather conditions that makes it perfect for outdoor purposes, high resistant to corrosion from chemicals, easy to install and manufacture, and offer superior hydraulic characteristics. The additional factors which are propelling the global GRP pipes market revenue include can be precision coupled, have a long service life, growing demand for lightweight, durable, and high strength pipelines for wastewater, water, and chemical supply for industrial applications, rising need for sustainable energy, increasing global need for ensuring water supply to viable agricultural land, growth of the chemical industry in developing nations, and growth of the oil and gas industry. Besides, the growing urbanization spurring the utility sector are the latest GRP pipes market trends. 

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On the contrary, brittleness that cause structural damage and repair and maintenance that need skilled workforce may limit the global GRP pipes market value over the forecast period. 

The GRP pipes market has been highly disrupted by the COVID-19 crisis. Government restrictions on landfill disposal coupled with fluctuating raw material costs may impede the market growth. The outbreak had a major impact on the market growth leading to fall in piping and fitting consumption among end user industries. Besides, the disruptions in supply chain and lack of labor have declined the value of new contracts in real estate building projects during the period. A fall in consumption has enforced industry players in reducing inventories and costs. Product manufacturers have experienced a fall in outflow of raw materials owing to shutdown of factories in Asia Pacific and Europe and stringent lockdown measures. The supply side also witnessed a huge drop in several industries on the onset of economic instability resulting in reduced costs and inventory.

The MRFR report highlights an inclusive analysis of the global GRP pipes industry based on end use and resin. 

By resin, the global GRP pipes market is segmented into vinyl ester, polyester, and epoxy. Of these, the epoxy resin segment will lead the market over the forecast period as epoxy GRP pipes offer longer service life, very high resistance to chemical corrosion, and higher strength thus making them ideal for usage in the chemical and petroleum industries. Most chemical, crude oil, and petroleum waste are carried by epoxy GRP pipes.  By end use, the global GRP pipes market is segmented into irrigation, wastewater treatment, chemicals, and oil and gas. Of these, the oil and gas end use segment will dominate the market over the forecast period. GRP pipes are mostly used to transport oil and gas over large distances. These are also employed in refineries. The growth of the petroleum industry coupled with the ever-increasing demand for gas and petroleum is driving the growth of the segment. 

APAC to Stay at the Forefront in GRP Pipes Market 

Geographically, the global GRP pipes market is bifurcated into Europe, North America, South America, the Asia Pacific, & Rest of the World (RoW). Of these, the APAC region will stay at the forefront in the market over the forecast period. The presence of fast-developing economies in the region, growing utility sector, the need to irrigate agricultural land with no natural water source nearby, the availability of skilled labor, high demand from end users, favorable government regulations are compelling manufacturers in setting up their production facilities in the region, China being the largest consumer of pipes, the presence of numerous chemical manufacturing companies, high population density, government’s focus to reduce dependency on imports, growing need for GRP pipes for use in irrigation applications, rising government mandates on industrial effluent collection, recycling, and growing oil and gas exploration activities are adding to the global GRP pipes market growth in the region.

Europe to Hold Second Largest Share in GRP Pipes Market 

In Europe, the global GRP pipes market is predicted to hold the second-largest share over the forecast period. The growing need from oil and gas industry and its utility sector, trenchless piping applications, sewer infrastructure upgrades, transportation of gas for the upcoming establishment of LNG terminals, rising investments in the regional infrastructure development, the presence of a large industrial effluent treatment and chemical processing companies in Spain, the UK, France, and Germany, strict GHG emission norms, and rising export of natural gas are adding to the global GRP pipes market share in the region. 

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North America to Have Promising Growth in GRP Pipes Market 

In North America, the global GRP pipes market is predicted to have promising growth in the market for the growing demand from the chemical and petroleum industry. 

RoW to Have Sound Growth in GRP Pipes Market 

In RoW, the global GRP pipes market is predicted to have sound growth over the forecast period. The presence of a big oil and gas industry, growing utility sector in a rapidly urbanizing region, booming agricultural sector, rising expenditure in infrastructure development in the fast developing economies in Turkey, Egypt, the UAE, and Saudi Arabia, and high private and government spending in green building construction for improving the infrastructure throughout are adding to the global GRP pipes market growth in the region. 

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The eminent players profiled in the global GRP pipes market report include Smit Group, LLC (US), Beetle Plastics (US), Enduro (US), FIBREX - Fiberglass Pipe Manufacturer, FRP Pipes, GRP Pipes (US), Amiblu Holding GmbH (Austria), Weihua Group (China), Sarplast SA (Switzerland), Columbus McKinnon Corporation (US), FLOWTITE Technology AS. (Norway), National Oilwell Varco (US), Hengrun Group Co., Ltd. (China), Future Pipe Industries (UAE), and Saudi Arabian Amiantit Co. (Saudi Arabia), among others. 

The global GRP pipes market is fragmented and also competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.

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