March 23, 2022 00:40 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, March 23, 2022 (GLOBE NEWSWIRE) -- The global Thermoplastic Pipe Market size was valued at USD 3.09 billion in 2020. The market is expected to grow from USD 3.29 billion in 2021 to USD 4.65 billion by 2028, exhibiting a CAGR of 5.1% during the forecast period. The rising popularity of the pipe for oil & gas extraction and strong demand from the non-corrosive pipes may foster market development. Fortune Business Insights™ presents this information in its report titled “Thermoplastic Pipe Market, 2021-2028.”
Thermoplastic pipes are made using polymer materials that are chemically processed and synthesized in substantial amounts. Its low corrosion and lower maintenance may propel its sales. Furthermore, the rising popularity of the product from the oil & gas industry is expected to foster thermoplastic pipes demand. They are an effective alternative to plumbing and piping solutions due to their advantages. Moreover, the rising demand for low corrosion pipes is likely to incite industry growth.
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Companies Profiled in Thermoplastic Pipe Market Report
Supply Chain Disruptions to Impede Market Development
This market is expected to be negatively affected during the COVID-19 pandemic because of supply chain disruptions. A sudden spike in COVID infections led to stringent lockdown restrictions. As a result, many industries came to a complete halt, resulting in massive supply chain problems. Further, the lack of transport resulted in a lack of raw materials. However, despite lockdown, the adoption of automated production machinery, reduced capacities, part-time shifts, advanced sanitization methods, and social distancing enabled companies to function normally. The factors may propel market development during the pandemic.
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By product type, the market is segmented into thermoplastic composite pipe (TCP) and reinforced thermoplastic composite pipe (RTP). As per polymer type, it is classified into polyvinylidene fluoride (PVDF), polypropylene pipe (PP), poly vinyl chloride (PVC) pipe, and polyethylene (PE) pipe. Based on application, it is categorized into utilities & renewables, mining & dredging, waste & wastewater, and oil & gas. Regionally, it is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Rising Demand in Renewable Energy and Oil & Gas Sector to Foster Market Progress
Rising focus on developing renewable energy resources may boost their demand for thermoplastic pipes globally. Its flexibility, lightness, and anti-corrosive properties boost consumers’ reliance on the product. It enables the companies to lower costs and boost production activities. Further, the rising pipe adoption from the oil & gas industry is expected to facilitate industry growth. For example, Strohm acquired a contract with the oil & gas industry in Western Australia.
Moreover, its lower maintenance costs and longer lifespan are expected to surge its popularity among several manufacturers. In addition, the pipe’s ability to withstand extreme pressures and heat is expected to increase its adoption. These factors may drive the thermoplastic pipe market growth.
However, concerns regarding safety and piping material’s nature may impede the industry’s growth.
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Rapid Urbanization and Smart Cities Development to Fuel Market Progress in Asia Pacific
Asia Pacific is expected to dominate the thermoplastic pipe market share because of rapid urbanization and the development of smart cities. The market in Asia Pacific stood at USD 0.99 billion in 2020 and is expected to gain a considerable market share. Further, the rising adoption of cost-effective transportation methods facilitates industry development.
In Asia Pacific, increasing potable water and sewage systems access initiatives is expected to nurture the demand for the product. Furthermore, India has raised safety concerns and sustained demand for polyvinyl chloride (PVC). These factors are likely to foster market development.
In North America, rising demand for the adoption of thermoplastic pipe to eliminate steel pipe drawbacks such as fatigue, weight, and corrosion is expected to fuel product demand. For example, the U.S. Department of Transportation (U.S. DOT) announced the final rule in November 2018 to amend the adoption of plastics in natural gas transportation pipes. These factors may bolster market growth in the upcoming years.
In Europe, the rising adoption of renewable energy and achieving a neutral climate till 2050 may propel market development.
Major Players Opt for Novel Product Launches to Boost Brand Image
Prominent players operating in the market launch novel products to attract consumers and boost their brand image. For example, Baker Hughes launched its next-generation Onshore Composite Flexible Pipe in January 2021. Through this launch, the company shall focus on developing solutions to eliminate costs of ownership and corrosion in industrial, oil and gas, and conventional steel pipes. Its anti-corrosive, lightweight, and flexible property is expected to boost its brand image. Further, companies adopt research and development strategies to develop better products and boost their market position.
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