The oil & gas industry is the drivetrain for a majority of economies across the world. Over the past half-decade, extensive investments in oil & gas projects have been observed across regions. Irreplaceable and extensively used refined products have spiked demand for the oil & gas across regions, cascading the effect to the demand for reinforced thermoplastic pipes.
Despite decline in demand for crude oil in FY2020, which affected investments in the production of reinforced thermoplastic pipes, demand is anticipated to spike post Q3 of FY2021. Strong supply-side winds are expected to turn the tables towards the perkier side and provide a long-term wave to the market for reinforced thermoplastic pipes (RTP).
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As per Fact.MR analysis, the global reinforced thermoplastic pipes market is set to expand at a healthy CAGR of more than 5% over the forecast period of 2021 to 2031.
Key Takeaways from Market Study
- The global RTP market is anticipated to add 1.6X value by 2031 as compared to 2021.
- HDPE captures a governing share of the market, and is set to create around US$ 321 Mn opportunity over the long-term forecast period.
- Oil & gas is the fastest-growing segment in the market, owing to rapid growth of production across Canada and the United States.
- The Middle East and Africa is set to dominate market revenue in 2021, and is expected to gain 55 BPS in its market share 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.
“Market growth for RTP is set make moves in accordance with the tunes of oil & gas industry growth,” says a Fact.MR analyst.
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Moderately Fragmented High Potential Market: Competition Tuning Factor
Key manufacturers of reinforced thermoplastic pipes are National Oilwell Varco, Inc., TechnipFMC, Shawcor Ltd., Baker Hughes a GE Company, Wienerberger AG, Saudi Arabian Amiantit Co, and H.A.T-Flex Group. The market is fragmented in nature, with the presence of global and local players in almost every part of the world.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global reinforced thermoplastic pipes market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market on the basis of pipe size (up to 4 inches, 6 inches, and above 6 inches), classification (HDPE, PA, PVDF, and others), reinforcement material (aramid, glass fiber, and steel), and end use (oil & gas [on-shore and off-shore], chemicals, water distribution, and others), across six major regions of the world (North America, Latin America, Europe, South Asia & Oceania, and the Middle East & Africa).
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About the Chemicals & Materials Division at Fact.MR
Chemicals & materials division analysts at Fact.MR have been categorically tracking the broader sub-industries to keep themselves abreast of the recent happenings in the market. Our practical approach to product design and pricing strategy contributes to the growth of businesses that are struggling to hit the ‘move-the-needle’ bottom line. With unmatched analytical diligence, the team at Fact.MR helps organizations design product differentiation strategies and introduce exclusive product(s) to their existing portfolio.
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