The Reinforced Thermoplastic Pipes market revenues were estimated at US$ 2.8 Bn in 2020 and is anticipated to grow at a CAGR of 12.7% from 2021-2031, according to a recently published Fact.MR report. By the end of 2031, the market is expected to reach US$ 3.6 Bn.
Emerging well activities and rising investments in water and wastewater systems are likely to bolster the global sales of the reinforced thermoplastics pipes market in the forthcoming decade. Furthermore, end use industries are looking to leverage lightweight, durable and corrosion resistant piping material, which will significantly broaden expansion prospects in the forthcoming decade.
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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.
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Key Takeaways from the Market Study
- HDPE captures dominant share creating around US$ 321 Mn opportunity over the long-term forecast period.
- Glass fiber reinforced thermoplastic pipes demand to expand at approximately 5% CAGR by 2031
- Oil & gas is the fastest-growing segment in the market, owing to the rapid growth of production across Canada and the United States.
- The Middle East and Africa is set to dominate market revenue in 2021, expected to gain 55 BPS 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.
Competitive Landscape
Prominent manufacturers of RTP are taking bold steps to expand their businesses globally. For instance, technological advancements, mergers and acquisitions, rising investments in R&D activities.
- Prominent manufacturer Parker Hannifin Corporation has developed elastomers, polyurethane and metals solutions for oil and gas sealing. These materials are capable to withhold Extreme high and low temperatures of 525°F to -65°F,
- On Sept 28, 2020, EnPro announced an agreement to acquire Alluxa. EnPro Industries, Inc. (NYSE: NPO), a leading technology company using materials science to push the boundaries of the semiconductor, life sciences, and other technology-enabled sectors, announced that it has closed the acquisition of Alluxa, Inc., a privately held, California-based company.
Key players in the Reinforced Thermoplastic Pipes Market
- 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
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Market Segments Covered in Reinforced Thermoplastic Pipes Industry Analysis
- 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
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