The Global GRP Pipes Market, according to a report by Market Research Future (MRFR), is slated to grow up to a substantial valuation of USD 8.66 Billion by 2025 at a CAGR of 5.16% over the review period.
Drivers and Restraints
There are notable factors driving the growth of the global GRP pipes market, such as the expansion of the oil & gas industry, and the addition of the chemical industry in developing nations. Moreover, the increasing global demand for warranting water supply to sustainable agricultural land, and the rapid urbanization driving the demand and applications from the utility sector.
On the other hand, the Repair and maintenance of GRP pipes require a skilled workforce, while the brittleness in the materials of the pipes is likely to cause structural damage. These factors may hinder the growth of the market over the review period.
The global GRP pipes market has been bifurcated on the basis of resin and end-use.
On the basis of the Resin, the market has been segmented into epoxy, polyester, and vinyl ester. Epoxy is the largest market within this segment. Polyester GRP pipes are mediocre to epoxy GRP pipes in all aspects except cost. Vinyl esters GRP pipes are qualitatively similar to both polyester and epoxy GRP pipes.
On the basis of end-use, the GRP pipes market has been segmented into oil and gas, chemicals, wastewater treatment and water supply, and irrigation.The oil and gas sector is the largest market within this segment, and GRP pipes are used widely in the transportation of oil & gas over vast distances. They are also employed within refineries. The growth of the petroleum industry, coupled with the increasing demand for petroleum and gas is driving this market segment. Due to the superior corrosion resistant properties of GRP pipes, they are used within the chemical sector for chemical manufacturing plants as well as for the transportation of chemicals and chemical waste products. This market is expanding owing to the growth of chemical industries in developing nations. GRP pipes are durable, cheap, and easily replaceable, making them idyllic for wastewater treatment and water supply. Urbanization, coupled with the subsequent growth of utilities, is fueling this market segment.
By Region, the market has been segmented into Europe, Asia Pacific, and North America, along with the rest of the world.
The North American GRP pipe industries is primarily driven by the petroleum industry and the chemical industry. The demand for GRP pipes in Europe comes from its oil and gas industry and its utility sector. Asia Pacific is the primary regional market for GRP pipes owing to the fast-developing economies of this region as well as the developing utility sector and the need to irrigate agricultural land with no natural water source nearby.
The GRP pipes market in the rest of the world region is growing in the Middle East and Africa and Latin America. It is driven by the massive oil & gas industry in the Middle East & Africa, the developing utility sector in a speedily urbanizing Africa, and the agricultural sector in South America.
The major market players identified by MRFR in the GRP pipes market are Saudi Arabian Amiantit Co. (Saudi Arabia), Hengrun Group Co., Ltd. (China), Future Pipe Industries (UAE), National Oilwell Varco (US), Columbus McKinnon Corporation (US), FLOWTITE Technology AS. (Norway), Sarplast SA (Switzerland), Amiblu Holding GmbH (Austria), Weihua Group (China),FIBREX - Fiberglass Pipe Manufacturer, FRP Pipes, GRP Pipes (US), Beetle Plastics (US), Enduro (US), and Smit Group, LLC (US).
The market players operating in the global insurance market are expected to increase the investments towards research and development activities and expand the competitive dynamics of the global automotive insurance market with business strategies such as mergers, acquisitions, joint ventures, and partnerships, among others. These are expected to create growth opportunities in the market over the review period.