(MENAFN- Ameliorate Digital Consultancy)
The global reinforced thermoplastic pipe (RTP) market size is set to reach US$ 282.4 million in 2022 and is projected to grow at a CAGR of 4.7% to reach US$ 457.3 million by the end of 2032.
Over the historical period of 2017-21, the global RTP market registered a CAGR of 4.2%, and according to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 4.7% CAGR between 2022 and 2032.
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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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Manufacturers Approach and Prospectus
Market players have been strategically focusing on the high-potential reinforced thermoplastic pipes market and in response to increasing demand, they have invested millions of dollars in production capacity expansion.
Companies have extended their international reach, especially across untapped markets, and deepened their roots in high-potential regions such as the Middle East and Africa, which are poised to experience leading positions in the reinforced thermoplastic pipes market.
Market players are continuously striving to anchor their presence in highly lucrative regions, including MEA and North America. Along with production capacity expansions, players have also been involved in other organic strategies, such as enhanced product offerings to strengthen their market position across the globe.
To produce Coflexlite, a specialized RTP (reinforced thermoplastic) pipe used in the oil and gas exploration and production industries, Cosmoplast signed a production and sales agreement with Technip-Coflexip in the Gulf and Middle Eastern countries in May 2021. For the energy, oil & gas, and industrial sectors, Baker Hughes publicized the introduction of its cutting-edge onshore composite-based flexible pipe in January 2021 to manage the cost of ownership challenges and corrosion with a conventional steel pipe. This product's flexibility and light weight make it a more cost-effective and environmentally friendly option than onshore steel pipes, which consume a lot of resources.
Key Companies Profiled:
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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Segmentation of the RTP Market
By Classification HDPE (High-density polyethylene) PA (Polyamide) PVDF (Polyvinylidene fluoride) Other
By Reinforced Material By Pipe Size Measuring Up to 4 Inches Measuring 6 Inches Measuring Above 6 Inches
By End Use Pipes for Oil & Gas On Shore Operations Off Shore Operations Chemical Industry Water Industry Other End Uses
Key Questions Covered in the Reinforced Thermoplastic Pipes Market Report
What is the projected value of the Reinforced Thermoplastic Pipes factors Industry in 2023? At what rate will the global Reinforced Thermoplastic Pipes factors market size grow until 2032? Which are the factors hampering the growth of Reinforced Thermoplastic Pipes factors? Which region is expected to lead in the global Reinforced Thermoplastic Pipes factors market By 2032? Which are the factors driving the Reinforced Thermoplastic Pipes factors Industry during the forecast period? What is the expected market value of the Reinforced Thermoplastic Pipes factors market during the forecast period?
Regional Analysis For Reinforced Thermoplastic Pipes Market:
APAC (Japan, China, South Korea, Australia, India, and the rest of APAC; the rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka) Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania) North America (USA, Canada and Mexico) South America (Brazil, Chile, Argentina, Rest of South America) MEA (Saudi Arabia, United Arab Emirates, South Africa)
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