Press release
Future Growth of GRP Piping Market Size Global Analysis by Key Players - Enduro Composites Inc, Harwal Group, Graphite India Limited, Saudi Arabian Amiantit Company SAAC, Composite Piping Industry LLC (CPI), HOBAS
GRP Piping Market will surpass USD 8 billion by 2024; according to a new research report.
GRP piping are manufactured from selected resins tailored to offer unique features such as corrosion resistance, light weight, durability and lower temperature properties. These pipes serve as a medium for supplying drinking water, wastewater, chemical processing, agriculture processing, sea water, industrial water, electrical processing, etc. In 2017, approximately 31% of energy used across the globe was met by oil-based fuels. Increased energy demand owing to social & demographic factors and growth of non-conventional natural gas production will drive the demand of GRP piping in oil & gas industry in coming years.
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Global glass reinforced plastic piping market has been led by prominent players for instance, Enduro Composites Inc, Harwal Group, Graphite India Limited, Saudi Arabian Amiantit Company SAAC, Composite Piping Industry LLC (CPI), HOBAS, etc. These companies held a potential market share in 2017 and have diverse products.
United Nations Organization (UNO) in 2011 reported that global population will continue to grow till 2040 at a rate of 0.8% per year. UNO further stated that rising population will stimulate higher energy demand, thus accelerating the market demand for GRP piping in oil & gas industry. Energy demand has been rising in urban sector owing to growing urban population, for instance UNO reported that the global urban population will be double of rural population by 2040. Such traits exhibit that oil & gas industry will generate higher revenue in forecast timeframe, thereby presenting strong potential for GRP piping market.
According to UNESCO in 2015, over 90% sewage was discharged directly into water bodies in emerging economies. Around 2 million tons of sewage and other effluents were drained into the global water bodies in the same year. Such incidences have degraded the water quality and the aquatic ecosystem, triggering the need for water treatment across the world. Government of several countries have been undertaking waste water treatment projects to prevent further water pollution. For instance, in September 2016, European Union and India had signed the memorandum of understanding for water partnership. Main purpose of the memorandum was to give an opportunity to global players for implementing better technologies and resources to treat waste water via the India-EU cooperation. Thus, growing global demand for wastewater treatment will increase the application of glass reinforced plastic piping, propelling higher returns over the next few years.
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Oil & gas application have CAGR of 5.7% owing to rise in demand for energy among growing population. Portable water segment will also witness growth in forecast period owing to growing consumer awareness regarding sanitation and health related issue from polluted water. Chemical industry also holds significant market share of global glass reinforced plastic piping market and is estimated to grow with rising demand from end-user industry.
MEA exhibits highest potential in terms of growth rate in overall GRP piping market. Saudi Arabia is one of the leading nation among the region, driven by oil & gas companies majorly concentrated in the region. North America will also witness exponential growth over the years with increase in demand from oil & gas companies.
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