Fiber Reinforced Plastics Pipe Market Segments Analysis, Current Challenges, Geographical Regions and Business Opportunities | P&S Intelligence

The Technical Standards and Specifications laid down by the Petroleum and Natural Gas Regulatory Board, India, states the standards for the design, material, and safety of pipelines used in the oil and gas sector. The Schedule 1E of this regulation compels oil and gas companies to control corrosion and the Schedule 1D mandates the testing of pipeline equipment. Likewise, the Pipeline and Hazardous Materials Safety Administration (PHMSA) of the U.S. government assess the safety and performance of pipelines in the oil and gas sector to avoid unprecedented situations.

Thus, the increasing need for oil and gas companies to comply with stringent government safety regulations will help the fiber reinforced plastics (FRP) pipe market exhibit a CAGR of 8.4% during 2017–2023. According to P&S Intelligence, the market was valued at $2,134.4 million in 2016 and it will generate $3.8 billion revenue by 2023. As these pipes have a high strength-to-weight ratio, excellent resistance to corrosion and fire, low cost, and exceptional reliability, they are being increasingly used by oil and gas companies in oil onsite production and rehabilitation activities.

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The various types of FRP pipes used in such application areas are manufactured by Saudi Arabian Amiantit Company, Hengrun Group Co. Ltd., Sarplast SA, Future Pipes Industries L.L.C., Chemical Process Piping Pvt. Ltd., Sekisui Chemical Co. Ltd., Ershigs Inc., National Oilwell Varco Inc., China National Building Material Company Ltd., and HOBAS. These companies manufacture such pipes through pultrusion, centrifugal casting, and filament winding processes. In recent years, FRP pipe manufacturers have primarily opted for the filament winding process due to the benefits of automation and the low cost associated with it.

Geographically, the Asia-Pacific (APAC) region dominates the fiber reinforced plastics pipe market, especially on account of the surging construction and expanding oil and gas activities. Moreover, the booming manufacturing of automobiles will also create an extensive requirement for FRP plastic pipes in the region in the coming years. Besides, the soaring focus of governments on improving sewage treatment facilities will also facilitate the usage of such pipes, owing to the long life of these pipes.

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Therefore, the toughening safety regulations in the oil and gas sector will result in the widespread deployment of FRP pipes globally.

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This release was published on openPR.