Reinforced Thermoplastic Pipes Market is Likely to Expand at Nearly 5.4% CAGR by 2032

The size of the world market for reinforced thermoplastic pipe (RTP) is anticipated to be US$ 282.4 million in 2022 and to increase at a CAGR of 4.7% to US$ 457.3 million by the end of 2032.

Reinforced thermoplastic pipes provide several benefits over other types of pipes, including those constructed of steel and cast iron, including their low weight, flexibility, durability, resistance to corrosion, and ability to form integrated joints. Double-wall corrugated HDPE pipes, which provide increased stiffness and strength over conventional HDPE pipes, are offered by many HDPE pipe manufacturers. Additionally, HDPE pipes with a tiny diameter can be used across a long distance.

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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

Competitive Landscape:

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, and Wienerberger AG, among others.
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.

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.

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.

Segmentation of the RTP Market:

• By Classification
o HDPE (High-density polyethylene)
o PA (Polyamide)
o PVDF (Polyvinylidene fluoride)
o Other

• By Reinforced Material
o Aramid
o Glass Fiber
o Steel

• By Pipe Size
o Measuring Up to 4 Inches
o Measuring 6 Inches
o Measuring Above 6 Inches

• By End Use
o Pipes for Oil & Gas
o On Shore Operations
o Off Shore Operations
o Chemical Industry
o Water Industry
o Other End Uses

• By Region
o North America
o Latin America
o Europe
o East Asia
o South Asia & Oceania
o MEA

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Key Points Covered in Reinforced Thermoplastic Pipes Industry Survey:

• Market Estimates and Forecasts (2016-2032)
• Key Drivers and Restraints Shaping Market Growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Market Share Analysis
• COVID-19 Impact on Reinforced Thermoplastic Pipes and How to Navigate
• Recommendation on Key Winning Strategies

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This release was published on openPR.