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Spoolable Pipes Global Market Analysis, Trends, Growth, Research And Forecast 2033
Spoolable Pipes Global Market
Spoolable Pipes Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $2.03 billion In 2028 At A CAGR Of 5.4% :
The spoolable pipes market size has grown strongly in recent years. It will grow from $1.56 billion in 2023 to $1.64 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to oil and gas industry demand, advancements in composite materials, expansion in pipeline infrastructure, rise in exploration and production activities, cost and time efficiency.
The spoolable pipes market size is expected to see strong growth in the next few years. It will grow to $2.03 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to rise in energy infrastructure development, increasing demand for flexible pipeline solutions, focus on environmental sustainability, expansion of infrastructure in developing regions, increase in offshore and subsea applications. Major trends in the forecast period include technological innovations in manufacturing processes, renewable energy projects, increased applications in water management, growing preference for lightweight and flexible pipes, focus on pipeline safety and reliability.
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Spoolable Pipes Market Major Segments
The spoolable pipes market covered in this report is segmented -
1) By Matrix: Thermoplastics, Thermosets
2) By Reinforcements: Glass Fiber Reinforcement, Carbon Fiber Reinforcement, Steel Reinforcement
3) By Sales: Direct Sales, Distributors
4) By Application: On-shore, Off-shore, Downhole
Key Driver - Spoolable Pipes Market Poised For Growth Driven By Surging Demand In The Oil And Gas Sector
The increasing demand for oil and gas is expected to drive the growth of the spoolable pipes market going forward. Spoolable pipes are used in oil and gas production drilling, storage and transportation systems. They are reliable solutions for transporting hydrocarbons, refined fuels and chemical products due to their remarkable strength-to-weight ratio, chemical resistance and paraffin build-up resistance For instance, in November 2023, according to the US Energy Information Administration, a US-based federal statistical system for gathering, processing, and disseminating energy data, there is an increase in U.S. crude oil output to 12.4 million b/d in 2023 from the record high of 11.7 million b/d in 2022. Furthermore, in May 2021, a report was published by the Petroleum Planning & Analysis Cell (Ministry of Petroleum & Natural Gas); the petroleum product production increased by 15.5% in May 2021, compared to a 30.9% increase in April 2021. Therefore, the increasing demand for oil and gas will propel the growth of the spoolable pipes market .
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Prominent Trend - Innovative Trends Transforming The Spoolable Pipes Market Through Focus On Nonmetallic Composite Materials And Sustainable Solutions
Product innovations have emerged as a key trend gaining popularity in the spoolable pipes market. The market is seeing increased investments in nonmetallic composite materials as they offer lower prices, reduced corrosion risks and lower manufacturing emissions than traditional pipes. Major companies in the operating in spoolable pipes market are innovating the products to sustain their position. For instance, in January 2021, Baker Hughes, a US-based oil field services company, announced the launched new composite flexible pipe for onshore pipelines. This flexible, lightweight reinforced thermoplastic pipe (RTP) is a more cost-effective and environmentally friendly alternative to traditional onshore steel pipes. The pipe's proven spoolable design enables transporting and installing it easier, faster, and less expensive than conventional steel pipes, saving more than 20% on installation expenses.
Spoolable Pipes Market Players
Major companies operating in the spoolable pipes market report are Shawcor Ltd., National Oilwell Varco Inc., Pipeline International GmbH, Baker Hughes Company, Future Pipe Industries LLC, Polyflow LLC, Airborne Oil & Gas B.V., Magma Global Ltd., Smartpipe Technologies Limited, Strohm B.V., Changchun Gaoxiang Special Pipes Co. Ltd., Flexpipe Inc., Fibron Pipe GmbH, Cairn India Limited, Belco Manufacturing Company, GE Oil & Gas, Hebei Heng An Tai Pipeline Co. Ltd., Hebei Shengtian Pipe-Fitting Group Co. Ltd., Hebei Yanshan Yonghui Steel Pipe Co. Ltd., Hebei Zhonghai Steel Pipe Manufacturing Corporation, JFE Steel Corporation, NOV Fiber Glass Systems, Pipelife Nederland B.V., PolyPipe Inc., SoluForce GmbH, Spoolable Pipe Specialists LLC, Titeflex Corporation, TUBAOCEAN Offshore Engineering Co. Ltd., ZCL Composites Inc., Zhejiang Jiuli Hi-Tech Metals Co. Ltd.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the spoolable pipes market share in 2023. The regions covered in the spoolable pipes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Spoolable Pipes Market Report Structure
3. Spoolable Pipes Market Trends And Strategies
4. Spoolable Pipes Market - Macro Economic Scenario
5. Spoolable Pipes Market Size And Growth
…..
27. Spoolable Pipes Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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