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Glass Reinforced Plastics (GRP) Pipes Market Growth Statistics, Regional Analysis, Top Players, Size, And Forecast To 2033
Glass Reinforced Plastics (GRP) Pipes Market Growth
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According to The Business Research Company's, The glass reinforced plastics (grp) pipes market size has grown strongly in recent years. It will grow from $5.16 billion in 2023 to $5.51 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to market awareness and acceptance, regulatory standards, oil and gas industry demand, infrastructure development, water and wastewater applications.
The glass reinforced plastics (grp) pipes market size is expected to see strong growth in the next few years. It will grow to $7.1 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to healthcare infrastructure growth, market expansion in developing region, renewable energy infrastructure, urbanization needs. Major trends in the forecast period include corrosion resistance, sustainable and eco-friendly solutions, advanced manufacturing techniques, smart infrastructure integration, innovation in material development.
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Market Drivers and Trends:
The growing demand for energy and water resources is expected to drive the glass-reinforced plastic (GRP) pipe market. There is a high demand for energy and water resources due to an increase in population and industrialization. The glass-reinforced plastic (GRP) pipes are used in industrial application because it provides strength and stiffness to the pipes. As the demand for energy and water resource increases, the demand for glass-reinforced plastic (GRP) pipe will also increase. For instance, according to a report by the United Nations, renewable energy demand will rise by 60% by 2030 and worldwide energy consumption will increase by 50% by 2035. Therefore, the growing demand for energy and water resources will propel the glass-reinforced plastic (GRP) pipe market.
Technological advancements are gaining popularity in the glass-reinforced plastic pipes market. The market players are concentrating their efforts on developing new technology, such as the use of an automated tape-layered machine (ATL) for joining the GRP pipes. For instance, in March 2020, according to an article published in World Scientific Publishing, a Singapore-based academic publisher, a new method is developed for joining the GRP pipes. This method involves the use of an automated process that includes using robots and has benefits such as rapid processing, reduction of manpower, and safety. The machine is an automated tape-layered machine (ATL) to improve the bonding process inside the GRP pipes.
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Major Key Players of the Market:
Amiblu Holding GmbH, Composite Pipes Industry, Enduro Composites Inc., Fibrex Corporation, Future Pipe Industries, BASF SE, Advanced Composites Inc., PPG Industries Inc., Reliance Industries Ltd., Nippon Electric Glass Co. Ltd., Mitsubishi Chemical Corporation, Aegion Corporation, Toray Industries Inc., Owens Corning, Asahi Fibreglass Company, Jushi Group Co. Ltd., Taishan Fiberglass Inc., Johns Manville Corp., Saint-Gobain SA, AGY Holding Corp, Binani Industries Ltd., China Beihai Fiberglass Co. Ltd., Chongqing Polycomp International Corp., Fiber-Tech Industries Inc., Fiberglass Coatings Inc., Fibrelite Composite Structures Ltd., Glasforms Inc., Glasteel Inc., Grating Pacific Inc., Hanwha Advanced Materials Corporation, Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd.
Glass Reinforced Plastics (GRP) Pipes Market 2024 Key Insights:
• The glass reinforced plastics (grp) pipes market size is expected to see strong growth in the next few years. It will grow to $7.1 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Surging Energy Demands Propel Glass-Reinforced Plastic Pipes Market Key Role In Efficient Oil And Gas Transportation
• Technological Advancements Revolutionize Glass-Reinforced Plastic Pipes Market With Automated Joining Methods
• Asia-Pacific was the largest region in the glass reinforced plastics market in 2023
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