Press release
Thermoplastic Pipe Market Set to Reach $4.42 Billion by 2029 with 6.7% Yearly Growth
Thermoplastic Pipe
The upward trend in demand from the oil and gas sector for corrosion-resistant materials is set to fuel growth in the thermoplastic pipe market. Pipeline corrosion, defined as the amalgamation of oxidation and electrochemical denigration of a pipeline's infrastructure, is increasingly being mitigated by the intervention of thermoplastics in oil and gas production and distribution. These pipelines, which are lighter and highly resistant to corrosion compared to their metal counterparts, are facilitating oil and gas companies in their endeavors to exploit and generate from deeper offshore oilfields. For example, the Association for Materials Protection and Performance (AMPP) reported in January 2023 that the annual cost of corrosion to the US oil and gas sector was an estimated $27 billion, with some sources suggesting globally the cost could be over $60 billion. Consequently, the rising demand from the oil and gas industry for a solution to corrosion is steering the growth of the thermoplastic pipe market.
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What Is the projected market size and growth rate for the thermoplastic pipe market?
In recent times, the market size of the thermoplastic pipe has seen robust growth. It is projected to expand from $3.21 billion in 2024 to $3.41 billion the following year, marking a compound annual growth rate (CAGR) of 6.1%. Factors such as regulatory modifications, infrastructure progress, worldwide economic scenarios, and environmental issues have contributed to this historical growth.
Anticipated robust growth is forecasted in the thermoplastic pipe market in the upcoming years. With a CAGR of 6.7%, the market size is projected to reach $4.42 billion in 2029. This upsurge is attributed to the expansion of oil and gas industries, escalating usage of thermoplastic pipes, increased preference for renewable energy, and government rules regarding safe oil and natural gas transportation procedures. Notable trends predicted for the forecast period include advancements in materials, the adoption of hybrid solutions and composites, utilization of advanced manufacturing techniques, as well as innovation and competition.
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What new trends are reshaping the thermoplastic pipe market and its opportunities?
In the thermoplastic pipe market, the prominent trend is product innovation. Many leading companies in the sector are creating advanced thermoplastic pipes with features like fire resistance, corrosion resistance, lightweight design, in-built reinforcement layers, special applications, etc., to maintain their market standing. For example, GP Piping Systems, a company from Switzerland that specializes in thermoplastic pipes, introduced Heat-fit in March 2022. This is a groundbreaking fire-resistant solution for thermoplastic pipes used in the field of ship construction. It's the first fireproof pipe coat solution that offers a corrosion-resistant and weight-efficient thermoplastic piping system for various uses such as merchant ships, offshore installations, and cruise ship interiors.
What major market segments define the scope and growth of the thermoplastic pipe market?
The thermoplastic pipe market covered in this report is segmented -
1) By Product Type: Reinforced Thermoplastic Pipes (RTP), Thermoplastic Composite Pipes (TCP)
2) By Polymer Type: Polyethylene (PE), Polypropylene (PP), Polyvinylidene Fluoride (PVDF), Polyvinyl Chloride (PVC), Other Polymer Types
3) By Application: Onshore, Offshore
4) By End-User: Oil And Gas, Water And Wastewater, Mining And Dredging, Utilities And Renewables
Subsegments:
1) By Reinforced Thermoplastic Pipes (RTP): Glass-fiber Reinforced RTP, Carbon-fiber Reinforced RTP, Other Reinforced RTP (Aramid Fiber)
2) By Thermoplastic Composite Pipes (TCP): Polyethylene (PE) Composite Pipes, Polypropylene (PP) Composite Pipes, Other Thermoplastic Composite Materials
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Which region dominates the thermoplastic pipe market?
Asia-Pacific was the largest region in the thermoplastic pipes market share in 2024. The regions covered in the thermoplastic pipe market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the thermoplastic pipe industry growth?
Major companies operating in the thermoplastic pipe market include Baker Hughes Company, Prysmian Group, Chevron Phillips Chemical Company LLC, Uponor Corporation, National Oilwell Varco, Inc, TechnipFMC plc, Wienerberger AG, Georg Fischer Ltd, Mueller Industries, Inc., GF Piping Systems, Inteplast Group, Advanced Drainage Systems Inc, JM Eagle Inc., Shawcor Ltd, Pipelife, IPEX Inc, Pes-Tec Germany, Nibco Inc., Saudi Arabian Amiantit Co, Strohm BV, Aetna Plastics Corp, Pexmart CC, Wavin India Pipes and Fittings Manufacturing Private Limited, Polyplastic, Algriplast, National Material Company, Plasti-Fab Inc., Genova Industries, Corzan Piping Systems, Sioux Group
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What Is Covered In The Thermoplastic Pipe Global Market Report?
•Market Size Forecast: Examine the thermoplastic pipe market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the thermoplastic pipe market for a structured understanding.
•Key Players Overview: Analyze major players in the thermoplastic pipe market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the thermoplastic pipe market.
•Segment Contributions: Evaluate how different segments drive overall growth in the thermoplastic pipe market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the thermoplastic pipe market.
•Industry Challenges: Identify potential risks and obstacles affecting the thermoplastic pipe market.
•Competitive Landscape: Review strategic developments in the thermoplastic pipe market, including expansions, agreements, and new product launches.
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