Press release
Top Market Shifts Transforming the Spoolable Pipes Market Landscape: Key Insights
Spoolable Pipes Market
What Is the Expected CAGR for the Spoolable Pipes Market Through 2025?
There has been a strong growth in the size of the spoolable pipes market recently. There's a projected growth from $1.63 billion in 2024 up to $1.72 billion in 2025, a compound annual growth rate (CAGR) of 5.4%. The reasons for this projected growth in the historic period includes increasing demand in the oil and gas sector, developments in composite materials, extended pipeline infrastructure, increased exploration and production activities, and enhanced cost and time efficiency.
What's the Projected Size of the Global Spoolable Pipes Market by 2029?
The market for spoolable pipes is predicted to experience significant expansion in the coming years, with a projected value of $2.19 billion in 2029, aligning with a compound annual growth rate (CAGR) of 6.1%. Several factors contribute to this growth during the forecast period: increased development in energy infrastructure, surging demand for flexible pipeline solutions, emphasis on environmental sustainability, infrastructural growth in budding regions, and a rise in offshore and subsea applications. The period under forecast also presents major trends such as advancements in manufacturing techniques, a rise in renewable energy ventures, the escalating use in water management, a growing inclination towards light and flexible pipes, alongside pipeline safety and dependability.
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Top Growth Drivers in the Spoolable Pipes Industry: What's Accelerating the Market?
The spoolable pipes market is anticipated to expand due to the rising need for oil and gas. These fossil fuels extracted from beneath the Earth's surface are widely utilized for energy production and industrial operations. The popularity of oil and gas is linked to their indispensable use in transportation, heating, and electricity production as well as industrial development, population growth, urbanization, and petrochemical demand. Spoolable pipes have noted their presence in oil and gas drilling, storage, and transportation owing to their reliability in transporting hydrocarbons, refined fuels, and other chemical products. This is due to their outstanding strength-to-weight ratio, chemical resistance, and resistance to paraffin accumulation. The U.S. Energy Information Administration (EIA) informed in April 2024 that there was a massive surge in natural gas consumption in the electric power sector among U.S. economic sectors in 2023. A 7% increase was noted, leading to an additional consumption of 2.2 billion cubic feet per day (Bcf/d), taking the total natural gas usage to a new record of 35.4 Bcf/d from the previous year's 33.2 Bcf/d. Hence, the escalated demand for oil and gas is set to stimulate the growth of the spoolable pipes market.
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What Trends Will Shape the Spoolable Pipes Market Through 2029 and Beyond?
In the spoolable pipe market, leading corporations are concentrating on introducing ground-breaking products like thermoplastic composite flexible pipes, known for their improved toughness, heightened corrosion resistance, and adaptability for multiple uses. These thermoplastic composite flexible pipes are resilient, light-weight piping systems, manufactured from thermoplastic elements and combined reinforcements, ensuring adaptability and resilience to extreme environments in sectors such as oil and gas, water administration, and construction. To exemplify, a Norway-based business, DNV, rolled out DNV-ST-F207 in May 2024. This DNV-ST-F207 regulation has been instituted to aid the employment of Hybrid Thermoplastic Composite Flexible Pipes (TCPs) in deepwater operations, addressing issues like high tension and corrosive atmospheres. In addition, it fosters the inclusion of progressive materials like carbon fiber armour, amplifying safety and efficacy in offshore tasks.
What Are the Main Segments in the Spoolable Pipes Market?
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
Subsegments:
1) By Thermoplastics: Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Other Thermoplastics
2) By Thermosets: Epoxy, Polyester, Vinyl Ester, Other Thermosets (Nylon, PVDF)
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Which Top Companies are Driving Growth in the Spoolable Pipes Market?
Major companies operating in the spoolable pipes market 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, Belco Manufacturing Company, 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.
Which Regions Will Dominate the Spoolable Pipes Market Through 2029?
North America was the largest region in the spoolable pipes market share in 2024. The regions covered in the spoolable pipes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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