FRP Pipe Market Expected to Reach $6.3 Billion by 2030

According to a new report published by Allied Market Research titled, “FRP Pipe Market by Type, Manufacturing Process, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,”

The global FRP pipe market was valued at $3.7 billion in 2020, and is projected to reach $6.3 billion by 2030, growing at a CAGR of 5.5% from 2020 to 2030.

FRP pipe is a cylinder composite pipe constructed of a polymer matrix reinforced with fibers such as carbon, glass, basalt, or aramid. Other fibers such as wood, paper, or asbestos are utilized, although they are not as popular due to their lesser strength and greater costs. These pipes are corrosion-resistant and have a high strength-to-weight ratio, which come handy in a variety of situations. The FRP pipe market is predicted to grow significantly, as these pipes are cost-effective in the long run and can be utilized for a variety of purposes. For example, due to their superior qualities, old iron pipes are being replaced with new FRP pipes in onsite production and rehabilitation activities, resulting in market growth.

The market is being propelled by surge in demand from the oil & gas industry, increase in need for cost-effective solutions, and shift in consumer preferences. Mechanical features such as high tensile strength, impact strength, reliability, and fire resistance distinguish the materials, making them a favored product for the oil & gas industry. Furthermore, the oil & gas business requires large diameter pipes that can withstand tremendous pressure. The pipes can be designed with flame-retardant additives for use in critical areas. In offshore, oil & gas production, these pipes are used in platform areas.

The growth of the FRP pipe market is hampered by the fluctuating raw material prices. There is a huge demand of carbon fiber materials in the manufacturing of FRP products. The leading raw material suppliers prefer supplying carbon fibers to only select industries such as aerospace and sports, which are relatively stable with long-term scheduled projects. Moreover, pipes cost around 10 times their steel counterpart, which is impeding their adoption by industry players.

The global FRP pipe market is segmented into type, manufacturing process, application, and region. Depending on type, the market is categorized into glass-reinforced polyester, glass-reinforced vinyl ester, and glass-reinforced epoxy. Depending on manufacturing process, it is fragmented into centrifugal casting, filament winding, pultrusion, and others. On the basis of application, it is classified into water & wastewater, chemical & industrial, oil & gas, power generation, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The global FRP pipe market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include Chemical Process Piping Pvt. Ltd., China National Building Material Company Limited, Ershigs Inc., Fibrex, Future Pipes Industries L.L.C, HOBAS, National Oilwell Varco Inc., Sarplast SA, Sekisui Chemical Co. LTD, and Saudi Arabian Amiantit Company.

The global FRP pipe market is analyzed in accordance with the impacts of drivers, restraints, and opportunities. The period studied in this report is 2020–2030. The report includes the study of the market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth. 

Key Findings Of The Study

• On the basis of type, the glass-reinforced epoxy segment emerged as the global leader with around 50.6% of the global market share in 2020, and is anticipated to be the largest markets during the forecast period.
• Depending on manufacturing process, the filament winding segment registered the highest market share of around 71.4%, and is projected to maintain the same during the forecast period.
• As per application, the chemical & industrial segment registered the highest market share of around 38.9%, and is projected to maintain the same during the forecast period.
• Region wise, Asia-Pacific registered the highest market share of around 36.5%, and is projected to maintain the same during the forecast period.

Impact Of Covid-19 On The Global Frp Pipe Market

• The pandemic is rapidly spreading and ruthlessly affecting the business environments of major markets. The demand for FRP pipes is witnessing massive decline in all segments. Some regions, particularly, North America and Europe, are witnessing greater declines than Asia-Pacific. Amidst the ongoing crisis, FRP pipe producers are operating at a lower capacity and are planning to scale up their operation after carefully assessing the course of COVID-19 in the near term.
• The International Energy Agency projects that oil & gas revenues for a number of key producers fell between 50% and 85% in 2020, compared to 2019, yet the losses could be larger depending on future market developments. With overall calculation of oil & gas demand, the oil & gas industry witnessed significant decline, thereby impacting the FRP pipe market, which is completely dependent on the oil & gas industry.
• Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using FRP pipes, thereby affecting the FRP pipes market. 
• The construction industry acquired a significant share in terms of consumption of FRP pipe globally. Attributed to the outbreak of COVID-19 pandemic, the construction of various large projects was halted amid lockdown. As a result, the demand for FRP pipes declined, which led to the downfall of the global FRP pipe market.