Thermoplastic pipes are mainly utilized in the carriage of liquids, solids, and gases. These pipes possess the qualities such as low installation cost, withstand high-temperature flexibility, greater flow, high mechanical strength, excellent chemical resistance, and rust-resistant features. These beneficial attributes offered by the thermoplastic pipes make them highly preferred over the metal pipes and consequently widely used in oil and gas offshore drilling. The other application areas of the thermoplastics are in municipal, chemical, and mining & dredging sectors. The growth of the market is accredited to the increasing deep- and ultra-deepwater oil & gas exploration & production activities worldwide such as in the United States & Canada and growing mining activities in Australia, China, and India coupled with the stringent water & wastewater handling guidelines in the European countries. According to the Ministry of Natural resources, In 2018, China witnessed a total investment of around $9.26 billion considering oil and gas explorations which saw a rise of about 8.9% as compared to the year 2017. Similarly, the (ONGC) Oil and Natural Gas Corporation of India has announced to invest around $2.73 billion on drilling oil and gas wells in the financial year of 2018-19. Similarly, in 2018, Saudi Aramco and Abu Dhabi National Oil company (ADNOC) announced the development of a “mega refinery” in India. These, growing oil extraction activities worldwide are increasing the demand for thermoplastic pipes in drilling practices. Furthermore, rising onshore and offshore drilling events and growing shale gas discoveries are expected to create significant growth opportunities in the market over the forecast period. For instance, in January 2018 Exxon Mobil announced to expand its triple production of the US shale oil in the Permian basin, which includes crude, natural gas, and other product output, by 2025. However, the higher production cost of thermoplastic pipes impedes the growth of the market over the forecast period of 2020-2026.
Global Thermoplastic Pipe Market is valued approximately at USD 2.7 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 5.20% over the forecast period 2020-2026 and is estimated to reach USD 3.9 billion by 2026
The regional analysis of the global Thermoplastic Pipe market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and the Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the increasing oil and gas production and exploration activities and the discovery of new oil and gas reserves. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2026. Factors such as rapid urbanization and industrialization along with growing mining activities in Australia, China and India would create lucrative growth prospects for the Thermoplastic Pipe market across the Asia-Pacific region.
Major market players included in this report are Advanced Drainage Systems Inc, TechnipFMC Plc, National Oilwell Varco, Airborne Oil & Gas B.V., Magma Global Ltd., Baker Hughes Company, Chevron Philips Chemical Company LP, The Prysmian Group, Georg Fischer piping systems Ltd, and Shawcor Ltd.
The detailed segments and sub-segment of the market are explained below:
By Application: Oil & Gas, Water & wastewater, Utilities & renewables, Mining & dredging
By Polymer Type: Polyvinyl chloride (PVC), Polyethylene (PE), Polypropylene (PP), Polyvinylidene fluoride (PVDF), Others
By Product Type: Thermoplastic composite pipe (TCP), Reinforced thermoplastic pipe (RTP)
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