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GRP Piping Market for Oil & gas application is expected to grow at a CAGR of 5.7% by 2024

Author : Rahul Varpe | Published Date : 2019-05-06 

Global Market Insights provides a detailed overview of GRP Piping market with respect to the pivotal drivers influencing the revenue graph of this business sphere. The current trends of GRP Piping market in conjunction with the geographical landscape, demand spectrum, remuneration scale, and growth graph of this vertical have also been included in this report. 

With the increasing popularity of nonmetallic thermosetting plastics, glass reinforced plastic (GRP) piping market has emerged as a prominent business sphere since the last few years. Glass-reinforced plastic has now come up as one of the effective alternative materials over metal parts for various construction applications such as sewage treatment and water supply. Oil and gas industry behemoths, in addition to regulatory bodies, have also been recommending the installation of GRP pipelines pertaining to their excellent corrosion resistance capability.

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The increasing usage of GRP in numerous projects from irrigation to mining and oil & gas to sewage treatments is likely to enhance the future product demand on a large scale. The rise in product requirement is expected to generate lucrative opportunities for the players in glass reinforced plastic (GRP) piping market. Powered by the shifting trends toward replacement of metallic piping with plastic piping systems mainly across the mining and oil & gas sectors, GRP piping market is forecast to generate a revenue of more than USD 8 billion by 2024.

United Nations Organization (UNO) in 2011 reported that global population will continue to grow till 2040 at a rate of 0.8% per year. UNO further stated that rising population will stimulate higher energy demand, thus accelerating the market demand for GRP piping in oil & gas industry. Energy demand has been rising in urban sector owing to growing urban population, for instance UNO reported that the global urban population will be double of rural population by 2040. Such traits exhibit that oil & gas industry will generate higher revenue in forecast timeframe, thereby presenting strong potential for GRP piping market.

Government of several countries have been undertaking waste water treatment projects to prevent further water pollution. For instance, in September 2016, European Union and India had signed the memorandum of understanding for water partnership. Main purpose of the memorandum was to give an opportunity to global players for implementing better technologies and resources to treat waste water via the India-EU cooperation. Thus, growing global demand for wastewater treatment will increase the application of glass reinforced plastic piping, propelling higher returns over the next few years.

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Many of the players in oil & gas industry, especially in MEA have already invested millions of dollars for replacing metal pipelines with glass reinforced plastic pipelines. Indeed, the replacement of traditional metal pipelines with GRP piping has helped them minimize the maintenance cost and ensure hassle-free operations, propelling GRP piping market trends. The growing deployment of GRP pipelines has also helped to minimize any operational breakdowns across numerous industries. In Saudi Arabia, a slew of companies have successfully deployed plastic composite materials across oil flowline networks to reduce system costs and avoid corrosion.

Oil & gas application have CAGR of 5.7% owing to rise in demand for energy among growing population. Portable water segment will also witness growth in forecast period owing to growing consumer awareness regarding sanitation and health related issue from polluted water. Chemical industry also holds significant market share of GRP piping market and is estimated to grow with rising demand from end-user industry.

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Global glass reinforced plastic piping market has been led by prominent players for instance:

  • Enduro Composites Inc
  • Harwal Group
  • Graphite India Limited
  • Saudi Arabian Amiantit Company SAAC
  • Composite Piping Industry LLC (CPI)
  • HOBAS

These companies held a potential market share in 2017 and have diverse products.

 

Related News: https://www.marketwatch.com/press-release/plastic-fencing-market-to-register-huge-growth-over-2019-2024-2019-05-01

 

 

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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