FRP Pipe Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
FRP Pipe Market Introduction
Fiber Reinforced Plastic (FRP) also known as fiber reinforced polymer is a composite material made using polymer and fiber. The fibers used are usually glass, carbon, or basalt. FRP is used on a large scale in the construction of piping systems and other type of industrial process equipment, owing to the long product life and minimum maintenance required.
Due to the corrosion resistance, FRP pipes are widely used in various industries such as petrochemical, desalination, and power generation. Moreover, FRP pipes are lightweight and can be installed with minimum field equipment and tools, thereby, making it easy to install in fields. Additionally, with a larger diameter, FRP pipe accounts for lower energy pumping cost. FRP pipe market worldwide is witnessing increasing demand for water and wastewater and oil and gas industries.
FRP Pipe Market: Notable Highlights
Some of the most prominent competitors operating in the competitive landscape of global FRP pipe market include –
FRP Pipe Market Dynamics
Rising Demand from Oil & Gas Industry Propelling FRP Pipe Market Growth
Increasing spending on exploration and production of non-conventional sources is driving the demand for the complex piping system in the Oil & Gas industry, leading to the rise in demand for FRP pipe systems. Moreover, the rise in oil and energy prices over the past few years have also supported the demand for cost-effective, reliable and high strength pipe system.
Providing corrosion and heat resistance, flexibility, stability, and durability glass fiber based composites are finding large application in the oil and gas industry in piping, frac plugs and balls, tanks and in offshore drilling. Moreover, FRP pipes are replacing conventional pipes in the oil and gas industry owing to the strength-to-weight ratio, and need low maintenance. The demand for FRP pipes made using glass fiber is rapidly growing in the offshore drilling industry. Research is also ongoing to embed strain gages, fiber optics, and smart technologies in composite structures for monitoring structural integrity.
Polyester Composites to Gain Traction Enhancing Strength and Resistance
Polyester composites are emerging as the popular composite material in FRP pipe as compared to the epoxy composites and vinyl ester composites. A thin fiber of one material such as glass, carbon, and natural fiber is embedded in polyester composites to enhance the stiffness, strength and resistance. Besides these factors, resistance to corrosion is one of the key driving factors resulting in increasing use of polyester composites in FRP pipe and other FRP materials.
The use of fiber reinforced polyester is being used on a large scale in electronic components, automotive, airplanes. Majority of the fiberglass parts including FRP pipe are developed using polyester resins owing to its tolerance of temperature, ease of use and fast curing. Manufacturers in the FRP pipe market are highly focusing on polyester component reinforced with glass fiber, especially for FRP pipes to be used in the wastewater treatment plant.
Fluctuation in Raw Material Cost and high Initial Cost of FRP Pipe to Hamper the Growth
The high initial cost of FRP pipes and fluctuating raw material prices are restraining the growth of the FRP pipe market. Moreover, advances in FRP pipe market are threatened by the saturated application in many industries due to the higher cost of FRP as compared to the metal in the long production run.
In recent years, industrial manufacturers often demanding FRP pipes or composite-linked tanks are focusing on undertaking new construction. While in some industries, the replacement is slow owing to the high cost of FRP. This is driving fabricators to focus on educating end-use industries about the benefits of FRP as compared to other materials, especially in the piping system. On the other hand, fluctuation in the cost of raw materials including polyester, vinyl, and epoxy is also hampering the growth of the FRP pipe market.
FRP Pipe Market Segmentation
Based on the material type, the FRP pipe market is segmented into
On the basis of end use industry, the FRP pipe market is segmented into
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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