GRP Pipes Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Global GRP Pipes Market – Overview
The global GRP pipes market exhibits a highly competitive vendor landscape with high levels of consolidation. There are only a handful of players that are competing in the global market in terms of distribution network and product quality. The GRP pipes market is developing at a great pace due to the measures taken by the leading market players to improve the overall quality of the product and concentrate on developing more innovative products. The key players in the market are trying to achieve diversified product portfolio, superior quality of products, and better brand loyalty and reputation.
Global GRP Pipes Market – Notable Developments
Some of the notable developments in the global GRP pipes market are listed below:
Global GRP Pipes Market – Drivers and Restraints
There are several factors that are influencing the growth of the global GRP pipes market. GRP pipes have a broad range of properties such as lightweight, durable, and high strength. Such properties make these pipes an excellent carrier for water, wastewater, and industrial chemicals or affluent. Naturally, such a range of properties is helping to push the popularity of GRP pipes market across its several end users. Additionally, an increase in the number of end-users is also a key driving factor for the growth of the global GRP pipes market. Some of the key end-use verticals are oil and gas, chemicals, sewage, and irrigation among others. Respective development in each of these applications leads to increasing demand for GRP pipes and thus helps in the overall development of the market.
However, there are some factors that are slowing down the overall growth of the global GRP pipes market. Due to the highly consolidated nature of the market, there are only a handful of players ruling the product development and distribution network. This consolidation is mainly due to the high initial investment and maintenance cost associated with the GRP pipes. Market players in concentrating on developing newer products that are relatively less expansive. New players in the market are trying to get subsidies and external funding from the governments to enter the market. This is expected to elevate the growth rate of the global GRP pipes market in coming years.
Global GRP Pipes Market – Geographical Outlook
The global GRP pipes market is divided into five key geographical segments for a better understanding of its regional dynamics. These five regions are Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Of these, currently, the global market has been dominated by the Asia Pacific segment. It is also expected that the region will continue its stellar contribution towards the overall growth of the global GRP pipes market over the course of the given forecast period of 2018 to 2028. In Asia Pacific, India is projected to show maximum growth rate during the given forecast period. Easy availability of skilled labor, growing demand from end-use verticals, and favorable regulatory environment are expected to drive the growth of Indian market and ultimately that of the overall region.
China is the biggest consumer of GRP pipes in the Asia Pacific region. This high consumption of the nation is influenced by the increasing number of chemical manufacturing plants, high population density, and increasing focus of the government to cut down the dependency on the imports.
Global GRP pipes market is segmented as follows:
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