WASHINGTON, Jan. 18, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Thermoplastic Pipe Market finds that increasing oil and gas offshore drilling practices is expediting market growth. Primarily driven by growing deep- and ultra-deep-water oil & gas exploration and production activities, the total Global Thermoplastic Pipe Market is estimated to reach USD 3.5 Billion by 2028, up from USD 2.6 Billion in 2021, at a Compound Annual Growth Rate (CAGR) of 4.7%.
Furthermore, the increasing applications of thermoplastic composite pipes are also anticipated to augment the growth of the global Thermoplastic Pipe Market, states Vantage Market Research, in a report, titled “Thermoplastic Pipe Market by Product Type (TCP, RTP), by Polymer Type (PE, PP, PVDF, PVC), by Application (Onshore, Offshore), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Driver: Increasing Applications of Thermoplastic Composite Pipes and Reinforced Thermoplastic Pipes in Offshore and Onshore Production Activities
The oil & gas industry uses fiber reinforced thermoplastic pipes increasingly for the transportation purposes. Steel continues to be used in coiled tubing and flow lines in the onshore industry. Nevertheless, thermoplastic composites are chiefly used for offshore applications like risers and chemical injection pipes. Thermoplastic composites offer various benefits owing to its properties such as better stiffness, wear and corrosion resistance, and high strength with temperature changes and deformation makes it highly operative for underwater uses. Additionally, the offshore drilling activities are expected to increase more compared to onshore activities owing to the growing deep and ultra-deep-water oil & gas production and exploration activities. This, in turn is expected to drive the Thermoplastic Pipe Market in the oil & gas industry as thermoplastic composites are used in various application like flowlines and risers in offshore industry.
Opportunity: Growing Deep- and Ultra-Deepwater Oil & Gas Exploration and Production Activities to Stimulate Market Growth
The oil & gas industry is been transforming with increase in technological advancements for deep-water exploration and production activities and the commercial feasibility of the various projects. The recent advances in the industry are permitting oil companies to enhance and improve recovery and accelerate their production. The oil and gas exploration and production activities continue to be undertaken by developed economies like Denmark, Norway, U.S., UK, and the Netherlands. Denmark is estimated to be one of the global forerunners in renewable energy, and was even awarded with exploration licences in 2016. Norway and the UK were also provided with exploration authorizing in 2017. Furthermore, it was estimated that 178 exploration wells were drilled in 2018, in Europe which was somewhat more than 169 exploration wells in 2017, and almost 137 exploration wells were projected to be drilled in 2016. Thus, the increasing production and exploration activities are expected to open new opportunities for thermoplastic pipes market.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the distribution & utilities industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Long Term Dynamics
Short Term Dynamics
The report on Thermoplastic Pipe Market highlights:
Assessment of the market
COVID Impact Analysis
Historic Data, Estimates and Forecast
Global and Regional Dynamics
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Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Thermoplastic Pipe Market?
How will the Thermoplastic Pipe Market change in the upcoming six years?
Which application and product will take a lion’s share of the Thermoplastic Pipe Market?
What are the Thermoplastic Pipe market drivers and restrictions?
What will be the CAGR and size of the Thermoplastic Pipe Market throughout the forecast period?
Asia Pacific Dominates the Global Thermoplastic Pipe Market
Asia Pacific has dominated the global Thermoplastic Pipe Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the rising oil and gas activities in the region. Furthermore, the rapid urbanization and industrialization and the growing mining activities in economies like China, India, and Australia are also expected to support the regional growth of the market.
North America is likely to witness significant growth in the Thermoplastic Pipe Market during the forecast period. This is attributable to the increased capital spending by major oil companies in the region. Additionally, the increasing deep-water exploration and production activities in the Gulf of Mexico are also expected to support the growth of the Thermoplastic Pipe Market in near future.
List of Prominent Players in the Thermoplastic Pipe Market:
Georg Fischer (Switzerland)
Advanced Drainage Systems (US)
Prysmian Group (Italy)
Chevron Philips Chemical Company (US)
Baker Hughes Company (US)
July, 2021: Wienerberger announced the 100% acquisition of the shares of FloPlast and Cork Plastics in Ireland. The acquisition of FloPlast and Cork Plastics in line with Wienerberger’s growth strategy complements the Group’s position in the highly attractive renovation sector.
November, 2019: NOV Flexibles signed a contract for the supply of flexible pipes and ancillaries for the redevelopment of the Vår Energi AS-operated Balder field on the Norwegian continental shelf. The contract covers more than 90 km of flexible pipe systems, including 10 dynamic risers, five midwater arches, and other riser accessories.
This market titled “Thermoplastic Pipe Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size in 2021
USD 2.6 Billion
Projected Market Size in 2028
USD 3.5 Billion
CAGR Growth Rate
CAGR of 4.7% from 2022–2028
2016 - 2020
2022 - 2028
Product Type: - TCP, RTP
Quantitative Data - Units
Revenue in USD Million/Billion and CAGR from 2022 to 2028
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India,
Market growth drivers, restraints, opportunities, Porter’s five forces
Browse market data Tables and Figures spread through 175 Pages and in-depth TOC on "Thermoplastic Pipe Market by Product Type (TCP, RTP), by Polymer Type (PE, PP, PVDF, PVC), by Application (Onshore, Offshore), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/thermoplastic-pipe-market-913749
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