The oil and gas industry is adopting fiber-reinforced plastic (FRP) pipes in large quantities, as the material possesses appreciable mechanical properties such as high tensile strength, fire resistance, reliability, and impact strength. Moreover, they are created as per the standards laid down for the materials to be used in this sector. Besides, the oil and gas sector requires pipes with a large diameter, so that they can handle high pressures. In addition to this, FRP pipes can be designed with flame-retardant additives for critical areas.
Thus, the increasing installation of these pipes in the oil and gas industry will drive the fiber-reinforced plastic pipe market from $2,134.4 million in 2016 to over $3,800.0 million by 2023. According to P&S Intelligence, the market will witness a CAGR of 8.4% during forecast period.
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Apart from the extraction and transfer of oil and gas, these pipes are used for water and wastewater management, power generation, automotive and aerospace manufacturing, and construction, as they are corrosion resistant and have a high strength-to-weight ratio. Moreover, the fire-resistant feature makes them suitable for the chemical industry, apart from the and oil and gas sector. The chemical industry is subject to stringent norms and, hence, FRP pipes are produced accordingly, to adhere to the imposed standards. Additionally, these pipes are being preferred over iron pipes in onsite manufacturing and rehabilitation activities due to their superior qualities.
Currently, the Asia-Pacific region is generating the highest revenue in the global FRP pipe market due to a surge in construction activities in the region. These pipes are also being used in large quantities in the manufacturing sector and automobile industry in APAC. Besides, the growing focus of governments on improving sewage treatment facilities has led to the widescale adoption of FRP pipes. Sewage treatment plants depend on them over iron ones due to the longer life of the former.
Thus, the corrosion resistance, fire resistance, and thermal efficiency of FRP pipes make them suitable for multiple industries, including oil and gas, water and wastewater treatment, and chemicals. Therefore, the expansion of these sectors will increase the adoption of these pipes in the coming years.
Read More: https://www.psmarketresearch.com/market-analysis/frp-pipe-market
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