Glass Fiber Reinforced Plastic Piping Systems Market Is Anticipated to Reach Highest CAGR by the End of 2025

06/apr/2021 11:34:25 Grand View Research Contatta l'autore

The global glass fiber reinforced plastics piping systems market size is expected to reach USD 2.60 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 5.5% during the forecast period. Rising demand for exploration and production of hydrocarbons is expected to propel the demand for GRP piping systems over the forecast period.

GRP pipes, fittings and tanks with high strength, durability, and anti-corrosion properties aid in the protection of onshore and offshore ships and vessels from corrosion, thereby driving the product demand from oil and gas industry. Furthermore, corrosion of metal pipes in water and wastewater treatment plants, oil and gas exploration and production is a key factor promoting demand.

The increasing penetration of GRP piping systems in sectors including water and wastewater treatment, power generation, sewage and drainage systems, aerospace, and fire protection is expected to aid market growth. In addition, rising industrial and commercial construction has resulted in boosting demand for GRP piping systems in the construction sector owing to its superior build quality as compared to its counterparts.

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Industry participants are focusing on the R&D related to the use of advanced polymers for improving the durability, strength, and temperature and pressure resistance. However, fluctuating raw material prices may pose a significant threat for the manufacturers over the forecast period.

Further key findings from the report suggest:

·         Epoxy resins accounted for 51.9% of the revenue share in 2017 owing to its use in manufacturing GRP pipes and fittings to impart enhanced fire retardant and structural integrity properties

·         Vinylester resin is expected to witness the significant growth in terms of revenue at a CAGR of 5.4% on account of its application on the inner linings of the pipes for providing enhanced abrasion and chemical resistance properties

·         The consumption of the product in elbows is expected to expand at a CAGR of 5.9% in terms of revenue from 2018 to 2025 on account of its high load bearing capacity and chemical resistance, which aids its installation in oil refineries for fluid or gas flow diversion

·         Asia Pacific accounted for 20.8% of global market share in terms of revenue in 2017 owing to increasing support for strong infrastructure projects and government reforms in the region for meeting the growing energy demand

·         Major players in the Glass Reinforced Plastics (GRP) piping systems market are involved in distributing their products through varied distribution channels including direct supply agreements, vendors, wholesalers and distributors; to obtain a competitive edge in the market

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