The reinforced thermoplastic pipes market is steadily gaining traction and is set to become a 21st century pipeline solution. The market is poised to expand at a CAGR of ~5% during the forecast period (2020-2030).
Reinforced thermoplastic pipes’ high immunity to corrosion and ability to withstand high pressure up to 450 bar is providing impetus to their demand across various end use applications. In terms of durability and corrosion resistivity, RTP outperforms conventional pipes creating lucrative opportunities in the market.
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With reinforced thermoplastic pipes set to cost 40% lesser than conventional plastic variants, its demand is set to escalate at an increasing pace. However, the COVID-19 outbreak is set to hamper the market growth in 2024 with market set to decline by ~4%.
Key Takeaways of the Reinforced Thermoplastic Pipe Market Study:
- Escalating demand from on shore and off shore applications is projected to propel the RTP market
- Efficacy to offer rapid and low cost installations coupled with fire-resistant properties is set to increase consumption of RTP in oil & gas applications
- Based on classification, HDPE (high density polyethylene), has led the market in terms of value in 2019 and is projected to maintain its supremacy over other materials, creating an absolute $ opportunity worth US$ 118 Mn by 2030
- Glass fiber reinforced material is forecast to witness positive growth rate of ~5% and is set to account for nearly half of the revenue share by 2030
- Based on pipe size, up to 4 inches segment is set to retain its dominance among other sizes gaining 155 BPS in its market share till 2030
- Attributed to ongoing investments of oil and gas projects in MEA, the region is projected to surpass the North American RTP market by the mid-term forecast.
“Burgeoning demand from oil & gas pipeline projects and water injection applications is set to amplify the market’s growth during the forecast period”, says the Fact.MR analyst.
Facility Expansion and Product Innovation to Remain Key Strategies in RTP Market
The RTP market is highly consolidated in nature in which Baker and Hughes, Cosmoplast, H.A.T-Flex, National Oilwell Varco, OPR Offshore Pipelines & Risers Inc, PES.TEC, Saudi Arabian Amiantit Co., Saudi Aramco, Shawcor and Wienerberger dominate the market.
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During the historical period (2014-2018), prominent companies have been involved in numerous facility expansions to anchor their presence in highly lucrative regions. Several players have expanded their product portfolio with enhanced properties to serve more niche applications including chemical and gaseous (H2S and CO2) applications.
COVID-19’s Impact on RTP Market:
The outbreak of COVID-19 has severely impacted the entire world. Implementation of stringent social distancing measures and lockdowns have stalled production cycles across numerous industries.
Disruptions in supply chains have hampered the availability of end-use products, leading to severe shortages. With respect to the RTP market, its share is anticipated to decline significantly, attributed to a stagnant oil & gas industry, a key application area for RTPs. With falling oil production rates due to decreased demand from industries such as the automobile sector, the application of RTPs is poised to be significantly restricted.
As a result, its revenue is expected to register a shortfall during the course of the pandemic. However, a resurgence is anticipated in the aftermath of the pandemic when the oil & gas industry shall revert to normal levels of production, thus generating demand across end-use industries.
More Valuable Insights on Reinforced Thermoplastic Pipe Market:
Fact.MR, in its new offering, presents an unbiased analysis of the RTP market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2024-2030.
The study divulges essential insights on the RTP on the basis of classification (HDPE (high-density polyethylene), PA (polyamide), PVDF (polyvinylidene fluoride) and others), reinforcement material (aramid, glass fiber and steel) and pipe size (up to 4 inches, 6 inches, and above 6 inches) and end use (oil & gas, chemical, water distribution and others) across six major regions.
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