FRP Pipe Market Growth, Trends

FRP Pipe Market Growth, Trends

The global FRP pipe market was valued at $3.7 billion in 2020, and is projected to reach $6.3 billion by 2030, growing at a CAGR of 5.5% from 2020 to 2030.

Due to outbreak of COVID-19 pandemic, the construction of various large projects was halted amid lockdown. As a result, the demand for FRP pipes declined, which led to the downfall of the global FRP pipe market.

Fiber-reinforced plastic (FRP) is a composite material comprising a polymer matrix reinforced with fibers (also known as fiber-reinforced polymer). Glass, carbon, aramid, or basalt fibers are commonly used. Other fibers, such as paper, wood, or asbestos, have been utilized on rare occasions. Epoxy, vinyl ester, or polyester thermosetting plastics are commonly used, however, phenol formaldehyde resins are still used. Fiberglass-reinforced pipes play an essential role in the industrial sector, and their demand is increasing exponentially. FRP pipe is a nonmetal created by continuously wrapping fiberglass filament saturated in a proprietary combination of epoxy resin and curing chemicals, and subsequently curing it with heat. It finds its application in piping systems, tankers, as well as vessels in many fields systems. FRP piping systems are available in a variety of standard diameters ranging from 25 to 1,200 mm.

Increase in demand for lightweight piping especially from construction industry boosts the growth of the global FRP pipe market. Moreover, surge in demand for corrosion-resistant pipes in several chemical and oil & gas applications and innovations in the manufacturing process of FRP pipes are some major aspects anticipated to augment the growth of the global FRP pipe market during the forecast period. Moreover, increase in demand especially from the developing countries, such as China and India, due to rapid urbanization and rise in consumer expenditure fuels the market growth. Increase in demand for FRP pipes particularly in water and wastewater treatment activities and rise in applications in seawater cooling & desalting plants, casings for water wells, portable water mains, process piping, process vessels & flow, and injection lines are further projected to accelerate the demand for FRP pipes. However, long production cycles and volatile costs of raw materials might hamper the overall growth of the market.

The global FRP pipe market is segmented into type, manufacturing process, application, and region. Depending on type, the market is categorized into glass-reinforced polyester, glass-reinforced vinyl ester, and glass-reinforced epoxy. Depending on manufacturing process, it is fragmented into centrifugal casting, filament winding, pultrusion, and others. As per application, it is classified into water & wastewater, chemical & industrial, oil & gas, power generation, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

The global FRP pipe market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include Chemical Process Piping Pvt. Ltd., China National Building Material Company Limited, Ershigs Inc., Fibrex, Future Pipes Industries L.L.C, HOBAS, National Oilwell Varco Inc., Sarplast SA, Sekisui Chemical Co. LTD, and Saudi Arabian Amiantit Company.

FRP Pipe Market

Glass Reinforced Epoxy (GRE) is projected as the most lucrative segment.

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Global Frp Pipe Market, By Type

By type, the glass-reinforced epoxy segment dominated the global market in 2020, and is projected to exhibit the same trend during the forecast period. This is attributed to the fact that epoxy is an environment-friendly material.

FRP Pipe Market

Global Frp Pipe Market, By Manufacturing Process

Depending on manufacturing process, the filament winding segment accounted for around 71.4% of the global FRP Pipe market share in 2020. This is attributed to advantages of automation and cost reduction associated with filament winding process.

Global Frp Pipe Market, By Application

As per application, the chemical and industrial segment accounted for around 38.9% of the global FRP pipe market share in 2020. This is attributed to the fact that FRP pipes are being extensively used in the chemical and industrial industry.

Asia-Pacific is projected as the most lucrative market.

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Frp Pipe Market, By Region

Region wise, Asia-Pacific is projected to be the most lucrative market for FRP pipes, owing to the presence of large population base and rise in infrastructure activities. In Asia Pacific, China is expected to exhibit the highest CAGR during the forecast period, whereas India will witness a high growth rate in coming years, due to increase usage of FRP pipes for irrigation and other applications.

Key Benefits For Stakeholders

• The report provides an in-depth analysis of the global FRP pipe market trends along with the current and future market forecast.
• This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period.
• The Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the FRP pipe industry for strategy building.
• A comprehensive global FRP pipe market analysis covers factors that drive and restrain the market growth.
• The qualitative data in this report aims on market dynamics, trends, and developments.

Impact Of Covid-19 On The Frp Pipe Market

• The pandemic is rapidly spreading and ruthlessly affecting the business environments of major markets. The demand for FRP pipes is witnessing massive decline in all segments. Some regions, particularly, North America and Europe, are witnessing greater declines than Asia-Pacific. Amidst the ongoing crisis, FRP pipe producers are operating at a lower capacity and are planning to scale up their operation after carefully assessing the course of
• COVID-19 in the near term.
• The International Energy Agency projects that oil & gas revenues for a number of key producers fell between 50% and 85% in 2020, compared to 2019, yet the losses could be larger depending on future market developments. With overall calculation of oil & gas demand, the oil & gas industry witnessed significant decline, thereby impacting the FRP pipe market, which is completely dependent on the oil & gas industry. 
• Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using FRP pipes, thereby affecting the FRP pipes market.  
• The construction industry acquired a significant share in terms of consumption of FRP pipe globally. Attributed to the outbreak of COVID-19 pandemic, the construction of various large projects was halted amid lockdown. As a result, the demand for FRP pipes declined, which led to the downfall of the global FRP pipe market.

 FRP Pipe Market Report Highlights

Aspects Details By Type

• Glass-reinforced Polyester
• Glass-reinforced Vinyl Ester
• Glass-reinforced Epoxy

By Manufacturing Process

• Centrifugal Casting
• Filament Winding
• Pultrusion
• Others

By Application

• Water & Wastewater
• Chemical & Industrial
• Oil and Gas
• Power Generation
• Others

By Region

• North America  (U.S., Canada, Mexico)
• Europe  (Germany, France, Italy, Spain, UK, Rest of Europe)
• Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
• LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)