FRP Pipe Market Growth during forecast period of 2020-2026

The Global FRP Pipe Market witness market size of USD 2.31 Billion in 2019 and projected to reach USD 3.05 billion by 2026 at a CAGR of 4.7% during forecast period of 2020-2026. Fiber rereinforced plastic (FRP) pipes are tubular composite pipes made up of a polymer matrix reinforced with fibers, such as glass, carbon, basalt, or aramid.

Also, other fibers such as paper, wood, or asbestos are also used but are usually not preferred due to relatively higher prices and lower strength. The polymer used in the production of FRP pipes is generally epoxy, vinyl-ester, or polyester thermosetting plastic. Fiber reinforced plastic pipes are used in several applications such as water and wastewater treatment, and construction and marine and others.

For several different applications, fiber-glass-reinforced plastics (FRP) are used; from vessels and bathtubs to missiles. Industrial and chemical equipment produced from fiberglass-reinforced plastics includes tanks and containers, tubing, ducting, hoods, fans, scrubbers, piles, grating, and specialized manufacturing. One of the fastest growing fields is the use of FRP for the equipment for pollution control.

The key application driving market is rising water supply for construction and sewage treatment systems, increasing need for rehabilitation of the major water and wastewater infrastructure, and growing oil and gas exploration activities.

However, high initial costs and fluctuation in the price of raw material are some key factors anticipated to hamper the market growth soon. Furthermore, high investments in R&D activities to produce innovative and cost-effective FRP pipes are expected to provide opportunities for growth in the future.

Demand in Oil and gas industry will drive the global FRP pipes market during the forecast period
Growing oil and gas activities, particularly shale gas exploration, are expected to further drive growth of the FRP pipe market over the forecast timetable. FRP is a modern day pipe with many new emerging applications, taking advantage of its corrosion resistance, strength-to-weight ratio, low maintenance and higher life cycle. FRP pipe due to its emerging technological advances are booming in oil storage and handling facilities.

Demand for corrosion free pipes will drive demand of Epoxy FRP Pipe segment in the global FRP Pipes market

Several industries require non-corrosive pipe for long term use. The key factor for using fiber reinforced plastics (FRP) is due to their critical properties of corrosion resistance. Due to these factors FRP pipe is replacing the conventional steel pipe. Epoxy has the largest share of the FRP pipe industry and is expected to drive the market in the coming years due to environment friendly nature.

Oil & Gas segment expected to dominate in FRP pipe industry at a significant rate during the forecast period

Recovery of oil & gas supply operations, growing oil & gas exploration activities are likely to push the need for GRP pipes in the coming years. Oil and gas exploration and production are on the rise. Technological advancement and innovations in oil and gas, such as improved hydraulic fracturing methods, have created a new demand for durable, corrosion-resistant composite goods. Hydraulic fracturing is one of the key ways of extracting unconventional oil and gas resources.

Asia-Pacific regional segment expected to witness lucrative growth in global FRP Pipe market
Asia-Pacific is expected to grow as rapid urbanization is fueling the growth of the FRP Pipes market in the region. FRP demand is supported by rising industrialization and government awareness towards the water and wastewater treatment. The superior mechanical and anti-corrosion properties, low conductivity, and longer lifecycles make FRP pipes a natural choice for many purposes. The growth is due to rising investments from various manufacturers for the development of FRP pipes in the region. Increasing construction projects is the major factor that is expected to positively impact FRP pipe market growth in the region.