Fiberglass Pipes Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

Spread the love

The Fiberglass Pipes by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

Learn More On The Fiberglass Pipes Market:

https://www.thebusinessresearchcompany.com/report/fiberglass-pipes-global-market-report

According to The Business Research Company’s Fiberglass Pipes , The fiberglass pipes market size has grown strongly in recent years. It will grow from $5 billion in 2023 to $5.32 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to growing demand in oil and gas industry, corrosion resistance, lightweight and high strength, durability and longevity, chemical resistance, low thermal conductivity..

The fiberglass pipes market size is expected to see strong growth in the next few years. It will grow to $6.88 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to water infrastructure investment, growth in desalination projects, focus on sustainable construction, development of smart cities, emerging markets adoption.. Major trends in the forecast period include technological innovations, advancements in resin technology, customization and specialty applications, adoption of filament winding technology, sustainability and environmental considerations..

The increasing exploration activities in the oil and gas sectors are expected to propel the growth of the fiberglass pipes market going forward. Exploring activities in the oil and gas sectors refers to the processes and methods involved in locating potential sites for oil and gas drilling and extraction. In the oil and gas sector, to keep up production, oil companies heavily rely on water injection which causes an increase in flow rates and injection pressures due to corrosion and erosion. In such situations, fiberglass pipes are used to balance the pressure because they are non-corrosive. Also, in addition to good casings for oil, gas, water, and chemical wells, FPI has experience with downhole pipes used for the injection of water, CO2, waste, and production lines. For instance, according to Zippia, Inc., a US-based provider of online recruitment services, in 2021, the oil drilling and gas extraction market in the United States is worth $463.8 billion. Also, in 2020, the gas and oil sector in the US generated $110.7 billion in revenue with 67,901 companies that extract gas and drill for oil employing 218 966 citizens and sustaining 10.3 million employments. Therefore, the increasing exploration activities in the oil and gas sectors are driving the growth of the fiberglass pipes market.

Get A Free Sample Of The Report (Includes Graphs And Tables):

https://www.thebusinessresearchcompany.com/sample.aspx?id=9223&type=smp

The fiberglass pipes market covered in this report is segmented –

1) By Type: Glass Reinforced Plastic, Glass Reinforced Epoxy, Other Types

2) By Fiber: T-Glass, E-Glass, Other Fibers

3) By End Use: Oil And Gas, Chemicals, Sewage, Irrigation, Other End Uses

Strategic partnerships are a key trend gaining popularity in the fiberglass pipes market. Major companies operating in the fiberglass pipes market are focused on the partnership to sustain their market position. For instance, in June 2022, Owens Corning, a US-based company focusing on its Composites business to offer higher-value material solutions partnered with Pultron Composites, a New Zealand-based company focused on developing a leading fiberglass rebar and pipes production system. With this partnership, Owens Corning’s market potential is increased as more capacity and services are available in the market. Furthermore, in May 2020, Energy Services Middle East, a Kuwait-based company that delivers new innovative solutions to oil & gas and alternative energy companies in the gulf and East & West Africa partnered with Subor Pipe Industry Trade (Subor Boru Sanayi Ve Ticaret A.S.) for an undisclosed amount. With this partnership, Energy Services anticipates a fruitful future for both businesses. Subor Pipe Industry Trade is a Turkey-based company that manufactures of Glass fiber Reinforced Polyester (GRP) Pipes.

The fiberglass pipes market report table of contents includes: